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Resources

COVID-19 Resources

  • Simplifying Depreciation Deductions for Business Vehicles in 2024
  • Homebuilders Can Benefit from Expansion of Energy Efficient Home Credit
  • IRS Issues Standard Mileage Rates For 2023
  • Taxability of Lawsuit Settlements
  • INFLATION REDUCTION ACT HIGHLIGHTS
  • Under legislation enacted by the 2022 General Assembly Virginia established a new elective pass-through entity (“PTE”) tax.
  • Tax Law Changes effective 2022
  • SBA Issues Final Rule On Calculation Of Average Annual Receipts For The Purposes Of Certain Size Standards
  • IRS Suspends Several Automated Collection Notices
  • Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning
  • CHILD TAX CREDIT
  • Taxpayers can protect themselves from scammers by knowing how the IRS communicates
  • IRS Announces New Extended Tax Deadline for Individuals
  • Maryland Extends State Income Tax Filing Deadline to July 15th
  • Business Education Series: PPP Round Two – What You Need to Know
  • SBA Issues Extensive Final Rule Revising Several Small Business Contracting Regulations
  • 2020 depreciation limits for cars and trucks are issued
  • IRS Won’t Extend Deadline Again! Tax Returns ARE Due by July 15
  • IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns
  • FAQs About COBRA Insurance Coverage
  • Federal Income Tax Filing Date postponed to July 15
  • Attention Local Workers Whose Job Has Been Affected by the Coronavirus
  • Emergency Paid Sick Leave Act (EPSLA)
  • The Three Step Process: Disaster Loans
  • U.S. Postpones April 15 Tax Payments for 90 Days for Most Americans
  • NEW TAX DEADLINE IN THE WORKS
  • SBA’s NEW YEAR RESOLUTION ENFORCEMENT!
  • New Law Helps People Save For Retirement; Other Retroactive Changes Impact Many Taxpayers
  • IRS Increases Visits To High-Income Taxpayers Who Haven’t Filed Tax Returns
  • Guidance and Enforcement Put Virtual Currencies Front and Center
  • Proposed regs. Issued on Meal and Entertainment Expense Deductions
  • IRS Issues 2020 Standard Mileage Rates
  • Form 1040-SR: Seniors Get a New Simplified Tax Form for 2019
  • IRS willing to consider requests for relief from double taxation related to repatriation
  • 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.

Federal Income Tax Filing Date postponed to July 15

On March 20th, Secretary-Treasurer Steven Mnuchin announced that the April 15 tax filing deadline will be postponed to July 15 to better align with the IRS 90-day deferment of the tax payment deadline. State tax jurisdictions are playing catch up to the announcement, but early indications are many will be setting their own deadline rather than aligning with the federal deadline.

The Treasury Department and the IRS have announced special payment relief in response to the COVID-19 pandemic. This information is contained in Notices 2020-17 and 2020-18. Key details are as follows:

  • Tax payment deadlines postponed 90 days. All taxpayers and businesses will have this additional time to make payments without interest or penalties.
  • The income tax payment deadline for individual returns is automatically extended until July 15, 2020, Unlike earlier guidance, there is no longer a limit on the tax deferral amount.  
  • Payment relief applies to all individual returns —including self-employed individuals and other entities (e.g., trusts or estates) as well as C corporations.
  • Tax payment relief also includes estimated tax payments for 2020 that are normally due April 15.
  • Not all states have followed the federal government. Here are some state listings. See specific State for more information regarding state extensions:
    • Virginia will allow all individuals and businesses to delay their 2019 income taxes by 30 days, bumping the deadline to pay from May 1 to June 1.  The state will not follow the federal government’s 90-day delay, as top state officials argue that doing so would expose the state to a budget shortfall.
    • Maryland’s deadline has been extended to July 15, 2020.
    • California pushed back the Golden State’s tax deadline by 60 days.
    • Illinois, Ohio, West Virginia and District of Columbia have not provided any guidance as of this publication.

MillerMusmar CPAs highly encourage all of our clients to not delay delivery of their tax data, especially if they have been economically impacted by the current crisis and may want us to help them seek financial relief, request loans or government assistance.

Please be advised that, based on current IRS rules and standards, the advice contained herein is not intended or written by the practitioner to be used and cannot be used by the taxpayer for the purpose of avoiding penalties.

MillerMusmar CPAs is an established accounting firm with offices in Reston, and 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 the personal attention, we are both large and small enough to deliver a responsive service to our clients. For more information, please 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

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