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CBM Communicator

January 15, 2019

Four Challenges and Opportunities Dealerships Can Expect in 2019

The demand for vehicles will always rely heavily on factors such as consumer spending, interest rates, energy prices, and technology innovation. While these factors certainly keep auto dealerships on their toes, there are also myriad factors that can weigh heavy on U.S. auto sales. Despite a weak finish to 2018’s fourth quarter and the grim prediction of a down year, automakers are remaining optimistic. This article addresses an array of challenges dealerships should keep in mind as they enter the… Read more ›

January 9, 2019

Federal Government Shutdown Creates Tax Filing Uncertainty

The IRS has announced that it will begin accepting paper and electronic tax returns for the 2018 tax year on January 28, but much remains to be seen about how the ongoing shutdown of the federal government will affect this year’s filings. Although the Trump administration has stated that the IRS will pay refunds during the closure — a shift from IRS practice in previous government shutdowns — it’s not clear how quickly such refunds can be processed. Effects of… Read more ›

December 31, 2018

Executive Vice President Patricia Drolet Elected as Chair of the Board of Directors of CBM

CBM, a full-service accounting and advisory firm with offices in Bethesda, MD and Washington, DC elected Executive Vice President Patricia Drolet, CPA, PFS to become board chair effective January 1, 2019. Drolet has served on the firm’s executive committee for four years with 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®. The addition of Drolet to chairwoman brings a… Read more ›

December 20, 2018

DC Office of Tax and Revenue to Require DC-Registered Not-for-Profits to Renew Exempt Status

Not-for-profit organizations that claim tax-exempt status in the District of Columbia will likely receive a notice from the Washington, DC Office of Tax and Revenue (OTR) requesting that they renew their exempt status. Failure to comply with the request could lead to a reclassification of their organization as a taxable entity, effective on the date their current exemption expires. This initiative is scheduled to roll out through 2019 though some CBM clients have already received a notice from the District… Read more ›

December 12, 2018

Treasury Issues Guidance on Parking Provided by Tax-Exempt Organizations and Other Employers

On Monday, December 10, 2018, the U.S. Treasury Department provided additional guidance on how tax-exempt organizations can compute unrelated business taxable income resulting from parking provided to their employees. The guidance is intended to help employers better understand their new tax situation as it pertains to employee parking. Below is CBM’s overview of the new guidance. In most cases, employer-paid commuting and parking is considered a qualified transportation fringe benefit (QTFB). Because of the 2018 Tax Cut and Jobs Act, tax-exempt nonprofits… Read more ›