Monday, September 27, 2010

VSCPA Educational Foundation Annual Report Released

Interested in hearing from current and past VSCPA Educational Foundation scholarship winners? Check out the 2009–2010 annual report online for photos and videos of those who are directly impacted by the Foundation.

Plus, get an update on what the Foundation has been up to!

Friday, September 24, 2010

It's CPA Day of Service!

It's CPA Day of Service, and hundreds of volunteers are giving back all over the Commonwealth.

Accounting students (and grads) from Strayer University are volunteering this morning at The William Byrd Community House in Richmond, where they helped out during last year's Day of Service.

Thanks CPAs and future CPAs for volunteering in your communities today. We know it doesn't take a special occasion like CPA Week for you to give back. This profession has a strong history of volunteering. But it's really neat that you're making a collective impact in Virginia today!

Tuesday, September 21, 2010

Health Care Reform Q&A With the VSCPA Insurance Center: OTC Meds Reimbursement Changes

Question: What is changing with the reimbursement of over the counter medications from spending accounts?

Answer: The Patient Protection and Affordable Care Act (PPACA) includes a provision which eliminates the reimbursement for over the counter (OTC) medications – those that can be obtained without a prescription - from a Flexible Spending, Health Saving, or Health Reimbursement Account effective January 1, 2011. OTC medications cannot be reimbursed without a prescription after this date. The exclusion applies even if a health plan is granted the two and a half-month grace period applicable to certain plans. The IRS recently issued a Notice, Revenue Ruling and questions and answers regarding the new provision. See the following links to access these documents:


Revenue Ruling:

Questions and Answers:,,id=227308,00.html

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. This document is not intended to imply or provide tax or legal advice and is the VSCPA Insurance Center's current interpretation of the Health Reform Bill.

VSCPA Young Professionals Advisory Council Wants YOU!

Guest Blogger Clare Levison, CPA

If you’re a CPA who’s 35 or under, the VSCPA Young Professionals Advisory Council (YPAC) wants to connect with you. The YPAC was founded in April of this year and our vision centers around three S’s: Social, Service, and Strategy. We have lots exciting things going on in all of these areas.


Monthly happy hours are taking place on the second Wednesdays of the month in Richmond and Northern Virginia, and on other dates in various locations around the state. Be sure to join us for the happy hour in your area, and bring a colleague with you.


The CPA Day of Service is Friday, September 24 and young professionals all across the state are getting involved. If you haven’t found an organization to volunteer with yet, it’s not too late. National and regional organizations such as the Central VA Food Bank, Meals on Wheels, Habitat for Humanity, SCAN (Stop Child Abuse Now) Project Warm, and many others would love to put you to work.

Members of the YPAC are also participating in college and university career fairs in their areas to foster relationships with the students that will be future young professionals.


The YPAC wants you to be positioned for personal and professional advancement. That’s why our future blogs will address issues such as leadership, management, goal setting, networking, and etiquette. We’ll also be targeting CPE and networking events specifically for young professionals.

We’re excited about all of the things taking place in the VSCPA young professionals’ community. We hope you are too. Keep your eye out for a survey we will be sending to find out how we can best continue to enhance your VSCPA membership. If you’d like to volunteer with the VSCPA Young Professionals Advisory Council or the Young Professionals Task Force, contact Courtney Neal at (804)612-9441 or

Clare K. Levison, CPA is a member of the VSCPA Board of Directors and Young Professionals Advisory Council. Contact her at

Monday, September 20, 2010

It's Virginia Certified Public Accountants Week!

To spotlight the value CPAs offer the Commonwealth’s citizens and commerce, Gov. Bob McDonnell signed a proclamation (PDF) recognizing September 19–25, 2010, as “Virginia Certified Public Accountants Week.” That's this week!

The VSCPA introduced a similar proclamation as part of its Centennial anniversary in 2009 and initiated the proclamation again this year to continue highlighting CPAs’ contributions.

The proclamation notes that CPAs in Virginia draw upon their unique knowledge and experiences to provide sound, reliable financial counsel to protect and promote the growth of business, the soundness of government operations, the excellence of higher education and the confidence of investors in the Commonwealth and throughout the United States.

To celebrate Virginia Certified Public Accountants Week, the VSCPA is hosting several free public service events, including the CPA Day of Service, which will unite hundreds of volunteers in giving back this Friday.

Check out for more information on how you can get involved and celebrate this week.

Thanks for all that you do, CPAs. Enjoy some much-deserved recognition!

Tuesday, September 7, 2010

Think More Globally by Learning Locally: 2010 International Business Forum Discount Extended

In today’s global market, ignoring international business trends is no longer an option. Fortunately, saving money on the 2010 International Business Forum still is.

The $75 early registration discount deadline on the 2010 International Business Forum has been extended to Friday, September 17, which means there’s still time to save.

No matter their role, CPAs  need to understand how the global economy is changing business, and this is a unique opportunity for CPAs to learn to think globally by learning locally.

Hosted by the Mid-Atlantic CPA Collaborative, a partnership between the Greater Washington Society of CPAs (GWSCPA), Maryland Association of CPAs (MACPA) and the VSCPA, this new CPE opportunity will help members tackle the complexities of new international accounting standards, financial reporting models and policies. Members will learn from international experts on these important topics:

  • Paul Madden on the Australian Standard Business Reporting (SBR) program
  • Olivia Kirtley, CPA, on management and oversight of international growth strategies
  • BDO Seidman’s Wendy Hambleton, CPA, on international and U.S. accounting standards
  • XBRL International’s Mike Willis, CPA, on the global effects of XBRL
  • Judy O’Dell, CPA, CVA, on changes to private company financial reporting
  • Microsoft’s Bob Laux, CPA, CMA, MBA, on sustainability in a global market
  • PricewaterhouseCoopers’ Scott Thompson, CPA, on international government contracting
The Mid-Atlantic CPA Collaborative International Business Forum is Monday, October 4, 2010, from 7:30 a.m. to 4:15 p.m. (networking reception to follow) at The Mayflower® Renaissance Hotel in Washington, D.C.

The cost is $399 for state CPA society members who register by September 17. After that, add add $75. Plus, if you enroll four or more people from the same firm at the same time, take $25 off per person.

Register online or call (800) 341-8189. See you there!