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Category: Professional Services

July 1, 2018

Final Regulations Published for Partnerships to Determine Eligibility to Opt Out of New Audit Regime Created Under the Bipartisan Budget Act of 2015

New regulations published by the IRS and U.S. Treasury in January 2018, provided much-needed guidance for partnerships to determine how they might opt out of the partnership audit regime that went into effect following the Bipartisan Budget Act of 2015. The 2015 Act overhauled prior rules set in 1982 that governed the taxability of partnerships. One significant concern addressed by the Bipartisan Act was the lack of a system for addressing any underpaid tax from the partnership entity. The IRS… Read more ›

May 10, 2018

Abbie Niehoff Receives Paralegal Graduate Certificate from George Washington University

Abbie Niehoff, financial planning and litigation support paralegal at CBM – Councilor, Buchanan & Mitchell, P.C., has received her paralegal graduate certificate from George Washington University. The achievement represents demonstrated competence as a paralegal, and is a core component of the education and training program in which she is enrolled through a Master of Paralegal Studies course of study at GWU. She expects to graduate in December 2018. In her role at CBM, Ms. Niehoff delivers financial planning expertise to… Read more ›

December 7, 2017

Tax-Favored Retirement Plans for Law Firm Partnerships

When it comes to setting up a tax-favored retirement plan — such as a 401(k) plan, a pension or profit sharing plan, or a simplified employee pension (SEP) plan — law firm partnerships must follow essentially the same federal income tax rules as other employers. A partnership retirement plan can potentially cover both partners of the practice and eligible firm employees. However, partnership plans can be a bit confusing because partners are considered to be employees of the firm for… Read more ›

August 11, 2017

Tax Court: Partner Cannot Deduct State Non-Resident Income Tax

The U.S. Tax Court ruled that state non-resident income taxes paid by an attorney on his law firm’s income sourced in four states cannot be deducted on Schedule E of his Form 1040 and are not deductible in arriving at adjusted gross income (AGI). These taxes can only be claimed below the line as itemized deductions. Tax Law Basics Under Internal Revenue Code Section 62(a)(2), deductions are allowed “above the line” as an adjustment to arrive at gross income if… Read more ›

November 20, 2014

CBM Expands Their Professional Services Practice

CBM is pleased to announce the expansion of their professional services division. The firm’s depth of experience goes back to its inception in 1921. Since opening its doors, CBM has served a variety of professional services clients throughout the Washington, DC and Baltimore metropolitan areas. “As a CPA and business advisory firm, we understand the unique needs and day-to-day challenges that other professional service firms encounter,” said Peter B. Reilly, CPA, CVA, President and Managing Partner of CBM. “Our clients vary… Read more ›

September 23, 2014

CBM to Merge with Drolet & Associates PLLC

After nearly 40 years, CBM will be back in Washington, DC as a result of their merger with Washington, DC-based Drolet & Associates PLLC, Certified Public Accountants. Effective November 1, 2014, the combined firms will operate as Councilor, Buchanan & Mitchell, PC (CBM). “We at CBM are delighted with our merger with Drolet & Associates,” said Peter B. Reilly, CPA, CVA, President and Managing Partner of CBM. “Pat Drolet and her team share CBM’s passion for providing responsive, individualized service…. Read more ›