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CBM Communicator

February 8, 2019

CBM Senior Advisor Anthony Cuozzo Testifies Before The Maryland State Board of Public Accountancy

CBM Senior Advisor Anthony Cuozzo testified before the Maryland State Board of Accountancy on AICPA’s proposed changes to the administration of its peer review program throughout the country including an ongoing emphasis on the practitioner’s role to more completely perform and document risk assessments associated with audit engagements. Tony also reported that, as a result of a significant change AICPA has made for states that administer the peer review program, that more than 100 non-AICPA member firms are now utilizing… Read more ›

February 8, 2019

CBM Celebrates New DC Office Opening With Evening Reception

CBM hosted an evening reception the evening of January 30 to celebrate the opening of its new DC location at 1150 18th Street NW, Suite 550. The new office space will help accommodate those who joined the firm following the acquisition of Chaconas & Wilson late last year, as well as other long-serving CBM professionals who were based in the firm’s previous office location. This was an excellent opportunity for clients to meet members the CBM team. Below is an… Read more ›

February 2, 2019

Daniel L. Weaver Joins CBM Executive Committee

CBM expanded its executive committee effective January 1 as Daniel L. Weaver, a partner at the firm since 2011, became its most recent member. CBM’s executive committee is composed of CBM President and Managing Partner Peter B. Reilly, CPA, CVA, Tax Practice Director Richard E. Morris, CPA, MST and Financial Planning Practice Director Debora E. May, CPA, CFP®, CDFA®. Patricia Drolet, CPA, PFS shifted from her term on the executive committee to become chairman of CBM’s board of directors, also… Read more ›

February 1, 2019

IRS Provides QBI Deduction Guidance in the Nick of Time

When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as individual income. The IRS issued proposed regulations for the qualified business income (QBI), or Section 199A, deduction in August 2018. Now, it has released final regulations… Read more ›

January 19, 2019

IRS Waives 2018 Underpayment Tax Penalties for Many Taxpayers

The IRS has some good news for certain taxpayers — it’s waiving underpayment penalties for those whose 2018 federal income tax withholding and estimated tax payments came in under their actual tax liabilities for the year. The waiver recognizes that the Tax Cuts and Jobs Act’s (TCJA’s) overhaul of the federal income tax regime made it difficult for some taxpayers to determine the proper amount to have withheld from their paychecks or include in their quarterly estimated tax payments for… Read more ›