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Category: Accounting Advisory

December 19, 2023

Quick Reference: About Form 1099-NEC

Quick References are high-level insights about critical issues and concerns facing your organization. Our outsourced accounting and advisory group is available to help you implement solutions. Click here to view other Quick References and to sign up for email alerts when future Quick References are released. ***Beginning with tax year 2023, for forms filed in 2024, taxpayers who file 10 or more information returns of any type in total must file them electronically.*** It is time to submit 1099-NEC forms before… Read more ›

November 15, 2023

New Upcoming Requirement for Businesses that Receive Large Amounts of Cash

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Beginning January 1, 2024, this reporting will have to be done electronically. Here are some answers to questions about the requirements and what’s changing. What Is Required? Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or… Read more ›

October 26, 2023

The ABCs of Financial Risk Management: Assessment, Budgeting and Controls

This article is part of an ongoing series published by CBM’s accounting and advisory group. Click here to learn more about how the group’s consultative approach to serving for- and not-for-profits can help grow your business. In today’s fast-paced and uncertain financial environment, financial risk management is a crucial discipline that can mean the difference between success and failure. Financial risks can come in various forms, from market fluctuations to unexpected crises. Organizations should always be well-prepared to identify and… Read more ›

August 17, 2023

Mid-year Tax Planning for Small Businesses and Owners

Summer isn’t just for barbeques and baseball. It’s also a good time to think about ways to cut your 2023 business tax bill. Here are four planning ideas for small business owners to consider, assuming there won’t be any changes to current federal tax laws at least through 2024. 1. Establish a Tax-Favored Retirement Plan If your business doesn’t already have a retirement plan, now might be the time to take the plunge. Current rules allow for significant annual deductible… Read more ›

July 21, 2023

CBM Expands Accounting and Advisory Service Capabilities

Councilor, Buchanan & Mitchell (CBM), a leading full-service tax, accounting and advisory business headquartered in Bethesda, MD, is proud to announce the expansion of its Accounting and Advisory Services Group with the addition of two highly skilled professionals.   Monica Hollander, CMA, CIA is a manager of client accounting and advisory services at CBM with 15 years of accounting and financial operations management experience in the for- and not-for-profit sectors. Her expertise gained  from roles such as Global Finance Director… Read more ›

July 10, 2023

Four Reasons to Outsource Your Accounting

Whatever the size or stage of your business, success requires strategic decision-making, effective allocation of time and resources, and concentration on the organization’s core competencies. Outsourcing your organization’s accounting function to a professional provider will allow you to stay focused on these crucial aspects. Further, increased controls, better compliance, and timely and accurate financial information will minimize risks and strengthen your ability to make decisions.  In addition to the primary benefits below, business leaders report greater scalability and access to… Read more ›

March 15, 2023

Quick Reference: Smart Cash Management

Quick References are high-level insights about critical issues and concerns facing your organization. Our outsourced accounting and advisory group is available to help you implement solutions. Click here to view other Quick References and to sign up for email alerts when future Quick References are released. Many fiduciaries believe cash to be synonymous with risk-free. This is not always the case. Regardless of market conditions, stakeholders want confidence that an organization’s cash is secure and insured. The standard Federal Deposit… Read more ›

March 13, 2023

U.S. Supreme Court Rules Against the IRS on Critical FBAR Issue

The U.S. Supreme Court recently weighed in on an issue in the Bank Secrecy Act (BSA) that has split two federal courts of appeal. The 5-4 ruling in Bittner v. U.S. is welcome news for U.S. residents who “non-willfully” violate the law’s requirements for the reporting of certain foreign bank and financial accounts on what’s generally known as an FBAR. FBAR stands for the Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts. FBAR Reporting Requirement The… Read more ›

February 3, 2023

Expanding Your Nonprofit’s Benefit Offerings

Many job seekers and others assume that not-for-profit organizations offer fewer or less-generous fringe benefits to employees than for-profit companies. But that’s not necessarily true. According to a recent survey by the Nonprofit Times, 87% of nonprofit employers offer a health insurance plan. But as the Kaiser Family Foundation has found, only 49% of private for-profit companies with three to nine workers offer health insurance coverage to workers. Larger for-profit companies generally do offer health insurance and other benefits. So… Read more ›

February 2, 2023

How to Hold a Successful Project Closeout Meeting

They say hindsight is 20/20. You can take advantage of that hindsight by holding regular project closeout meetings to find nuggets of truth about how the project went and learn from them. Not every project makes money for your firm. You can find ways to improve project and accounting management if you set a tone of openness to genuine feedback that will filter down to your project managers and other key employees. Here are some guidelines for success in this… Read more ›