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The IRS has issued interim guidance in Notice 2026-11 on January 14, 2026, providing interim guidance on the additional first year depreciation deduction (“bonus depreciation”), following the enactment of the One Big Beautiful Bill Act (P.L. 119-21, OBBBA). The OBBBA makes 100% bonus depreciation permanent for qualified property acquired and placed in service after January 19, 2025. Notice 2026-11 explains how taxpayers can apply that rule now—before Treasury/IRS issues proposed regulations—and outlines key elections and special rules (including new rules for qualified sound recording productions). The Permanent 100% Bonus Depreciation Rule (Post–January 19, 2025 Property) The OBBBA amended the

A Guide to Bringing U.S. Taxpayers Back into Compliance Many U.S. citizens and green card holders living abroad fail to realize that living outside of the U.S. does not end their U.S. tax obligations. As a result, expats often fall out of compliance for multiple years before discovering the issue. Common mistakes expats make include filing late returns without using streamlined procedures, failing to submit required FBARs, underestimating the importance of the non-willful certification, or assuming no filing requirement because no U.S. tax is owed. Each of these mistakes can trigger penalties or disqualify an otherwise eligible streamlined submission.

Nonprofit organizations are not automatically required to obtain audited or reviewed financial statements. Requirements depend on revenue levels, state regulations, and the activities your organization conducts—especially fundraising and tax exemption status.  Below is what nonprofits operating in Virginia (and across multiple states) need to know.  Virginia Audit vs. Review Requirements for Nonprofits  Virginia does not mandate audits or reviews for all nonprofits. However, financial reporting requirements apply once certain revenue thresholds are met, particularly in connection with state tax exemptions.  Virginia Revenue Thresholds  $0 – under $750,000 in annual gross revenue No state-mandated audit or review is required (Note: funders or grantors may still require one.)  $750,000 or more

Virginia: What Nonprofits Need to Know About Audit vs. Review Requirements State Requirements (Virginia) Virginia law does not require every nonprofit to obtain audited or reviewed financial statements. However, revenue thresholds matter, particularly when applying for or maintaining certain state tax exemptions. Under Virginia law: If a nonprofit’s gross annual revenue is $750,000 or more, the organization must obtain a financial review performed by an independent CPA. If gross annual revenue reaches $1.5 million or more, the Commonwealth may require an independent audit instead of a review. What This Means in Practice $0 – under $750,000 in annual revenue No state-mandated review or audit is required (though funders or grantors may still require one). $750,000 or more in

For many, the spirit of giving to charitable causes is a year-round activity, but the end of the year brings a special focus on tax season. If you are one of the millions of Americans who donate to qualified charities, you may be able to reduce your tax bill. This article explains how to properly deduct your charitable contributions on Form 1040 and what to keep in mind to make the most of your generosity.     The Foundation of Your Deduction: Itemizing vs. the Standard Deduction The most critical factor in claiming a charitable deduction is deciding whether

Simplifying Depreciation Deductions for Business Vehicles in 2025 As tax laws continue to evolve, depreciation rules for business vehicles have become more flexible—but also more complex. With inflation adjustments and recent legislative changes, understanding how to properly deduct vehicle costs is essential to maximizing tax benefits and improving cash flow. Below is a practical overview to help business owners navigate depreciation rules for cars, SUVs, pickups, and vans used in their operations. Two Ways to Deduct Business Vehicle Expenses Businesses generally have two methods available for deducting vehicle expenses: Standard Mileage (Cents-per-Mile) Method For 2025, the standard mileage rate

From Survive to Thrive Private companies find themselves navigating a tax landscape marked by rapid change and increasing complexity. The wave of legislative, economic, and technological developments over the past year has created novel challenges. It’s not enough to merely survive. All businesses are facing external challenges, and the most agile companies are often the most successful. Private companies should focus on converting new developments into opportunities to thrive. And there is no shortage of new developments this year. Tariff policy often seemed to change by the hour, and the situation continues to evolve. Fortunately, mitigation tools and planning

With the passing of the One Big Beautiful Bill Act (OBBBA), the Federal Reserve cutting interest rates, and inflation showing signs of moderating, tax planning remains as important as ever for taxpayers seeking to manage cash flows and reduce their tax liabilities over time. As we approach the end of the year, now is the time for individuals, business owners, and family offices to review their 2025 and 2026 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations. The information contained within this article is based on federal laws and policies in effect as of

FOR IMMEDIATE RELEASE October 8, 2025 MillerMusmar CPAs Proudly Sponsors “Titans of the Toll Road: The Next Steps to an AI-Powered Future” Reston, VA — MillerMusmar CPAs is proud to serve as an Executive Sponsor of the upcoming Titans of the Toll Road event, “The Next Steps to an AI-Powered Future: How Artificial Intelligence Will Change Everything,” hosted by the Greater Reston Chamber of Commerce’s Innovation & Technology Council. AI isn’t just a buzzword — it’s transforming industries, reshaping the workforce, and redefining how businesses compete. This year’s event will go beyond theory to give attendees practical tools, insights, and next steps to put

At MillerMusmar CPAs, we understand the unique challenges government contractors face during periods of uncertainty. A government shutdown — even a short one — can cause significant ripple effects for small and mid-sized contractors, especially subcontractors. Delays in payments, contract modifications, and staffing disruptions can strain both operations and compliance. While the timeline and scope of any shutdown are unpredictable, preparation is within your control. Below, we outline key areas where we encourage you to focus now to protect your business and position yourself to weather potential disruptions. Cash Flow & Liquidity Reserves planning: Shutdowns often delay payments to