The McGruder Group, CPAs

Those of us in the office this afternoon made it outside for the eclipse. Clear sky! Very cool 😎🌒

What a wonderful way to close out 2023! We held our firm holiday dinner last night at one of the amazing restaurants owned one of our clients. Thank you, Tammie! The food was amazing (as always)and we love supporting you. Thanks to our exceptional team, we had much to celebrate as we close out 2023. But, no rest for the weary. I see Tax Season 2024 lurking just around the corner…….shh…… 🤫

Big shout out to Jonathan and the Mainspring team for their hard work getting our new laptops ready to go for the new year. Thank you!! 💻🌟

Annual holiday card signing! Are you on the nice list?? 🧑‍🎄📫

It is crazy ridiculous that the amazing people on our Tax Team have birthdays right around important tax filing deadlines. It is so BUSY! I am posting this a few days late but we did celebrate Brooke’s birthday last week. Cheers to another year around the sun - you do so much to help our firm be successful and we appreciate you more and more every year. Happy Birthday, Brooke! 🎂🎉🎈

Happy Birthday, Danielle! Always pretty in pink, we asked her how she is celebrating her birthday tonight. Her answer - studying for the next part of the CPA exam. Ugh. ☹️ No rest for the weary but we are cheering you on today and every day. You are dedicated, smart and fun to be around - oh, and your clients adore you. How lucky are we? Happy, Happy Birthday to You!! 🎂🎉🎈🩷

TMG is growing! We are looking for a seasoned tax preparer to join our team. Do you have significant 1040 experience working with high-net worth individuals? Are you looking for a firm that actually provides meaningful time off outside of tax season? If so, we would love to chat with you!

Every year there are more clients, more changes in tax laws, more prospects, more referral partners and yet, the same amount of time in tax season. I am so proud of this team - they work incredibly hard every single day to support our clients and each other. Cheers to every one of you! You have earned some easier days ahead. 😊👏🍷🌟

The team at TMG have been awesome in their tax work for my family as well as my business. Extremely professional, and more importantly, they know their stuff! I ask a lot of questions and I appreciate how patient they are with me. THANK YOU!!
- E.W.

It's Valentine's Day! Do you love preparing your tax return every year? Some people do. Most do not. Life should be filled with things you love. If tax prep isn't one of them, please let us know. We are here for you!

It's 2023 and business travel is back! Trying to remember the rules?? This bulletin from the IRS is a good start. But, what about deducting meals while traveling for work? As of January 1, 2023, the cost of travel meals unfortunately reverts back to 2020 limits: only 50% deductible by the business. At least the cost of the meal does include taxes and tip!

Understanding business travel deductions | Internal Revenue Service Tax Tip 2023-15, February 7, 2023 — Whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. The IRS has information to help all business travelers properly claim these valuable deductions.

Late in 2022, the Virginia General Assembly released draft guidelines on their pass-through entity tax, permitting pass-through entities to pay tax at the entity level and for owners to claim a corresponding credit for taxes paid on their individual tax returns. This is also known as the State and Local Tax (SALT) cap workaround.

As we prepare tax returns for our business clients this tax season, we are discussing the requirements and potential benefits of making this important election with them.

If your company is an S-corporation, partnership or LLC, you may qualify for this important tax savings!

"We really appreciated the quick response from the team regarding a notice we received from the VA Dept of Taxation this week - especially given the time of year! TMG is the BEST!!"

Are you a small business owner struggling with hiring, keeping or supervising a bookkeeper? You are not alone! Almost every small business owner we know is amazing at what they do - the product they sell or the services they provide - but are less confident when it comes to the financial side of their business and depend on others to help. Working with our professional accounting team may be the perfect solution. You can expect current and accurate financial statements every month - helping you manage your business effectively and allowing our CPAs to tax plan effectively throughout the year. It's a win-win for everyone!

Meet our Team! Zach Sekel is a Senior Associate at The McGruder Group and is an integral part of our Accounting Services Team. Zach works with our small business clients helping them achieve success by providing accounting and financial statement support. Zach loves numbers and finds working with his clients with such a friendly team to be truly rewarding.

Zach joined TMG soon after receiving his Bachelor of Science Degree in Accounting from James Madison University in 2017. He lives in Great Falls and enjoys playing basketball, watching sports and spending time with friends.

The McGruder Group has been reliable, accessible and succeeded in helping me stabilize my financial ship. Super appreciate this team and the services and support they have given me over the last 10 years!
- Felix

The IRS has issued the standard mileage rates for deductible reimbursable miles for 2023:
*65.5 cents for business miles
*22 cents for medical miles
*22 cents for moving miles (active-duty military only)
*14 cents for charitable miles
The rates apply to electric and hybrid vehicles as well as gasoline and diesel-powered vehicles. And, yes - you must be able to provide substantiation upon audit. There are multiple apps available to help with required tracking - including two that are free! https://www.forbes.com/advisor/business/software/best-mileage-tracker-app/

In celebration of the holiday season, our offices will be closed Dec 23 - 27 and Dec 30 - Jan 2. Our best wishes for a wonderful holiday and may the new year bring joy and prosperity your way. From our TMG family to yours, Happy Holidays!

New for 2022 tax returns: Payment apps like Venmo, Paypal or Cash App are now required by law to report to the IRS the amount of their users’ 2022 business transactions if they exceed $600 in a year. This doesn’t mean all payment app transactions totaling $600 in a year will trigger a report to the IRS. The rule only applies to payments received for goods and services - so paying a friend for your share of dinner or sending birthday money will not be included in the report. The companies will send out 1099-K forms in January to inform users of their total taxable income. How do the apps know what to include? Interesting question and one we expect may require significant scrutiny and possibly delay some tax return filings this tax season.

