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Resources

Feature Articles

  • 46th Annual Fairfax County Valor Awards
  • Accounting For Crypto Assets
  • Alabama Federal Judge Rules Corporate Transparency Act (CTA) Unconstitutional, Enforcement Halted
  • Megan McAtee Joins MillerMusmar CPAs as Audit Manager
  • Simplifying Depreciation Deductions for Business Vehicles in 2024
  • MillerMusmar CPAs Proudly Sponsors “Titans of the Toll Road: How Northern Virginia’s Space Economy is Transforming the Future” Event
  • Breaking: Temporary Suspension of CTA’s BOI Reporting Requirements
  • A Comprehensive Guide to Government Contract Accounting
  • Our New Secure Client Portal: CANOPY
  • BENEFICIAL OWNERSHIP REPORTING
  • MillerMusmar CPAs is proud to be Platinum Sponsor of Titans of the Toll Road
  • 45th Annual Valor Awards
  • Homebuilders Can Benefit from Expansion of Energy Efficient Home Credit
  • Six Steps to Banking Failure- Silicon Valley Bank (SVB) What You Should Do To Protect Your Money.
  • IRS Issues Standard Mileage Rates For 2023
  • SBA RULE MODIFCATIONS UPDATE GOVERNNING 8A FIRMS
  • 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
  • SILVER MEDAL OF VALOR
  • Taxpayers can protect themselves from scammers by knowing how the IRS communicates
  • AASHTO Overhead Rate Audits
  • SBA raises EIDL loan limit to $500,000
  • 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
  • New Virginia Employment Law Update
  • IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns
  • Understanding the 2020 Coronavirus Relief Bill (the CARES Act)
  • 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
  • Fundamentals of Government Cost Accounting
  • MillerMusmar’s 10th Consecutive Year as a Pinnacle Sponsor of the Taste of Reston.
  • 2018 YEAR-END TAX PLANNING FOR INDIVIDUALS
  • 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.

SBA’s NEW YEAR RESOLUTION ENFORCEMENT!

With enforcement a significant focus for the Small Business Administration (SBA) starting in 2020, government contractors large and small need to make a New Year’s resolution to adjust or implement compliance strategies to ensure they understand and satisfy the limitations on subcontracting and set-aside projects.

Highlights from SBA’s new rules include:

  • Contracting officers may request information from small business prime contractors to demonstrate compliance with the limitations on subcontracting. There has been an uptick in solicitations that require the offeror to provide a price breakdown and narrative explanation of how the prime will meet the applicable limitation on subcontracting. We expect this to increase based on SBA’s new rules.
  • The type of information the contracting officer could request under the new SBA rule includes copies of subcontracts or teaming agreements, a breakdown of the price proposal between the prime and subcontractors, or an email that lists the amount that the prime contractor has paid to its subcontractors and whether those subcontractors are similarly situated.
  • Under SBA’s new rule, a small business may be found ineligible for a set-aside contract if it is unusually reliant on a subcontractor, even if the subcontractor is a small business or if the subcontractor is not a similarly-situated subcontractor (meaning the subcontractor does not have the small business designation required by the prime contract). However, the prime contractor can rebut this by demonstrating that it, together with any similarly-situated subcontractors, will satisfy the applicable limitation on subcontracting. This puts greater emphasis on being able to clearly demonstrate at the proposal stage how the prime contractor will satisfy the limitations on subcontracting, as it will be an important tool to defend post-award status protests.
  • When determining compliance with the limitations on subcontracting, SBA’s new rule permits firms to exclude other direct costs to the extent they are not the principal purpose of the contract and small businesses do not provide the service. Examples include a contract that includes airline travel, or environmental remediation contracts that include a requirement for transportation/disposal work, as none of these services are provided by small businesses. The new rule also specifically excludes mass media purchases and cloud computing services—again, as long as these services are not the primary purpose of the contract.
  • A prime contractor must stop counting a similarly-situated subcontractor toward the prime’s compliance with the limitations on subcontracting when the subcontractor ceases to qualify as a similarly-situated subcontractor. Based on this new rule, prime contractors need contractual mechanisms with their subcontractors to ensure they are aware of and can respond accordingly to whether their subcontractor no longer qualifies as similarly situated.

For more information please feel free to contact us at info@millermusmar.com or call us at +1-703-437-8877.

Please feel free to contact us to discuss how we can work with you to achieve your goals.
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Reston, VA Office

MillerMusmar CPAs
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