On March 1, 2024, the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (CTA) was unconstitutional. In response to this ruling, the Financial Crimes Enforcement Network (FinCEN) has indicated that it will comply with the ruling for as long as it remains in effect, and that this ruling only…
The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL is implementing a new final rule rescinding the employer-friendly test that…
Reema Patel, a manager at Councilor, Buchanan & Mitchell (老葡京手机app) and co-director of D-PATH, the firm’s diversity, equity and inclusion initiative, was interviewed by Bonnie Buol Ruszczyk, owner of the Accounting MOVE Project, on issues related to 老葡京手机app policies that attract and retain women, a financial planning process she developed to attract millennials and DEI skepticism….
Not-for-profit organizations in the District of Columbia (DC) are required to submit Form FR-164 to the Office of Tax and Revenue (OTR) to request tax-exempt status in DC. Previously, this was a one-time filing requirement, but due to changes in 2019, DC not-for-profit organizations must renew their DC tax-exempt status every five years. The OTR…
Abbie Niehoff, a manager of divorce financial planning services at Councilor, Buchanan & Mitchell (老葡京手机app), will co-present on financial considerations for divorce on Tuesday, March 12 from 7 to 9 pm, covering areas such as the marital home, pensions and retirement, insurance and spousal support. The presentation, which is part of a six-part series covering…
Divorce is a sensitive and challenging process that involves not only emotional but also intricate financial negotiations. In these situations, transparency is paramount to ensure a fair and equitable distribution of assets. This is where Certified Fraud Examiners (CFEs) operate as unsung heroes, utilizing their specialized skills in forensic accounting and fraud detection to ensure…
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. What is CECL? Current Expected Credit Losses (CECL) is a…
Debora E. May, co-founder and senior advisor of May Barnhard Investments, 老葡京手机app’s fee-only wealth management subsidiary, was recognized in Bethesda Magazine’s Readers’ Picks as a finalist in the Top Financial Advisors category. Read more on the MBI website. Councilor, Buchanan & Mitchell (老葡京手机app) is a professional services firm delivering tax, accounting and business advisory expertise…
The Internal Revenue Service (IRS) announced significant relief measures for some taxpayers facing penalties on their 2020 and 2021 tax returns. The relief addresses a mishap caused by COVID measures. 4.7 million individuals, businesses and tax-exempt organizations incurred late fees without receiving collection reminders. The IRS will provide $1 billion to settle these penalties or…
To help you make sure you don’t miss any important 2024 deadlines, Councilor, Buchanan & Mitchell (老葡京手机app) provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and use our online contact form (link is at the end of this blog) to let us know if you…
Cost overruns have continuously presented a burden on earning profit for construction companies. They lead to delays, heavy financial strain and sometimes even project failures. Cost overruns coupled with pressing economic challenges the construction industry’s shrinking profit margins are making it harder to stay in business. There may still be something businesses can do to…
UPDATE: On March 1, 2024, the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (CTA) was unconstitutional. In response to this ruling, the Financial Crimes Enforcement Network (FinCEN) has since indicated that it will comply with the ruling for as long as it remains in effect, and that…