Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning

The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021 year-end tax planning strategies, be sure to take these 2022 adjustments into account. Also, keep in mind that, under the Tax Cuts and Jobs Act (TCJA), annual inflation adjustments are calculated using the chained consumer price index (also known as C-CPI-U). This increases tax bracket thresholds, the standard deduction, certain exemptions and other figures at a slower rate than was the case

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SILVER MEDAL OF VALOR

MillerMusmar CPAs is proud to join the Reston Chamber of Commerce as a signature sponsor of the Valor Awards 2021. Managing partner, Joey Musmar, presents the Silver Medal of Valor Colonel Edwin C. Roessler Jr. Fairfax County Police Department Colonel Edwin C. Roessler Jr. is proudly recognized as a 2021 Silver Medal of Valor recipient. In July 2020, Col. Roessler was off duty at his church during a bible study class. The session was interrupted by an assailant, armed with a knife, who stabbed both the church pastor and a bystander. Amidst the chaos that ensued, Col. Roessler was

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AASHTO Overhead Rate Audits

August 18, 2021: MillerMusmar CPAs is pleased to launch our website’s new AASHTO (American Association of State Highway and Transportation) Audit section. MillerMusmar has performed overhead rate audits for architecture & engineering (A/E) firms in compliance with AASHTO guidelines for over a decade, but we have recently expanded our resources dedicated to this specialized service line. As state and federal agency regulation and compliance continue to evolve, MillerMusmar remains committed to providing exceptional support throughout every phase of audit readiness. For more information about AASHTO audit service offerings, please feel free to contact us at 703-437-8877 or info@millermusmar.com. MillerMusmar

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SBA raises EIDL loan limit to $500,000

The Small Business Administration is more than tripling the maximum amount that small businesses and nonprofits can borrow under the Economic Injury Disaster Loans (EIDL) program. Starting the week of April 6, 2021 the loan limit for COVID-19 EIDL loans will jump from six months of economic injury with a maximum loan amount of $150,000 to up to 24 months of economic injury with a maximum loan amount of $500,000. “More than 3.7 million businesses employing more than 20 million people have found financial relief through SBA’s Economic Injury Disaster Loans, which provide low-interest emergency working capital to help

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IRS Announces New Extended Tax Deadline for Individuals

March 17, 2021- The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest, and additions to tax will begin to accrue on any remaining unpaid balances as

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Maryland Extends State Income Tax Filing Deadline to July 15th

Maryland Comptroller Peter Franchot today announced that he is extending the state income tax filing deadline until July 15, 2021. No interest or penalties will be assessed if returns are filed and taxes are paid by the new deadline. The extension, which applies to individual, pass-through entity, fiduciary, and corporate income tax returns with due dates between January 1 and July 15, 2021, inclusive, including first and second quarter estimated payments, is due to recent and pending legislation at the state and federal levels that impact 2020 tax filings and provide economic relief for taxpayers harmed by the COVID19

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Business Education Series: PPP Round Two – What You Need to Know

PPP Round Two – What You Need to Know MillerMusmarCPAs is a proud sponsor of the Business Education Series. The Small Business Association (SBA), in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program (PPP) for loans in January.  The program will now provide loans to both first-time borrowers as well as businesses that already received a PPP loan. There is still time to submit your application! David Hincapie, Economic Development Specialist at, Small Business Administration (SBA), will present timely information for applying for this round of funding. We will also be joined by Dayana Villanueva, Vice President, M&T Bank, and Joey Musmar,

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SBA Issues Extensive Final Rule Revising Several Small Business Contracting Regulations

On October 16, 2020, the SBA issued an extensive final rule that makes numerous revisions and clarifications to the small business procurement regulations.  This article provides a high-level overview of some of the most significant changes implemented by the new rule, and we will provide further analysis of these changes over the coming weeks. Most provisions of this final rule will take effect on November 16, 2020.   Changes to the SBA’s Mentor-Protégé Program Merged the 8(a) Mentor-Protégé Program into the All Small Mentor-Protégé Program. This resulted in the update or removal of references to the former 8(a) Mentor-Protégé

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2020 depreciation limits for cars and trucks are issued

The IRS on Wednesday issued the limitations on depreciation deductions for passenger automobiles first placed in service in 2020 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2020 (Rev. Proc. 2020-37). For these purposes, passenger automobiles include trucks and vans. The amounts in the revenue procedure are inflation-adjusted as required by Sec. 280F(d)(7), using the automobile component of the chained consumer price index for all urban consumers (C-CPI-U). For passenger automobiles to which the Sec. 168(k) additional (bonus) first-year depreciation deduction applies and that are acquired after Sept. 27, 2017, and placed in

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New Virginia Employment Law Update

Virginia Legislators Create Different World for Virginia Employers. Virginia Governor has signed into law, new measures providing Virginia Commonwealth employees broad protections and enhanced mechanisms by which to bring claims against their employers for violations of those protections.  These laws address issues such as employee misclassification, wage payment, and non-competition agreements. However, perhaps the most consequential new law is Senate Bill 868, known as the “Virginia Values Act,” which significantly expands the scope of Virginia’s Human Rights Act (“VHRA”) by not only broadening the characteristics protected by and actions prohibited by the law, but by also greatly enhancing the remedies

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