Hi all,
I see that this continues to be an ongoing issue with no official resolution. There is actually a workaround fix for this.
First, let me start by saying, this isn't an actual issue with Mac Mail. This issue lies within the Exchange protocol used by Microsoft. It seems that there had been a change to the protocol sometime early last year which then causes syncing issues with Mac Mail only.
The workaround fix that I've been using is to go to Accounts and uncheck "Mail" from the problem account. Then add a new account (Using the same email address) but this time click on "Add Other Account." Then select "Mail account."
What we're doing is adding the same account but this time as a IMAP account. Mac Mail will then have the same account signed in twice. This is because IMAP only supports Mail and Notes. The problem account will continue to access your Contact and Calendars.
Now you should be all set. You won't notice any difference in use, you just won't have any more syncing issues.
Hope this helps! I know this has been a pain for many users for close to a year now.