Feature Articles

Introducing Canopy Secure Client Portal We are excited to announce that MillerMusmar CPAs is introducing a new tool called Canopy, designed to enhance the quality of our service. This platform will streamline our processes, improve communication, and make managing your tax and accounting needs more efficient. We look forward to sharing this journey with you! Please take a moment to watch this brief video from our Managing Partner, Joey Musmar, where he introduces Canopy and explains how it will benefit you: You will soon receive an invitation to register. Simply click the link in the invitation to create your

Government contractors are bound by a unique set of accounting standards that are significantly different from those that apply to other private companies. Following the relevant government contract accounting standards is a requirement that ensures taxpayer money is spent responsibly and contractors are fairly compensated.  This guide will explore the fundamentals of government contract accounting, including key regulatory frameworks like the Federal Acquisition Regulation (FAR), Defense Federal Acquisition Regulation Supplement (DFARS), and Cost Accounting Standards (CAS). We’ll also discuss different contract pricing models, cost principles, and how to prepare for DCAA audits.  By understanding these elements, you’ll be much

On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction preventing the U.S. Department of Treasury from enforcing the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements. In the case Texas Top Cop Shop, Inc., et al. v. Garland, et al., filed by the National Federation of Independent Business (NFIB), the court found that the CTA is likely unconstitutional, as it exceeds Congress’s authority. Specifically, the court ruled that the CTA does not regulate interstate commerce and is not justified under Congress’s power to enact laws “Necessary and Proper”

Reston, VA – October 14, 2024 – MillerMusmar CPAs is excited to announce our sponsorship of the upcoming event, “Titans of the Toll Road: How Northern Virginia’s Space Economy is Transforming the Future,” organized by the Greater Reston Chamber of Commerce. This exciting forum will explore the role of Northern Virginia in shaping the future of the space economy. Event Details: Date & Time: Thursday, October 31, 2024, from 8:30 AM to 11:30 AM EDT Location: Leidos, 1750 Presidents St, Reston, VA 20190 Refreshments: A light breakfast, coffee, and tea selections will be served. This event brings together industry

As tax laws evolve, the rules for deducting depreciation on vehicles used for business purposes have become more flexible yet remain complex. Understanding these rules is crucial for maximizing your tax benefits, especially with annual inflation adjustments influencing allowable depreciation deductions. Here’s an overview of how to navigate these rules for cars, SUVs, pickups, and vans used in your business. Methods for Deducting Business Vehicle Expenses When it comes to deducting business-related vehicle expenses, you have two primary methods to choose from: Cents-per-Mile Method: For 2024, the standard mileage rate is 67 cents per business mile (an increase from

Reston, VA (July 8, 2024) – MillerMusmar CPAs is pleased to announce that Megan McAtee, CPA, has joined the firm as an Audit Manager, effective July 8th, 2024. Megan brings a wealth of experience and expertise to her new role, holding a Master’s degree in Accounting and possessing over 10 years of extensive audit experience. Before joining MillerMusmar CPAs, Megan served as a Partner at The Forde Firm, LLC, where she specialized in leading audits for nonprofit organizations. Her deep understanding of audit processes and dedication to delivering high-quality service make her a valuable addition to our team. “We

In a ruling that came as a blow to regulatory bodies, the Federal District Court in Alabama has put a stop to the enforcement of the Corporate Transparency Act (CTA). The law, which came into force on January 1, 2024, has been at the forefront of the U.S. government’s battle against money laundering. The CTA is designed to stop money laundering through increased transparency by creating a beneficial ownership database with reporting requirements that disclose beneficial owners of certain U.S. companies and non-U.S. companies doing business in the U.S.   This past Friday evening, March 1, 2024, a Federal

Accounting For Crypto Assets  In late December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-08, titled “Accounting for and Disclosure of Crypto Assets.” This eagerly anticipated update aims to refine the accounting treatment of crypto assets under U.S. Generally Accepted Accounting Principles (GAAP), aligning it more closely with the economic realities of these digital assets. Crypto assets, also referred to as digital assets, are representations of value or rights that can be electronically transferred or stored using blockchain or similar distributed ledger technology. Unlike traditional assets, crypto assets lack tangible physical form. While Bitcoin

The Fairfax County Valor Awards recognize the remarkable achievements in service of our community’s dedicated first responders. MillerMusmar CPAs is Proudly Sponsoring the 46th Annual Fairfax County Valor Awards hosted by The Greater Reston Chamber of Commerce. We are thrilled to announce that MillerMusmar CPAs is honored to be a sponsor of the prestigious 46th Annual Fairfax County Valor Awards, hosted by The Greater Reston Chamber of Commerce. This event celebrates the extraordinary bravery and selflessness of Fairfax County’s first responders and public safety personnel. Taking place on Thursday, April 11, 2024, this year’s Valor Awards promises to be

BENEFICIAL OWNERSHIP REPORTING Nearly All Small Businesses Must File a Report Discover the critical implications of the Corporate Transparency Act (CTA) and its profound impact on businesses in the United States. Enacted in conjunction with the 2021 National Defense Authorization Act, the CTA addresses money laundering concerns by necessitating reporting companies to disclose essential information about their beneficial owners and company applicants to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Failure to comply with the CTA can lead to severe penalties, including fines and imprisonment. As of January 1, 2024, numerous companies, potentially including MillerMusmar CPAs clients, are