Overview VA SIT update

Governor Ralph Northam signed House Bill 2529 (H.B. 2529)1 and Senate Bill 1372 (S.B. 1372) (collectively, the Bills) which include the following modifications to Virginia law: Updates Virginia’s tax law to the Internal Revenue Code (IRC) as of December 31, 2018. Provides a corporate income tax subtraction for Global Intangible Low-Taxed Income (GILTI) included in federal taxable income under the provisions of the federal Tax Cuts and Jobs Act. Subtraction for GILTI The Bills provide a corporate income tax subtraction for any GILTI included in federal taxable income by the operation of IRC § 951A as enacted by the

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IRS Advises Taxpayers To Be On The Lookout For New SSN Scam

The Internal Revenue Service (IRS) is warning taxpayers about a Social Security number (SSN) scam currently making the rounds. As part of the scam, thieves may call—often as a “robocall”—and try to get you to call back by claiming that your SSN is at risk. The scheme is similar to one that the IRS previously deemed “the SSN hustle.” As part of the con, scammers may try to convince you to confirm personal information, like Social Security numbers and bank account numbers, by claiming that your Social Security number may be deactivated or deleted. The threats may also suggest

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IRS Provides Guidance on Paying Repatriation Tax

The IRS posted information for taxpayers that have started paying their transition tax, also known as a repatriation tax, in installments. In Q&A format, the agency advised taxpayers that it will “make every effort” to issue installment notices and payment vouchers for installments about six or eight weeks before the due dates. It provided instructions for making the payments and for handling transfer agreements and consent agreements. The 2017 tax law created the transition tax, which applies to assets held overseas during the years since 1986. The tax, under tax code Section 965, can be paid in installments over eight

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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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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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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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Certain Fringe Benefits Provided by Not-for-Profits May Be Considered Taxable Income

TCJA, also known as the Tax Cuts and Jobs Act of 2017, contains changes to fringe benefits that may impact not-for-profit organizations significantly, resulting in unexpected tax liabilities. One of the most impactful changes is that certain employer-provided fringe benefits are now considered unrelated business income (UBI), which is subject to income tax at the organizational level. Fringe Benefits Classified as UBI As of January 1, 2018, the following fringe benefits are classified as UBI: Qualified transportation benefits. These include commuter vehicle and vanpooling as well as transit passes and vouchers for mass transit, such as buses and trains.

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