Archives: NEWSLETTERS

On Monday, April 7, 2025, the MillerMusmar CPAs team was honored to participate in the 47th Annual Fairfax County Valor Awards, continuing our long-standing tradition as an Executive Sponsor of this prestigious event. For more than 11 years, MillerMusmar CPAs has proudly supported the Fairfax County Valor Awards, a significant annual ceremony hosted by the Greater Reston Chamber of Commerce that recognizes the heroic contributions of our community’s first responders. This year’s gathering was held at the Westfields Marriott in Chantilly, VA, featuring a series of inspiring narratives that highlighted courage, quick action, and steadfast dedication. The afternoon was

MillerMusmar CPAs Announced as Executive Sponsor of the 47th Annual Fairfax County Valor Awards. Reston, VA – MillerMusmar CPAs is proud to announce its role as an Executive Sponsor of the 47th Annual Fairfax County Valor Awards, organized by the Greater Reston Chamber of Commerce. The event, which will take place on Monday, April 7, 2025, at the Westfields Marriott Washington Dulles, celebrates the extraordinary bravery and dedication of Fairfax County’s first responders. Since 1979, the Valor Awards have recognized the courageous acts of local police officers, sheriff’s deputies, public safety communications staff, and fire and rescue personnel, honoring

FOR IMMEDIATE RELEASEMarch 19, 2025 MillerMusmar CPAs Partners with PilieroMazza and MainStreet Bank for Successful GovCon Event Sterling, VA – On March 19, 2025, MillerMusmar CPAs, in partnership with MainStreet Bank and PilieroMazza, hosted an impactful and insightful event titled “The Impact of White House Executive Orders on Government Contractors.” The event took place at the MainStreet Bank Operations Center in Sterling, VA, and brought together government contractors and industry experts to discuss the evolving federal contracting landscape. The event featured two highly respected speakers: Joey Musmar, CPA, Managing Partner at MillerMusmar CPAs, and Isaias “Cy” Alba, Partner at

Overview of Benefits under IRC §45E for Small Employer Pension Plans The Internal Revenue Code (IRC) §45E provides significant tax incentives to small employers who establish qualified retirement plans for their employees. These incentives are designed to encourage small businesses to offer retirement benefits, enhancing financial security for employees and providing valuable tax relief for employers. Key Benefits of IRC §45E: 1. Startup Costs Credit (Up to $5,000): Small employers can claim a credit of 50% of eligible startup costs, up to a maximum of $5,000 per year, for the first three years of establishing a qualified plan. This

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

Press Release: MillerMusmar CPAs Sponsors and Presents at the 46th Annual Fairfax County Valor Awards Reston, VA — April  16, 2024 — MillerMusmar CPAs was proud to sponsor the 46th Annual Fairfax County Valor Awards, hosted by The Greater Reston Chamber of Commerce at the Hyatt Regency – Reston on April 11, 2024. This prestigious event recognized the outstanding bravery of Fairfax County’s first responders, who have gone above and beyond the call of duty in service to our community. As a sponsor of the event, MillerMusmar CPAs played a key role in supporting the recognition of these extraordinary

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

Every day, government contractors navigate a complex landscape of regulations and compliance requirements and other obligations. When it comes to your company’s retirement plan, the stakes are especially high. How do you balance the need to save for retirement and incentivize key employees with strict budgetary constraints and ever-changing regulatory demands? For government contractors, traditional retirement planning strategies often fall short, leaving you searching for solutions that can maximize tax benefits, manage cash flow effectively, and attract top talent – all while staying compliant with government regulations.  This guide is designed to cut through the confusion and provide you

Government contractors are required to adhere to strict standards regarding their accounting systems, incurred costs, and other contract-related obligations. The Defense Contract Audit Agency (DCAA) plays a key role in this process, as it is responsible for auditing contractors’ compliance with regulations such as the Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS). While the DCAA itself does not establish compliance requirements for contractors, its audit practices, manuals, and guidance significantly influence how businesses structure their accounting systems and practices. Understanding these expectations can help contractors proactively align with applicable regulations, maintain audit readiness, and position themselves for

Government contracting is complex, with unique accounting standards and strict compliance requirements. For businesses working with federal contracts, having the right accounting partner is crucial for success and avoiding costly mistakes.  This guide will help you understand: What makes government contractor accounting unique Essential services offered by GovCon accounting firms Key qualities to look for when choosing an accounting partner Whether you’re new to government contracting or looking to optimize existing operations, understanding the role of a specialized government contractor CPA is vital for growth and compliance in the federal marketplace. What Makes Accounting for Government Unique? Government contractor