News

July 1, 2024 (Bethesda, MD) – Councilor, Buchanan & Mitchell (CBM), a full-service, tax, accounting and advisory firm based in Bethesda, MD, is proud to announce the following team members have been named partners at the firm. • Reema Patel, CPA, CFP® – Partner / Director, D-PATH • Steve Snee, CPA – Partner. Everyone at CBM congratulates Reema and Steve for their advancement and wishes them every success in their new leadership roles.

GWSCPA Announces the recent election of our FY25 (July 1, 2024-June 30, 2025) Board of Governors. Below are bios for our new and renewing Board Members for this year. The full roster of the GWSCPA Board of Governors can be found HERE: https://www.gwscpa.org/governance

GWSCPA Announces 2024 Scholarship Recipients Washington, DC—The Greater Washington Society of CPAs (GWSCPA) is pleased to announce the 2024 GWSCPA Scholarship Recipients. The recipients were announced during the 101st Annual Membership Meeting on June 5, 2024.

The Greater Washington Society of CPAs (GWSCPA) is pleased to announce the 2024 GWSCPA Women’s Leadership Awards Winners! The awards were presented at the Women’s Leadership Conference on Friday, May 17, 2024.

Based in the Washington DC region Lisa Stover is now Regional Managing Principal of the Northeast, effective Jan. 1, 2024. In this role, Lisa will be leading client services and growth in the Northeast region which spans from Washington, DC to Massachusetts. Previously, Lisa Stover was Managing Principal of Office in Washington, DC.

GWSCPA's Federal Issues and Standards Committee (FISC) provided comments on the Federal Accounting Standards Advisory Board (FASAB or "the Board") on their three-year plan.

GWSCPA's Federal Issues and Standards Committee (FISC) provided comments on the Federal Accounting Standards Advisory Board (FASAB or "the Board") Exposure Draft (ED) on the proposed Statement of Federal Financial Accounting Concepts (SFFAC), Omnibus Concepts Amendment.

July 1, 2023 (Bethesda, MD) – Councilor, Buchanan & Mitchell (CBM), a full-service tax, accounting and advisory business headquartered in Bethesda, MD, is proud to announce that the following team members have been named partners effective July 1, 2023: • Angela Prochaska, CPA – Partner / Director, Tax Services • Mark Thomas, CPA – Partner • Jordan P. Egert, CPA, CFE, CDFA® – Partner / Director, Divorce and Litigation Services. Everyone at Councilor, Buchanan & Mitchell congratulates Angie, Mark and Jordan for their advancement and wishes them every success in their new leadership roles.

Han Group is honored to announce that we have been ranked #40 among the top 50 largest accounting firms in the Greater Washington area by the Washington Business Journal.

The National Association of State Boards of Accountancy (NASBA) announces the adoption of an eagerly anticipated amendment to the Uniform Accountancy Act (UAA) Model Rules pertaining to the Uniform CPA Examination (Exam).

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.