Alabama Federal Judge Rules Corporate Transparency Act (CTA) Unconstitutional, Enforcement Halted

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

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Accounting For Crypto Assets

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

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46th Annual Fairfax County Valor Awards

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

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BENEFICIAL OWNERSHIP REPORTING

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

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MillerMusmar CPAs is proud to be Platinum Sponsor of Titans of the Toll Road

MillerMusmar CPAs is proud to be a Platinum Sponsor of Titans of the Toll Road: The Future of Work – How A.I. Will Change Everything Join us for the Titans of the Toll Road event, hosted by the Innovation Council of the Greater Reston Chamber of Commerce. Discover how artificial intelligence (AI) is transforming the way we work and the tasks it’s taking over that were once our responsibility. Meanwhile, AI is creating new opportunities for both businesses and workers. During this panel discussion, industry experts from Google, Leidos, ICF Consulting, and ManTech will discuss the future of work

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45th Annual Valor Awards

RESTON, VIRGINIA – On March 30th, 2023, the Greater Reston Chamber of Commerce held the 45th Annual Valor Awards to recognize the brave men and women who serve as police officers, firefighters, and first responders. MillerMusmar CPAs was proud to join the Greater Reston Chamber of Commerce as an executive sponsor of this event. The Valor Awards ceremony was a resounding success, with a large turnout of community members and local officials coming together to celebrate and honor the heroic actions of these courageous individuals. The event was held at Hyatt Regency Reston and featured speeches from local dignitaries

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Homebuilders Can Benefit from Expansion of Energy Efficient Home Credit

Multifamily developments included in Section 45L tax credit Prior to 2023, only smaller projects, like single-family homes and low-rise residential developments of three stories or less, could take advantage of the Section 45L New Energy Efficient Home Credit. This tax credit has been a boon for home builders since its inception in 2006. It allowed developers of qualified energy efficient homes to claim a tax credit of $2,000 per unit. But unfortunately, larger multifamily projects were not eligible to claim these tax credits. Inflation Reduction Act of 2022 expands Energy Efficient Home Credit With the passage of the Inflation Reduction Act of 2022

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Six Steps to Banking Failure- Silicon Valley Bank (SVB) What You Should Do To Protect Your Money.

As we have seen since 2008, the banking industry has undergone a significant transformation. The COVID pandemic years and the recent interest rate changes in response to inflationary pressures have brought unique challenges to the banking industry. Unfortunately, not all banks have navigated these challenges successfully, as we saw in the case of Silicon Valley Bank (SVB) and Signature Bank. SVB’s failure was due to several missteps, which we have outlined below: The bank invested excess deposits into fixed-rate securities that became underwater as interest rates increased rapidly. SVB classified these securities as “Held to Maturity” on its balance

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SBA RULE MODIFCATIONS UPDATE GOVERNNING 8A FIRMS

There have been several updates to the rules governing the Small Business Administration’s (SBA) 8(a) Business Development Program. These changes are designed to provide more flexibility and support for small businesses participating in the program. Below is a summary of some of the key changes: Increased eligibility for certain small businesses: The SBA has increased the maximum net worth and income thresholds for eligibility in the 8(a) Specifically, the net worth threshold has been increased from $750,000 to $1.5 million, and the income threshold has been increased from $350,000 to $400,000 in 2022. New rules for economic disadvantage: The

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Taxability of Lawsuit Settlements

  If you receive proceeds from the settlement of a lawsuit, you may have questions about whether you must include the proceeds in your income. This publication provides information about whether you must include the proceeds of certain kinds of settlements in your income. Whether you must include the settlement proceeds in your income depends on all the facts and circumstances in your case. A settlement payment may consist of multiple elements that have been allocated by the parties. For example, an agreement may include allocations to back pay, emotional distress, and attorneys’ fees. Generally, the IRS will not

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