MillerMusmar’s 10th Consecutive Year as a Pinnacle Sponsor of the Taste of Reston.

This is MillerMusmar’s 10th consecutive year as a Pinnacle sponsor of the Taste of Reston. We take pride in being deeply rooted in the Reston community and believe strongly in giving back to the community. Community service is one of our firm’s core values and is embodied in our firm’s mission statement. MillerMusmar CPAs and SC Advisors participate in many events with the Greater Reston Chamber of Commerce and also champion many programs with Reston’s Cornerstones! Please support us so that we may continue to support this great community! MillerMusmar Team  

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Congratulations Roy Wang!

    Reston, VA May 28, 2019:  MillerMusmar, CPAs is pleased to announce that in May of 2019 Ms. Dongfei (Roy) Wang, CPA was awarded a Master of Science, Accounting degree from George Mason University (GMU). This achievement is just another example of the dedication and commitment to excellence that Roy has shown during her tenure at MillerMusmar, CPAs.  In 2014, Roy earned a Bachelor of Arts in Accounting from GMU and in 2016 Roy was issued a Certified Public Accountant designation from the Virginia Board of Accountancy. Joey Musmar, Managing Partner and all the staff at MillerMusmar wish

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Fundamentals of Government Cost Accounting

Naeem Syed Teaches Fundamentals of Government Cost Accounting   Leesburg, Virginia – May 8, 2019: Mr. Naeem Syed, Director of Government Contract Accounting at MillerMusmar CPAs, will teach a Fundamentals of Government Cost Accounting class at the Mason Enterprise Center in Leesburg, VA on May 14, 2019. Naeem has over 15 years of public accounting experience and has previously worked on incurred cost submissions and accounting system surveys. He has also provided assistance to clients needing help to pass DCAA accounting system audits and has provided controller services including month-end closings and year-end closings. MillerMusmar CPAs is a full

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2018 YEAR-END TAX PLANNING FOR BUSINESSES

2018 YEAR-END TAX PLANNING FOR BUSINESSES Businesses of all sizes, across all industries, have been impacted by the monumental changes to the federal tax code. To maximize tax savings and ensure compliance with the new rules, businesses need to engage in year-end planning conversations now. Certain tax savings opportunities may apply regardless of how your business is structured, while others may apply only to a particular type of business organization. No matter the type of business entity you operate, year-end tax planning should consider all possibilities to effectively lower your total tax liability. This 2018 Year-End Tax Planning for

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A Smarter Way to Donate Qualified Charitable Distributions (QCDs

Qualified Charitable Distributions (QCDs May people donate cash to charity, but QCDS are much more tax efficient way to donate if you qualify. Under the TCJA a QCD is a direct transfer of funds from your IRA custodian, payable to a qualified charity. QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as, certain rules are met. In addition to the benefits of giving to charity, a QCD excludes the amount donated from taxable income, which is unlike regular withdrawals from an IRA. Keeping your taxable income lower may reduce the impact

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MillerMusmar CPAs Participates in Greater Reston Chamber of Commerce Business-to- Government (B2G) Matchmaking Event

  MillerMusmar Platinum Sponsor in Greater Reston Chamber of Commerce Business-to-Government (B2G) Matchmaking Event Reston, Virginia – April 4, 2019: MillerMusmar CPAs, is proud to be the Platinum sponsor of the 7th Annual Northern Virginia B2G Matchmaking Conference and Small Business Expo. This is a unique opportunity for government contractors to meet and mingle with procurement and small business liaison officers from federal, state, and local government agencies. Designed for emerging to mid-size government contractors, this will be an event that government contractors will want to attend with their entire business development team. The B2G Matching Conference and Small

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MillerMusmar CPAs Announces New Tax Partner

MillerMusmar CPAs is pleased to announce the addition of John Carney, CPA to our leadership team. He officially joined the firm on February 11, 2019, as a Tax Partner. John has over 30 years of experience in taxation and finance in both large firm and corporate environments in industries such as high technology, government contracting, real estate, professional services, and manufacturing. His public accounting experience has been primarily with KPMG where he provided tax planning, strategy, financial reporting and compliance services to clients ranging in size from small start-up companies to over $1 billion multinational publicly-traded corporations. G.F. Joey

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General Assembly, Governor Strike Conformity Deal

The shifting saga of tax conformity appears to be coming to a close. A positive resolution appears to be in sight in the form of a deal between both parties and the Governor’s administration that would conform Virginia’s tax code with the U.S. Internal Revenue Code effective Dec. 31, 2018. HB 2529 and SB 1372 passed their opposite chambers and are on track to reach the Governor’s desk by the end of this week after the amendments are affirmed in their chambers of origin. The bills are identical, and each contains an emergency clause, meaning they will take effect

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2018 YEAR-END TAX PLANNING FOR INDIVIDUALS

Nearly one year later, tax reform is still making headlines and we continue to learn more about its broad implications. Whether your previous tax filing posture was straightforward or complex, you will be impacted by the myriad of changes to the tax code. Now more than ever, it is imperative to thoughtfully consider year-end tax planning opportunities and ensure you are positioned to be in compliance with the new rules. Our 2018 Year-End Tax Planning Letter discusses key considerations for individual tax planning.  

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Foreign Financial Asset Reporting Guidance Matrix Form 8938 and/or FBAR for Filings

Published  February 11, 2013, by G.F. Joey Musmar, Managing Partner MillerMusmar CPAs/ AICPA This table can help you identify which foreign financial assets and accounts must be disclosed for 2011 on: Form 8938, Statement of Specified Foreign Financial Assets; Form FINCEN114, Report of Foreign Bank and Financial Accounts (commonly referred to as FBAR); or, Both Form 8938 and Form FINCEN114. The table is based on information and FACTA guidance available as of September 1, 2018. Footnotes:  1 The data presented in this table is based on statutory language and final instructions to final Form 8938 for 2011, as well

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