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CBM Communicator

December 9, 2018

The Impact of Tax Reform on Commuter Benefits

The Tax Reform Bill limits an employer’s ability to deduct the cost of transportation and parking benefits as a business expense. In exchange for the loss in deductibility of certain items, the overall tax rates were reduced. While the deductibility of transportation and parking expenses was removed, pre-tax employee elections for mass transit and parking expenses continue to be available. To understand the impact of tax reform and commuter benefits, we need to consider these three commuter benefits: Direct Payment… Read more ›

December 6, 2018

2018 Year-End Tax Planning Letter for Individuals

Please note that following our year-end tax planning letter below are links to additional tax planning resources.  As this year is about to end, now is an excellent time to review your current tax planning strategies to ensure they’re still meeting your needs, and develop plans for 2019. It’s also a good time to take advantage of last-minute planning opportunities that could save you money now and in the coming year. With all that in mind, please call Marcia Cohen… Read more ›

December 3, 2018

CBM Doubles its DC Presence with New 18th Street, NW Office

New Office Space to Accommodate Growth of Not-for-Profit and Professional Services Practices and Acquisition of DC-based Tax and Advisory Firm, Chaconas & Wilson, P.C. Councilor, Buchanan & Mitchell, P.C. (CBM) has doubled its Washington, DC presence with new office space at 1150 18th Street, NW, Suite 550. Through open architecture and state-of-the-art technologies CBM’s expanded new office in Northwest Washington is now better equipped to serve its growing not-for-profit and professional services teams. CBM’s new office opened December 1, with… Read more ›

November 16, 2018

CBM to Present on New Revenue Recognition Standards and Simplifying the Nonprofit Financial Process at 2018 GWSCPA Nonprofit Symposium

Daniel L. Weaver, CPA, Anthony A. Cuozzo, Jr., CPA, CGFM, and Julia Lafferty, CPA, respectively senior vice president/director of not-for-profit services, senior advisor and nonprofit principal at Councilor, Buchanan & Mitchell, P.C. (CBM), will present at the Greater Washington Society of CPAs’ 2018 Nonprofit Symposium. The conference, which draws together financial management professionals from the DC-metro area not-for-profit industry for two and a half days of education and networking, will be held November 27-29, 2018 at the Walter E. Washington… Read more ›

November 13, 2018

What the Overturn of the Physical Presence Standard Means for the Automotive Industry

On June 21, 2018, The U.S. Supreme Court issued its highly anticipated decision in the South Dakota v. Wayfair case. The verdict declared that states can impose sales tax nexus without requiring a seller’s physical presence in the state and will have significant implications for all sellers, including automotive suppliers. This decision overturns the Supreme Court precedent in Quill Corp. v. Dakota, which required retailers to have a physical presence in a state before it could compel the seller to… Read more ›