News

Councilor, Buchanan & Mitchell (CBM) was recognized by Accounting Today as a regional leader among accounting firms in the Capital region for the third consecutive year. Ranked by annual revenue, CBM appeared among the 15 largest accounting firms in the region, which encompasses Delaware, Maryland, Virginia, Washington, DC and West Virginia. CBM grew by 8.17% over the past year. The Capital regional leaders list is published annually by Accounting Today, a leading information source for public accountants that delivers analysis, breaking news, opinion and expert advice, and practical business-building ideas to improve businesses and client service within the accounting industry.

Councilor, Buchanan & Mitchell and individual team members collectively donated $10,200 and essential supplies to those impacted by the devastating earthquake in Turkey and Syria. Since the crisis, individual staff donated to charitable organizations including the American Turkish Association of Washington, DC, the White Helmets, the Syrian American Medical Society Foundation, Turkish Philanthropy Funds, World Central Kitchen, Doctors Without Borders and others, and blankets, sleeping bags and lamps to the Turkish Embassy in Washington, DC. CBM matched the donations of its team members, contributing an additional amount to the American Turkish Association of Washington, DC and the White Helmets. We all express our condolences to those grieving and struggling to receive the aid and support they need.

Draft AICPA DPAP

Summary of MNCPA legislation re: 120 hours

One hundred years ago today, on February 27th, 1923, a small group of professionals established the DC Institute of CPAs here in our Nation’s Capital. What began with three local businessmen has grown to become an important and influential voice in the profession not only locally, but regionally and nationally as well. Our celebration and recognition of this milestone kicks off today with a Proclamation of February 27th 2023 as “CPA Day” in Washington DC.

On February 14, the NASBA Board of Directors approved for re-exposure changes to the Uniform Accountancy Act Model Rules for the granting of credit requirement for sections passed on the Uniform CPA Examination. The revised exposure draft increases the number of months of conditional credit provided to a candidate from 18-months to 24-months and provides greater clarity as to a Board’s authority to allowing additional time to candidates. Comments on these changes are requested by April 17, 2023. 

Many CPAs are considering (or have used) contingent fee billing arrangements to assist their clients with obtaining Employee Retention Credits (ERC). Unfortunately, many believe they’re permitted to accept contingent fees for amending their clients’ payroll tax and income tax returns. But CPAs are not permitted to charge contingent fees for amending these returns to obtain these payroll tax credits. Professional standards prohibit CPAs from charging contingent fees to prepare original or amended returns. Some CPAs erroneously believe these services fit within one of Treasury Circular 230’s or the AICPA Code of Conduct’s exceptions.

For this year, the Scholarship Fund will make several awards ranging from $3,000 for our undergraduate and graduate student awards to $5,000 each for our two special named awards-the Past President's Award and the Sue Marcum Memorial Award. The 2023 Scholarship application for aspiring CPAs through GWSCPA is now available. Find out more by visiting the website. Application deadline is April 7, 2023.

The future of the CPA exam is explained in the recently released AICPA blueprints for the redesigned CPA exam. The new exam is set to be launched in January 2024.

Councilor, Buchanan & Mitchell (CBM) has been named to Bethesda Magazine’s 2022 list of Top Places to Work. This annual program recognizes local businesses who agreed to anonymously respond to several in-depth questions about employee engagement in a survey administrated by a third-party research group. Seventeen businesses demonstrating a deep commitment to team engagement and whose staff cumulatively delivered survey results reflecting that commitment were recognized in the November/December issue of Bethesda Magazine.

Deadline: May 20, 2022 The 2022 Nonprofit Symposium will be a new kind of hybrid event/”season of learning” this year and we are now seeking submissions of proposed sessions. We will begin our technical sessions this year in October with virtual sessions offered weekly throughout the fall. Momentum builds until our main in person day on Tuesday December 13 at the downtown DC Convention Center. All submissions must be received electronically and will be considered by the GWSCPA Nonprofit Symposium Planning Committee, which is led by GWSCPA members. Selected speakers will be notified by June 17th, 2022. Please note that all information must be completed and should be as detailed as possible for an adequate review of your proposal though we understand that your presentation itself will still be an outline at this point. Please review the FAQ before you submit, which contains important information about what topics and presentation formats are most welcome at this year’s event. Contact Kari Bedell at kbedell@gwscpa.org if you have additional questions. FAQ: http://www.gwscpa.org/content/files/Call%20for%20Speakers%20FAQs%202022%20Symposium.pdf?vgo_ee=nqgd7Y8crhq5%2Fi7Xg2kwR735hO7C%2FF3J%2FgQB9Uu3XAY%3D

In our 100 years as the premier membership organization serving the CPA profession in the Washington area, we have been guided by a great number of outstanding and influential leaders at the GWSCPA. Now, it could be your turn.... The GWSCPA Nominations Committee is currently seeking interested potential Board of Governors members from among our membership. All nominations are due by Wednesday 03/30/2022. If you have questions about Board service, please contact Kari Bedell at kbedell@gwscpa.org Find details and complete the nominations form for yourself or a colleague today!

GWSCPA Past President Alex Galeano has joined FASB’s Not-for-Profit Advisory Council (NAC) effective January 1, 2022. The Society has long enjoyed participation by our nonprofit members on the NAC, and their representation of our many nonprofit sector member’s needs and concerns.