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Welcome and thank you for visiting Bishop, Farmer & Co., LLP Certified Public Accountants of Fredericksburg, Virginia. Our dedication to superior client service has provided us with a great reputation in Northern Virginia. This site will offer you a profile of our firm and the services we provide. You will also find helpful resources including the tax and mortgage calculators (Financial Tools), informative articles (Newsletters) and useful external links (Links). The (Info Center) contains a useful tax organizer for individuals and federal tax forms. We provide unsurpassed value to every client however big or small. We offer a multitude of Financial Services including:

Audit, Review and Compilation
Tax Preparation and Planning
Business Consulting
Financial/Retirement Planning

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Corporate Transparency Act - Beneficial Ownership Information Reporting

The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of illegal financing by mandating certain entities (primarily small and medium size businesses) to report “beneficial owner” information to the Financial Crimes Enforcement Network (“FinCEN”). (more)

Newsletters

Corporate Transparency Act - Beneficial Ownership Information Reporting
The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and rel...

FinCEN Removes BOI Reporting Requirement for U.S. Companies, U.S. Persons (RIN 1506-AB49)
The Financial Crimes Enforcement Network (FinCEN) has removed the requirement that U.S. companies and U.S. persons must report beneficial ownership information (BOI) to FinCEN under the Corporate Tran...

IRS Appoints Melanie Krause as Acting Commissioner (IR-2025-24)
Melanie Krause, the IRS’s Chief Operating Officer, has been named acting IRS Commissioner following the retirement of Doug O’Donnell. Treasury Secretary Scott Bessent acknowledged O’Donnell’s ...

Grant Payment to Corporation Was Not Excluded from Income (CF Headquarters Corp., TC)
A grant disbursement to a corporation to be used for rent payments following the September 11, 2001 terrorist attacks on the World Trade Center was not excluded from the corporation's gross income. Gr...

Parent Not Entitled to Deemed Paid Foreign Tax Credits for Taxes Paid by Lower-Tier CFCs (Eaton Corporation and Subsidiaries, TC)
The parent corporation of two tiers of controlled foreign corporations (CFCs) with a domestic partnership interposed between the two tiers was not entitled to deemed paid foreign tax credits under Co...

Payments to Ex-Wife Not Deductible Alimony (Martino Jr., CA-11)
An appeals court affirmed that payments made by an individual taxpayer to his ex-wife did not meet the statutory criteria for deductible alimony. The taxpayer claimed said payments were deductible ali...