We often look for ways to help those less fortunate than ourselves during the holidays and gifting to charities does come with some tax benefits. In 2021, the IRS temporarily allowed individuals to deduct donations to charities without itemizing - but we go back to the old rules in 2022. You must itemize (Schedule A) in order to claim a deduction on this year's tax return. As you complete your end-of-year gifts, be sure to save those receipts and acknowledgement letters! The substantiation requirements remain the same as always.

A huge THANK YOU to our clients, colleagues and friends who voted for our firm! Our visibility continues to expand across Northern Virginia and we are proud to be a Top Vote Getter in Arlington for another year. We appreciate your trust in us and look forward to working with you again in 2023! 🌟

It has taken a few days, but big Thanks You's are due to so many people! I am fortunate to be serving as President of the Greater DC Chapter of NAWBO (National Assoc of Women Business Owners) this year and our Holiday Party could not have taken place without the efforts of so many. First National Bank was our host for the evening, and we appreciate their sponsorship and supporting Robyn Craig from the bank who serves on our Board. To our caterer, Natalie Ramos, and photographer, Chip McCrea, we appreciate you helping to make our event memorable. To the Board members who provided amazing raffle prizes and the members who generously purchased tickets, we are so grateful. We were able to donate $700 to Aaliyah in Action - a non-profit organization that comforts and provides women who have experienced perinatal or neonatal loss with self-care packages and bereavement support. Another wonderful example of women supporting women. Want to know more about NAWBO? Let me know - we are looking welcome you in 2023!

Meet our Team!
Amanda McGruder Franceschi serves as Controller for TMG and is responsible for the day-to-day finances and internal operations of The McGruder Group. With specialized knowledge and experience in the non-profit arena, she also works with the firm's non-profit clients in the areas of financial statement preparation, budgeting and audit support.

Amanda graduated from Christopher Newport University in Virginia in 2009 with a Bachelor of Science degree in Accounting and a minor in Philosphy. After working with USI Insurance and Financial Services in Norfolk, Virginia, she joined The McGruder Group in 2010.

Amanda enjoys travelling and spending time with friends and family in the area, in the mountains or at the beach. She and her husband, Ben, enjoy visiting the various wineries the DMV has to offer and are the busy parents of two toddlers.

We decked the halls! Happy Holidays!

We have clients asking us, "Should we buy an electric vehicle prior to the end of the year?" Our answer: Yes! If you can find one that qualifies for the current $7,500 credit. Why? As a result of the Inflation Reduction Act, new rules will take effect on January 1, 2023. The 200,000 vehicle sales limit goes away, the $7,500 credit remains BUT the vehicles must be made in North America and then must meet new battery requirements to get the full credit. Not all manufacturers will be able to do this right away so supply may be limited. There are also new personal income restrictions and vehicle sales price limits beginning in 2023. Consult your tax advisor to be sure you understand whether you qualify for a tax credit - while it may not be the main reason you decide to purchase an electric vehicle, any available tax savings will certainly make the ride more enjoyable!

"I have never had them hesitate to answer any questions or help with any problem. Everyone is friendly, professional and personable!" Thanks, Vicki!

Meet our Team!
Brooke Paul joined The McGruder Group in 2013 and became a Certified Public Accountant in 2016. Her primary role at TMG is supporting clients in the area of tax preparation and planning. Brooke also represents clients before all federal and state tax agencies. She particularly enjoys working with individuals and business clients in tax return preparation and loves that her range of experiences enhances her work with each new client.

Brooke graduated from Lynchburg College in Virginia with a Bachelor of Arts degree cm laude in Accounting. While at Lynchburg, Brooke was the starting setter on the Women’s Volleyball team for all four seasons, helping them advance to the conference tournament finals twice; the best finish for Women’s Volleyball in Lynchburg College history.

A native of Mathews, Virginia, Brooke has acclimated to Northern Virginia and appreciates all that the metro area has to offer. She finds time to travel, play in local sports leagues, visit family and spend time with her husband, Jeremy and their dog, Blanton.

The McGruder Groups CPAs is proud to announce that they have won ClearlyRated’s Best of Accounting® Award - this program is the nation’s only service excellence award for the accounting industry that leverages third party validated survey responses from accounting firm clients. TMG received satisfaction scores of 9 or 10 out of 10 from 84.4% of their clients, significantly higher than the industry's average of 53% in 2021.

“Winners of the 2022 Best of Accounting award for client satisfaction have demonstrated their commitment to delivering exceptional client service, even as COVID-19 has forced them to reimagine and rebuild their approach to business,” said ClearlyRated’s CEO and Founder, Eric Gregg. “These service leaders have kept the client experience at the heart of their business strategy, and it’s my honor to celebrate and showcase the 2022 Best of Accounting winners alongside feedback from their actual clients on ClearlyRated.com!"

Our team here at TMG is proud to have been honored with this distinction and we remain committed to making exemplary service a hallmark of our practice. A huge shout out to our clients for participating in the survey. Thank you!!

It isn't unusual for clients to come to us with multiple years of tax return filings outstanding. There are a variety of reasons why this happens, of course, but only one real solution - getting the returns filed. We are here to help you do something about it! Right now, before busy season is upon us, is the perfect time to reach out to your CPA and have them help you with prior year filings. We have the time and the expertise to help put this situation behind you. Let's leave this burden in 2022 and make a fresh start in 2023!