The McGruder Group, CPAs

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!

It is hard to believe that 2022 is winding down and we are already looking toward 2023! The IRS has just released information regarding inflation adjustments affecting tax brackets, deductions, credits and more for next year. Highlights: the standard deduction is higher in 2023 as well as income limits pertaining to tax brackets and rates on long term capital gains. Taxpayers can also gift more as the limit on yearly gifts will be $17,000 in 2023. The IRS has published a 28-page document listing all adjustments. You can view it here:https://www.irs.gov/pub/irs-drop/rp-22-38.pdf OR you can call your CPA to learn how these changes may affect your personal tax plan. Remember, your CPA is not just here to help you file a tax return for last year's activity; they are also here to help you plan for the next one!

Results of our latest client survey are in! Looking forward to sharing their comments with you. This is from an individual tax client new to our firm this year: "The team at TMG is excellent and very responsive - something lacking with my previous preparer. I have full confidence in their professionalism, integrity and competence". Thank you, James!

The deadline for individuals who extended their tax returns last April is quickly approaching! The filing due date is Monday, October 17, 2022. An estimated 19 million taxpayers requested an extension to file this year. It is advisable to file electronically, and if you are anticipating a refund, electing for direct deposit. This will help avoid the processing delays that so many have experienced.

If your return has a balance due and you did not pay by April 18th, you may owe penalty and interest with your return. Unfortunately, the interest rate jumped to 6% on October 1 and compounds daily.

If you know of someone who could use help with their 2022 tax return filings, please let us know. We are onboarding clients for next filing season now!

Meet our Team!
Richard McGruder is the Senior Manager at The McGruder Group. Since joining the firm in 2006, Richard has been involved in many aspects of client services in an array of industries. Richard specializes in working with business owners and entrepreneurs in the areas of financial statement preparation and business advisory services. He loves the ability to work regularly with clients throughout the year, developing a deeper relationship that allows for excellence in advice and services.

Richard is in charge of all hiring and employee engagement at TMG and represents the firm at events in the greater community.

Richard graduated from Elon University in North Carolina in 2005 with Bachelor of Science degrees in both Accounting and Finance. Prior to joining TMG, Richard worked for Capital Source at their headquarters office in Chevy Chase, Maryland.

Richard and his wife Victoria are the proud parents of 2 boys. He enjoys spending time with his family, supporting his favorite sports teams and finding time to golf.

Congratulations to our President and Founder, Dawn McGruder, on being named a Top Financial Professional by Washingtonian Magazine for another year. Well deserved!

The Internal Revenue Service today reminded individuals and businesses, affected by the COVID-19 pandemic, that they may qualify for late-filing penalty relief if they file their 2019 and 2020 returns by September 30, 2022.

The relief, announced last month, applies to the failure-to-file penalty. The penalty is typically assessed at a rate of 5% per month, up to 25% of the unpaid tax, when a federal income tax return is filed late. This relief applies to forms in both the Form 1040 and 1120 series, as well as others. However, failure-to-pay penalties and interest will still apply.

For anyone who has gotten behind in their tax filings during the pandemic, now is a great time to get caught up!

The Internal Revenue Service today reminded individuals and businesses, affected by the COVID-19 pandemic, that they may qualify for late-filing penalty relief if they file their 2019 and 2020 returns by September 30, 2022.

The relief, announced last month, applies to the failure-to-file penalty. The penalty is typically assessed at a rate of 5% per month, up to 25% of the unpaid tax, when a federal income tax return is filed late. This relief applies to forms in both the Form 1040 and 1120 series, as well as others. However, failure-to-pay penalties and interest will still apply.

For anyone who has gotten behind in their tax filings during the pandemic, now is a great time to get caught up!

Meet Our Team! Lauren McMinn joined The McGruder Group in 2013 and is currently our Tax Services Manager. Lauren is a Certified Public Accountant and works with individual, business and non-profit clients in the areas of tax preparation and planning. Lauren also represents clients before all federal and state tax agencies. With over 15 years’ experience advising clients, Lauren particularly enjoys helping clients with tax planning by utilizing available mechanisms to save them time and money.

Lauren graduated from George Mason University with a Bachelor of Science degree in Accounting and a Master of Science in Accounting. She is a member of the American Institute of Certified Public Accountants (AICPA) and the Virginia Society of Certified Public Accountants (VSCPA).

Lauren loves to travel when she can. She and her husband, Jake, have two children. A native of Fairfax, she enjoys baking and spending time with her extended family.

Meet Our Team! Lauren McMinn joined The McGruder Group in 2013 and is currently our Tax Services Manager. Lauren is a Certified Public Accountant and works with individual, business and non-profit clients in the areas of tax preparation and planning. Lauren also represents clients before all federal and state tax agencies. With over 15 years’ experience advising clients, Lauren particularly enjoys helping clients with tax planning by utilizing available mechanisms to save them time and money.

Lauren graduated from George Mason University with a Bachelor of Science degree in Accounting and a Master of Science in Accounting. She is a member of the American Institute of Certified Public Accountants (AICPA) and the Virginia Society of Certified Public Accountants (VSCPA).

Lauren loves to travel when she can. She and her husband, Jake, have two children. A native of Fairfax, she enjoys baking and spending time with her extended family.

Photos from The McGruder Group, CPAs's post

There are few things better than helping our clients celebrate their success. Congratulations Katie Nelson on 6 years of success with Sales Uprising! You rock! 💜

Photos from The McGruder Group, CPAs's post

Happiest of birthday celebrations to Brooke and Ihsaan! It’s hard to have your birthdays at tax deadline time - but we all appreciate the cake break 🎂Thanks for everything you do. You are the best! 🎉

Happy, Happy Birthday Danielle! We are lucky to have you as a member of our team. Your clients love working with you. We do too!! Enjoy your special day!! 🎉🎂👏

TMG outing to the NATS game! Unfortunately, the Nationals didn’t pull off a win…….but we were out of the office for the day so it was a win for us! ⚾️😊

What a fun day! We celebrated St. Patrick’s Day 🍀, the start of March Madness 🏀 AND (most importantly) another office birthday! 🎂 Happy Birthday, Amanda! We sure are lucky to share our workdays with you. 😊

Everyone is happy when our Tax Manager is smiling the day before a big tax filing deadline. 😊 Happy Birthday, Lauren! We appreciate all you do for us!! 🎉🎂🌟

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