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CBM Communicator

June 18, 2019

Electric Cars: The Good News and the Bad News

Electric Vehicles: The Good News and the Bad News As of March 26, 2019, General Motors, LLC (GM) crossed their appointed electric car (EV) threshold of 200,000 EVs sold, marking their official entry into the race to the tax credit finish line. The GM tax credit, issued through the Energy Improvement and Extension Act of 2008, started at its peak value of $7,500. Hitting the 200k threshold signals a year-long phase-out, dropping to $3,750 for every EV sold from April… Read more ›

June 17, 2019

CBM Named by the Accounting & Financial Women’s Alliance as One of the Best CPA Firms for Equity Leadership

Councilor, Buchanan & Mitchell, P.C. (CBM) has been named one of the best accounting firms in equity leadership by the Accounting and Financial Women’s Alliance (AFWA). This recognition, published in AFWA’s 2019 Accounting MOVE Project report, highlights CBM as a firm with above-average equity by women leaders (at 47.1%). CBM’s recognition also reflects the launch of a professional development initiative for women and diverse professionals at the firm entitled CBM D-PATH (Diversity: Professional Accountants and Advisors Transforming the Horizon). The… Read more ›

May 31, 2019

CBM President and Managing Partner Peter Reilly to Present on the Firm’s Successful History of Mergers at AICPA ENGAGE and Rainmaker SuperConference

Over the past five years, Bethesda, MD-based accounting and advisory firm Councilor, Buchanan & Mitchell, P.C. (CBM) has successfully merged in seven practices, skyrocketing the team’s size from just over 40 to 100, and earning a spot for the firm in the Washington Business Journal’s annual list of Top 25 area accounting firms. President and Managing Partner Peter Reilly, who presided over this rapid pace of growth, is scheduled to present on the financial, operational and technological impacts of these… Read more ›

May 23, 2019

Auto Dealer Succession Planning, What Are You Waiting For?

Succession planning is a process that every dealership owner thinks about; however, identifying and developing new leaders is easier said than done. According to The National Alliance of Auto Dealer’s (NAADA) 2016 National Dealership Succession Planning Survey, Auto dealers are pushing succession off by 5+ years, The number one inhibitor to succession planning is timing and the current owner’s willingness to step back One-third of dealership owners do not have a succession plan in place Nearly 50% of dealerships know… Read more ›

April 15, 2019

Tax Cuts and Jobs Act Glitches and the Extenders: Uncertainty Looms Over Some Federal Income Tax Provisions

Congress has yet to tackle several outstanding uncertainties frustrating both businesses and individual taxpayers. The Tax Cuts and Jobs Act (TCJA), for example, contains several “glitches” requiring legislative fixes. Congress also has neglected to pass the traditional “extenders” legislation that retroactively extends certain tax relief provisions that expired at the end of an earlier year, in this case 2017. Tax Cuts and Jobs Act Glitches The sprawling TCJA signed into law in late 2017 contains some inadvertent glitches that range… Read more ›