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Resources

COVID-19 Resources

  • 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.

The Three Step Process: Disaster Loans

The Three-Step Process:

Disaster Loans

 

The U. S. Small Business Administration (SBA) provides low-interest, long-term disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters to repair or replace uninsured/underinsured disaster-damaged property. SBA disaster loans offer an affordable way for individuals and businesses to recover from declared disasters.

STEP 1:
Apply for Loan

  1.  Online
  2.  In-person at a disaster center
  3. By mail.
  • Apply online at the SBA’s secure websitedisasterloan.sba.gov/ela.
  • As a business of any size, you may borrow up to$2 million for physical damage.
  • As a small business, a small agricultural cooperative, a small business engaged in aquaculture, or private non-profit organization you may borrow up to $2 million for economic injury.
  • As a small business, you may apply for a maximum business loan (physical and EIDL) of
    $2 million.
  • As a homeowner, you may borrow up to$200,000 to repair/replace your disaster-damaged primary residence.
  • As a homeowner or renter, you may borrow up to $40,000 to repair/replace damaged personal property.

STEP 2:
Property Verified and Loan Processing Decision Made

  • SBA reviews your credit before conducting an inspection to verify your losses.
  • An SBA verifier will estimate the total physical loss to your disaster-damaged property.
  • A loan officer will determine your eligibility during processing, after reviewing any insurance or other recoveries. SBA can make a loan while your insurance recovery is pending.
  • A loan officer works with you to provide all the necessary information needed to reach a loan determination. Our goal is to arrive at a decision on your application within2 – 3 weeks.
  • A loan officer will contact you to discuss the loan recommendation and your next steps. You will also be advised in writing of all loan decisions.

STEP 3:
Loan Closed and Funds Disbursed

  •  SBA will prepare and send your Loan Closing Documents to you for your signature.
  • Once we receive your signed Loan Closing Documents, an initial disbursement will be made to
    you within 5 days:

    •  Physical damage:
      •  $25,000
    •  Economic injury (working capital):
      •  $25,000 (In addition to the Physical damage disbursement).
  • A case manager will be assigned to work with you to help you meet all loan conditions. They
    will also schedule subsequent disbursements until you receive the full loan amount.
  • Your loan may be adjusted after closing due to your changing circumstances, such as
    increasing the loan for unexpected repair costs or reducing the loan due to additional insurance
    proceeds.

Required Documentation

The following documents are required to process your application and reach a loan decision. Your
Loan Officer and Case Manager will assist you to ensure that you submit the proper documentation.                            Approval decision and disbursement of loan funds is dependent on receipt of your documentation.

For Business:

  • Business Loan Application (SBA Form 5) completed and signed by the business applicant.
  • IRS Form 4506-T completed and signed by Applicant business, each principal owning 20% or more of the applicant business, each general partner or managing member and, for any owner who has more than a 50%ownership in an affiliate business. (Affiliates include business parent, subsidiaries, and/or businesses with common ownership or management).
  • Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business; an explanation if not available.
  • Personal Financial Statement (SBA Form 413) completed, signed and dated by the applicant (if a sole proprietorship), each principal owning 20% or more of the applicant business, each general partner or managing member.
  • Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used).
  • ADDITIONAL INFORMATION THAT MAY BE NECESSARY TO PROCESS YOUR APPLICATION:
  • Complete copies, including all schedules, of the most recent Federal income tax returns for each principal owning 20% or more of the applicant business, each general partner or managing member, and each affiliate when any owner has more than a 50% ownership in the affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management.
  • If the most recent Federal income tax return has not been filed, a year-and profit and loss statement and balance sheet for that tax year are acceptable.
  • A current year-to-date profit and loss statement.
  • Additional Filing Requirements (SBA Form 1368) providing monthly sales figures.

Homeowners  and Renters:

Home Loan Application (SBA Form 5c) completed and signed by Applicant and Co-Applicant.

IRS Form 4506-T completed and signed by the Applicant and Co-Applicant.

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

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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