Archives: NEWSLETTERS

Reston, Virginia – On May 4, 2023, MillerMusmar CPAs was a proud Platinum Sponsor of the 11th Annual NoVA B2G Matchmaking Conference & Expo organized by the Greater Reston Chamber of Commerce at the Sheraton Reston Hotel. This year’s Education Session, moderated by Joey Musmar, Founder and Managing Partner of MillerMusmar CPAs, focused on Staying Compliant through Growth, with a panel of experts including Bruce Crowell, Chief Financial Officer of SOS International (SOSi), Karolyn Gardner, Senior Vice President Contracts & Pricing of ICF, and Titus Jeffries, Vice President and Division Manager of National Solutions at Leidos and DEI Ambassador

MillerMusmarCPAs is a proud sponsor of the Business Education Series. Closing More Deals-The Art of Doing Business with Your Ideal Customer, organized by the Greater Reston Chamber of Commerce In this session, you will learn how to identify your ideal customer, conduct effective due diligence to research their business and differentiate your business in a crowded market. With these strategies, you’ll be able to create unique messaging that resonates with your target audience and build trust with potential customers. You’ll also learn how to close more deals and increase sales by understanding the needs and pain points of your ideal

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

The U.S. Supreme Court has ruled by a vote of 5-4 that the maximum $10,000 penalty for the non-willful failure to file Form FinCEN 114 applies on a per-form basis and not per account. The decision in Bittner v. United States on February 28, 2023, is a rebuke of the IRS’ previous position that assessed penalties of up to $10,000 per account. The FinCEN 114, more commonly referred to as the FBAR (Report of Foreign Bank and Financial Accounts), requires U.S. persons to annually disclose their financial interest or signature authority over all foreign financial accounts if the aggregate maximum balance

Small businesses may start off using the cash-basis method of accounting. But many eventually convert to accrual-basis reporting to conform with U.S. Generally Accepted Accounting Principles (GAAP). For income tax purposes you can still file differently. Although there are mother hybrid options the typical choices are limited to two. Both cash and accrual accounting methods are commonly used for keeping track of transactions; the main difference between them is the timing of when the transactions are recorded.   Using the cash method, you record transactions when money is exchanged — meaning when cash is received or spent. This method

The Fairfax County Valor Awards recognize the remarkable achievements in service of our community’s dedicated first responders.   MillerMusmar CPAs is Proudly Sponsoring the 45th Annual Fairfax County Valor Awards hosted by The Greater Reston Chamber of Commerce. Since 1979, members of our Fairfax County Police Department, Fire & Rescue Department, the Fairfax County Office of the Sheriff, the Herndon Police Department, and the Vienna Police Department have been honored with the Lifesaving Award, the Certificate of Valor,  or the Bronze, Silver, or Gold Medal of Honor for exceeding the call of duty. The Greater Reston Chamber of Commerce

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

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

Here is the latest update from the IRS regarding the 2023 optional standard mileage rates. These rates are used to calculate the deductible costs of operating a vehicle for business, charitable, medical, or moving purposes. Starting from January 1st, 2023, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) are as follows: For business use: 65.5 cents per mile driven, which is up 3 cents from the midyear increase that set the rate for the second half of 2022. For medical or moving purposes for qualified active-duty members of the Armed Forces:

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