Thursday, May 27, 2010

IRS to Issue Guidance for Nonprofits that Missed May 17 Filing Deadline

Many small nonprofits across the country have missed an important deadline that is critical to retaining their tax-exempt status.

Generally, small tax-exempt organizations whose annual gross receipts are normally $25,000 or less are required to electronically submit Form 990-N, also known as the e-Postcard, unless they choose to file a complete Form 990 or Form 990-EZ. The Internal Revenue Services (IRS) is reporting that many of these nonprofits missed the May 17, 2010, filing deadline.

IRS Commissioner Doug Shulman issued a statement on the matter, saying "The IRS will be providing additional guidance in the near future on how it will help these organizations maintain their important tax-exempt status — even if they missed the May 17 deadline."

Read the full statement and learn more about this issue at

Friday, May 21, 2010

Why I Renew

Why I renew my VSCPA membership year after year:

"The VSCPA is the most prominent and best-enabled organization in the state to promote and protect the CPA franchise, which is crucial. Being a CPA gives you a different seat at the table. The VSCPA does that through educational efforts, to ensure competence among members, and advocacy efforts. It’s crucial to the profession in Virginia. Education is more than CPE, too. It’s keeping members informed."

— Brad Jones, CPA, Partner, PBGH

"You’re meeting people you never thought you’d get to meet. It helps you to mature quicker. It’s a comfortable environment where people are willing to help you grow and learn new things. Without that environment, you’re really limited to mentors in your own firm or company. The VSCPA gives me a bigger network."

— Niki White, CPA, Manager, Yount, Hyde & Barbour, PC

Why do you renew? 

Thursday, May 20, 2010

Free Social Media Webinar & CPE Credit from the VSCPA

Online social networking is not about technology, it's about relationships and conducting business in new, different ways. Want to learn how to leverage social media to develop new relationships and generate new business ideas?

Attend this timely webinar from the VSCPA — The Power of Social Media: Taking Your Networking Online — on Friday, June 11 from noon – 12:50 p.m. Join in right from your office, or anywhere you have Internet access, to learn about this extremely popular topic. Plus, earn 1 FREE CPE credit during lunch!

Led by Tina Lambert, CAE, vice president of member & public relations for the VSCPA, the webinar focuses on the growth of social media and its successful use by businesses and professionals like you. Discuss tips for getting started, how to utilize these mediums in positive ways as well as the dos and don’ts of representing yourself and your business online. Take away new ideas to attract and communicate with clients and the new wave of talented employees.

Tools like Twitter, Facebook and LinkedIn have rapidly become marketing mainstays in the business world, and knowing how to use them to enhance your professional success is a big advantage in today’s challenging market. Don’t miss this free chance to get yourself up-to-speed on all the opportunities social media has to offer.

Register online now, or call (800) 341-8189 if you have questions or would like to register by phone.

Tuesday, May 18, 2010

Health Care Reform Q&A With the VSCPA Insurance Center: Government Subsidies for Health Insurance Premiums

Question: I understand some small employers will receive a government subsidy for health insurance premiums. How will this work?

Answer: In 2010 the government will begin providing subsidies to employer provided health insurance for organizations with fewer than 25 FTEs and $50,000 in average earnings. The highest level of subsidy is intended for employers with less than 10 employees and average annual earnings per employee of $25,000 or below. The subsidy is as large as 35% of an employer’s cost of providing coverage (25% for tax exempt employers) and reduces as a function of FTEs and average annual salary until it reduces to $0 at levels of more than 25 FTEs with average annual earnings greater than $50,000 per year. The guidance, rules and subsidy calculation methodology can be found with the following link,,id=220809,00.html?portlet=6.
The credit will remain at 35% for years 2010 through 2013 when the subsidy increases to 50% in 2014 (35 percent for tax-exempt employers). Beginning in tax year 2014 only employers who purchase insurance through the soon to be created exchanges will be eligible for the subsidy.

Health Care Reform Q&A is facilitated by the VSCPA Insurance Center. Have a question? Leave a comment, or contact the VSCPA Insurance Center directly.

Thursday, May 13, 2010

What do the Australians know about business reporting that we don't?

The Australian government has made some pretty impressive waves with their development of Standard Business Reporting (SBR). What’s it all about? Reducing regulatory compliance costs, using XBRL to create a common reporting language, embracing international standards, etc.

Learn about SBR, XBRL, IFRS and other global issues at the Mid-Atlantic CPA Collaborative’s 2010 International Conference on October 4 in Washington, D.C.

Wednesday, May 12, 2010

Does Your Technology Measure Up?

One of our instructors, Thomas Stephens Jr., CPA, CITP, just sent us a glimpse of the kind of tips we can expect at the Technology Conference coming up on June 28–29 in Springfield.

As technology continues to advance and develop, it’s clear that small upgrades and adjustments to the technology and systems we use can pay great dividends. In his article, Stephens makes it clear that just upgrading our version of Microsoft Office is significant!

There is also evidence that security is a largely unaddressed, or under-addressed, need. In a recent article on, a survey is quoted finding that 63% of small and medium sized businesses are worried about cybercrime and lack the knowledge to protect themselves. It’s clear we need to be vigilant to stay ahead of the curve on technology.

Take a look at the articles above to see how you measure up, and make your plans to learn from Stephens and other experts at the Technology Conference in June.

Monday, May 10, 2010

Conformity Confirmed: Tax Conformity Passed May 7

It’s official. Virginia tax conformity is a done deal.

Gov. Bob McDonnell approved HB29, the amended 2008–2010 budget bill, on Friday, May 7. Although the bill has an effective date of May 7, the Virginia Department of Taxation (TAX) confirmed that the conformity section of the budget bill is retroactive.

Virginia’s fixed-date of conformity has advanced from December 31, 2008, to January 22, 2010. However, there are several exceptions this year. Check out a recent post for details on those exceptions.

Still have questions?

The VSCPA is offering a webcast May 11 from 1:30 – 3 p.m. Art Auerbach, CPA, addresses the practical implications and Amber Stanwix, J.D., relays Virginia Department of Taxation interpretations.

Sign up for the VSCPA Taxation E-mail Listserve. Hundreds of VSCPA members ask important tax questions and get feedback from their peers all year long. Check out this free, members-only resource today.

Friday, May 7, 2010

Health Care Reform Q&A With the VSCPA Insurance Center: Dependent Age

Question: When does the dependent age limit increase to 26? How can children be added back to plans?

Answer: The required date for implementation is the first plan year following September 23, 2010 (i.e. health plan renewal). However, many insurance carriers have already begun allowing dependents who would ordinarily be terminated due to age limitations to remain on plans in an effort to avoid coverage disruptions. If a child has “aged off” prior to this accommodation and desires to re-enroll, they will be able to do so when the group’s policy is amended with the new age 26 dependent provision. The tax treatment of this benefit is addressed in IRS Notice 2010-38 and can be found by following this link

Health Care Reform Q&A is facilitated by the VSCPA Insurance Center. Have a question? Leave a comment, or contact the VSCPA Insurance Center directly.