Category: CBM News

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 ›

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 ›

Councilor, Buchanan & Mitchell, P.C. remains on in the Washington Business Journal’s annual list of Top 25 DC metro-area accounting and advisory firms following the recent publication of top area firms. This is the second consecutive year that CBM, which ranked at #24 for 2019, appeared on the Journal’s list. “CBM’s presence remains strong,” says Peter B. Reilly, CPA, CVA, president and managing partner of CBM. “Our firm has enjoyed significant growth in recent years due to ongoing client loyalty… Read more ›

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. Tony also reported, 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 the… 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 Daniel L. Weaver, a partner at the firm since 2011, 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… 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 ›