Countdown to 2010 Session

It’s that time again! The Virginia General Assembly convenes January 13, and VSCPA volunteer members and I have been hard at work identifying potential legislation that could impact Virginia CPAs or their clients. We will continue to monitor those bills and others that pop up throughout session and take action as needed.

In addition, the VSCPA pursues an aggressive legislative and regulatory agenda each year to protect the CPA profession and designation in Virginia, and this year is no different. Check out the VSCPA’s 2010 agenda to see what we’re tackling now.

Currently, the VSCPA is working with long-time VSCPA member Sen. Walter Stosch, CPA, to introduce two pieces of legislation in the upcoming session:

• Conformity: Each year, the VSCPA advocates for the quick passage of legislation to conform Virginia’s tax code to the federal tax code. This year is no different. Except the VSCPA’s bill would move the conformity date forward two years to make it a prospective date rather than a retroactive date, as has been used in the past. Additionally, it incorporates a threshold impact component, which will create some protection for Virginia from federal changes that could have a significant negative impact on tax revenue in Virginia.
  
• Penalties on pass-through entities: The VSCPA’s bill separates the pass-through entity penalty structure into two separate penalties: failure to file and failure to pay.

Finally, the VSCPA will be hosting CPA Day 2010 at the Virginia General Assembly on Tuesday, January 19, from 7:30 a.m. to 3 p.m. at the Virginia State Capitol. It’s not too late to join us! Represent the CPA profession at the Virginia General Assembly by engaging your legislators. Sign up by January 12, and help us ensure our legislative goals are met. Can’t make it? We’ll be tweeting live from the General Assembly that day, so stay tuned to @VSCPANews on www.twitter.com.