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Resources

COVID-19 Resources

  • IRS willing to consider requests for relief from double taxation related to repatriation
  • Form 1040-SR: Seniors Get a New Simplified Tax Form for 2019
  • IRS Issues 2020 Standard Mileage Rates
  • Proposed regs. Issued on Meal and Entertainment Expense Deductions
  • Guidance and Enforcement Put Virtual Currencies Front and Center
  • IRS Increases Visits To High-Income Taxpayers Who Haven’t Filed Tax Returns
  • New Law Helps People Save For Retirement; Other Retroactive Changes Impact Many Taxpayers
  • SBA’s NEW YEAR RESOLUTION ENFORCEMENT!
  • NEW TAX DEADLINE IN THE WORKS
  • U.S. Postpones April 15 Tax Payments for 90 Days for Most Americans
  • The Three Step Process: Disaster Loans
  • Emergency Paid Sick Leave Act (EPSLA)
  • Attention Local Workers Whose Job Has Been Affected by the Coronavirus
  • Federal Income Tax Filing Date postponed to July 15
  • FAQs About COBRA Insurance Coverage
  • IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns
  • IRS Won’t Extend Deadline Again! Tax Returns ARE Due by July 15
  • 2020 depreciation limits for cars and trucks are issued
  • SBA Issues Extensive Final Rule Revising Several Small Business Contracting Regulations
  • Business Education Series: PPP Round Two – What You Need to Know
  • Maryland Extends State Income Tax Filing Deadline to July 15th
  • IRS Announces New Extended Tax Deadline for Individuals
  • Taxpayers can protect themselves from scammers by knowing how the IRS communicates
  • CHILD TAX CREDIT
  • Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning
  • IRS Suspends Several Automated Collection Notices
  • SBA Issues Final Rule On Calculation Of Average Annual Receipts For The Purposes Of Certain Size Standards
  • Tax Law Changes effective 2022
  • Under legislation enacted by the 2022 General Assembly Virginia established a new elective pass-through entity (“PTE”) tax.
  • INFLATION REDUCTION ACT HIGHLIGHTS
  • Taxability of Lawsuit Settlements
  • IRS Lowers Mileage Rates for 2020 Deductible Vehicle Use
  • Jan. 31 filing deadline remains for employer wage statements, independent contractor forms
  • IRS: Eligible employees can use tax-free dollars for medical expenses
  • Overview VA SIT update
  • IRS Advises Taxpayers To Be On The Lookout For New SSN Scam
  • IRS Provides Guidance on Paying Repatriation Tax
  • Foreign Financial Asset Reporting Guidance Matrix Form 8938 and/or FBAR for Filings
  • Certain Fringe Benefits Provided by Not-for-Profits May Be Considered Taxable Income

Newsletters

Our regularly updated newsletter provides timely articles to help you achieve your financial goals.

CHILD TAX CREDIT

The American Rescue Plan’s expansion of the Child Tax Credit supplements the earnings of families receiving the tax credit. Specifically, the Child Tax Credit has been revised in the following ways:

  1. The credit amount has been increased. The American Rescue Plan increased the amount of the Child Tax Credit from $2,000 to $3,600 for children under age 6, and $3,000 for other children under age 18.
  2. The credit’s scope has been expanded. Children 17 years old and younger, as opposed to 16 years old and younger, will now be covered by the Child Tax Credit.
  3. Credit amounts will be made through advance payments during 2021. Individuals eligible for a 2021 Child Tax Credit will receive advance payments of the individual’s credit, which the IRS and the Bureau of the Fiscal Service will make through periodic payments from July 1, to December 31, 2021. This change will allow struggling families to receive financial assistance now, rather than waiting until the 2022 tax filing season to receive the Child Tax Credit benefit.
  4. The credit is now fully refundable. By making the Child Tax Credit fully refundable, low-income households will be entitled to receive the full credit benefit, as significantly expanded and increased by the American Rescue Plan.
  5. The credit is now extended to Puerto Rico and the U.S. Territories. For the first time, low-income families residing in Puerto Rico and the U.S. Territories will receive this vital financial assistance to better support their children’s development and health, and educational attainment.

To facilitate the disbursement of Child Tax Credit advance payments during 2021, the American Rescue Plan requires the IRS to establish an online portal for taxpayers to update relevant data for mid-year payment adjustments (for example, the birth of a child during 2021).  Here is the IRS link: https://www.irs.gov/newsroom/irs-families-receiving-monthly-child-tax-credit-payments-can-now-update-their-direct-deposit-information

Our entire Team at MillerMusmar CPAs is here to help you navigate through these programs. Please contact us if you require our assistance.

MillerMusmar CPAs is an established accounting firm with offices in Reston, Virginia, and Manassas, Virginia. We have a twenty-five-year history of providing top-quality auditing, tax, and accounting services to clients throughout the Washington Metropolitan area and internationally. By combining the expertise of a mid-sized firm with personal attention, we are both large and small enough to deliver a responsive service to our clients. For more information, please call us at +703-437-8877 or visit our website at www.MillerMusmar.com 

Please feel free to contact us to discuss how we can work with you to achieve your goals.
MillerMusmar is committed to the professional standards of
competence, objectivity, and care with every service provided.
Reston, VA Office

MillerMusmar CPAs
2100 Reston Parkway Suite 400
Reston VA 20191
Phone: +1-703-437-8877
Fax: 703-437-8937
info@millermusmar.com

Manassas, VA Office

MillerMusmar CPAs
10502 Crestwood Drive
Manassas, VA 20109
Phone: +1-703-365-8877
Fax: 703-365-8937
info@millermusmar.com

Texas, Office

MillerMusmar CPAs
11908 Yarmouth Lane
Fort Worth, TX 76108
Phone: +1-703-365-8877
Fax: 703-365-8937
info@millermusmar.com

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MillerMusmar CPA’s
2100 Reston Parkway suite 400
Reston VA 20191
Email: info@millermusmar.com
Phone: (703) 437-8877
Fax: (703) 437-8937