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.

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