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Newsletters

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

Virginia SALT – Virginia’s Tax Treatment of PPP and other Grants

The Virginia General Assembly passed legislation today to advance the date of conformity of Virginia’s tax code to the U.S. Internal Revenue Code from Dec. 31, 2019, to Dec. 31, 2020. We are thrilled to report that the emergency clause was added back, so conformity will go into effect as soon as it is signed by the governor. Virginia will conform to all U.S. Internal Revenue Code provisions through Dec. 31, 2020, including:

 

  • COVID-19-related retirement distributions.
  • Above-the-line charitable contributions deduction.
  • Deduction limitations for certain charitable contributions.
  • Exclusion of educational payments.
  • Extension of the $300 deduction for non-itemizers to taxable year 2021.
  • Enhancing the charitable deduction for individuals for certain contributions.
  • Temporary full business meals deduction.
  • Extension of exclusion for certain employer payments of student loans.
  • Depreciation of certain residential rental property over a 30-year period.
  • Temporary enhancement of the EITC.
  • Repeal of the deduction for qualified tuition.

With respect to forgiven PPP loan and Rebuild Virginia grant expense deductibility, Virginia will allow a deduction of up to $100,000 for tax year 2020. Virginia will not conform to the following:

  • Extension of the 7.5% floor in the medical expense deduction.
  • Provisions of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act related to the net operating loss (NOL) limitations and carryback.
  • Excess business losses for noncorporate taxpayers.
  • Business interest deduction limitations
  • Deductibility of business expenses funded by PPP loan and EIDL fund proceeds except as described above.

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, 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 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

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