Category: CBM News

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. He 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 ›

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 ›

CBM expanded its executive committee effective January 1 as Executive Vice President Daniel L. Weaver 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 on January 1. The… Read more ›

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 ›

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 ›

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 ›

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 ›

Acquisition Expands CBM Financial Planning and Investment Management Services CBM – Councilor, Buchanan & Mitchell, P.C. (CBM) has acquired May Barnhard Investments, LLC (MBI) effective November 1, 2018. MBI, a fee-only financial management firm, provides comprehensive financial planning and investment management services to help clients pursue their life goals with confidence. MBI was founded in 2013 by Debora May, CPA, CFP®, CDFA®, Judith Barnhard, CPA, CFP®, CDFA®, Jeff May, CPA and Alex Seleznev, MBA, CFP®, CFA. Ms. May, Ms. Barnhard… Read more ›

Top 25 DC-Area Accounting Firm Expands Service Capabilities in Tax, Advisory and Not-for-Profit Councilor, Buchanan & Mitchell, P.C. (CBM), a full-service accounting and advisory firm with offices in Bethesda, MD and Washington, DC, will merge in the tax and advisory expertise of Chaconas & Wilson, P.C., effective November 1. The expansion will create a firm of 97 team members including 12 partners. “We here at CBM are excited to welcome the Chaconas & Wilson accountants and advisors,” said Peter B…. Read more ›

CBM’s professionals are running! On Sunday, October 28, ten team members and supporters will participate in the Marine Corps 10K in support of the Children’s Inn at NIH. The Children’s Inn is a not-for-profit residence for families with children participating in leading-edge research studies at the National Institutes of Health in Bethesda, MD. The NIH Clinical Center is the nation’s premier biomedical research hospital, providing an opportunity for residents to be partners in advancing medical discoveries and improving the health… Read more ›