Friday, January 28, 2011

Virginia Society of CPAs Ranked No. 5 Best Place to Work in Virginia in Small Employer Category

The Virginia Society of CPAs (VSCPA), the leading professional association dedicated to enhancing the success of CPAs, has been ranked the No. 5 Best Place to Work in Virginia in the small employer category by Virginia Business magazine and Best Companies Group.

This survey and award program is designed to identify, recognize and honor the best places of employment in Virginia, benefiting the commonwealth's economy, its work force and businesses. The Best Places to Work in Virginia list is made up of a total of 50 companies, split into three groups: 14 small employers (fewer than 100 employees); 16 mid-sized employers (100–250 employees); and 20 large-sized employers (more than 250 employees).

“This is wonderful news,” VSCPA President & CEO Stephanie R. Peters, CAE, said. “Our staff makes our office such a positive place. It’s so important to have a workplace that you enjoy going to day after day, and each person here makes the VSCPA such a great place for me. We hope our members feel great pride about this recognition.”

Organizations from across the state entered the two-part survey process to determine the Best Places to Work in Virginia. The first part consisted of evaluating each nominated company's workplace policies, practices, philosophy, systems and demographics. The second part consisted of an employee survey to measure the employee experience. The combined scores determined the top organizations and the final ranking. Best Companies Group managed the overall registration, survey and analysis process and determined the final rankings.

The full ranking was published in the February 2011 issue of Virginia Business. For more information on the Best Places to Work in Virginia program, visit http://www.bestplacestoworkva.com/.

VSCPA Ranked No. 5 Best Place to Work in Virginia in Small Employer Category


The VSCPA, the leading professional association dedicated to enhancing the success of CPAs, has been ranked the No. 5 Best Place to Work in Virginia in the small employer category by Virginia Business magazine and Best Companies Group.

This survey and award program is designed to identify, recognize and honor the best places of employment in Virginia, benefiting the commonwealth's economy, its work force and businesses. The Best Places to Work in Virginia list is made up of a total of 50 companies, split into three groups: 14 small employers (fewer than 100 employees); 16 mid-sized employers (100–250 employees); and 20 large-sized employers (more than 250 employees).

“This is wonderful news,” VSCPA President & CEO Stephanie R. Peters, CAE, said. “Our staff makes our office such a positive place. It’s so important to have a workplace that you enjoy going to day after day, and each person here makes the VSCPA such a great place for me. We hope our members feel great pride about this recognition.”

Organizations from across the state entered the two-part survey process to determine the Best Places to Work in Virginia. The first part consisted of evaluating each nominated company's workplace policies, practices, philosophy, systems and demographics. The second part consisted of an employee survey to measure the employee experience. The combined scores determined the top organizations and the final ranking. Best Companies Group managed the overall registration, survey and analysis process and determined the final rankings.

The full ranking was published in the February 2011 issue of Virginia Business. For more information on the Best Places to Work in Virginia program, visit www.BestPlacesToWorkVA.com.

Firm Spotlight: Swart, Lalande & Associates Celebrates 50 Years

The Fairfax accounting firm of Swart, Lalande & Associates, PC, marked its 50th anniversary last year, and the company’s efforts are as vital today as they were upon its founding.

The firm’s official celebration was pushed back a year to allow its founders to join in the celebration, befitting their status and respect among the staff. John F. Swart Jr. founded the firm as a sole proprietorship in 1960. Two years later, Luke J. Lalande signed on, and the firm changed names and entities several times before arriving at its present incarnation.

Swart and Lalande are both life members of the Virginia Society of CPAs (VSCPA) — Swart joined the society in 1949 and Lalande followed suit in 1969. Despite all the changes, the pair continues to provide inspiration for the current employees.

“The founders of this firm were highly skilled in many areas of public accounting, and we are proud to have maintained that high level of expertise and diversity,” said Paul D. Burke, CPA, the firm’s managing partner. “We are always looking to grow our practice and for new opportunities in different niches.”

Swart, Lalande isn’t coasting on its reputation — the firm was ranked No. 36 on the Washington Business Journal’s 2010 edition of the Book of Lists. Its accountants made their reputation in construction, nonprofit, government contractors and estate and trusts, and have performed at a high level to keep the company strong through its golden anniversary and beyond.

“Fifty years is an extraordinary accomplishment for any firm in our industry,” Burke said. “Our success and longevity are attributable to the governing values on which we were established, as well as our dedicated professionals and support staff who strive to provide the highest quality service to our clients each and every day.”

Wednesday, January 26, 2011

2011 Session Update: Tax Conformity, Financial Literacy and More

The Virginia General Assembly is addressing important bills that could affect you. Read on for updates from the Virginia Society of CPAs (VSCPA), and visit the 2011 Session Watch page for details on these issues as well as additional bills the VSCPA is monitoring:

Tax Conformity

As always, the VSCPA pushes for immediate, early passage of emergency legislation to conform the Commonwealth’s tax code to that of the Internal Revenue Code. SB 1384 and HB 1874 would advance conformity with the federal tax code from January 22, 2010, to December 31, 2010. HB 1874 passed the House January 20, and SB 1384 passed the Senate on January 24. Read more about the VSCPA's advocacy efforts and updates on the conformity bills.

Financial Literacy Graduation Requirement

Several bills introduced this year called for a delay in implementation of new graduation requirements, including the standalone economics and personal finance course — a course our students need now. The VSCPA actively opposed HB 1554, SB 810 and HB 2378 as they were introduced, and is seeking an amendment that would carve out the financial literacy graduation requirement. The VSCPA sent an alert on January 20, 2011, asking members to contact their legislators regarding this issue. If you haven't already taken action, there's still time to contact your legislator about this important issue. Read more about the legislation that could impact the financial literacy graduation requirement and the VSCPA's efforts to protect the requirement.

Credit Counselor Definition

Are you a credit counselor? Based on the current definition, you could be. And because Virginia statute requires licensure of credit counselors in certain circumstances, it is critical to clarify that the usual and customary services of CPAs and CPA firms are not included in the definition of credit counselor. That’s why the VSCPA asked Sen. Ryan McDougle to introduce SB 930, which would prevent CPAs performing usual and customary services from being unintentionally subject to additional licensure in the future, should the criteria requiring credit counselors to obtain a license be expanded. The bill passed the Senate on January 21, 2011. Stay tuned for updates.

Land Preservation Tax Credits

Several bills have proposed changes to the land preservation tax credit. Two of those bills would create a separate licensing requirement to conduct the transfer of a land preservation tax credit. Many CPAs with tax practices are routinely involved in the transfer of land preservation tax credits, and there is no need for an additional license on top of a CPA license. The VSCPA is working with the bill patrons to carve out CPAs from this requirement, and are also addressing general concerns that the creation of a license does not address the abuse of this tax credit, which appears to be related to the appraisal rather than the transfer process. Read more on this topic.

Enterprise Zones

HB 1599 and SB 1348 would eliminate an important part of the grant process for job creation and property in enterprise zones. The group requesting the bill indicated that the required agreed-upon procedure to be performed by the CPA negates the benefit of the grant if 20 or fewer jobs are created. That same group is drafting an amendment that would establish a threshold above which the agreed-upon procedure would still be required, which the VSCPA will evaluate when it becomes available. The VSCPA will monitor this legislation closely as it moves through the process. Stay tuned for updates.

Tax Credits for Donations to Nonprofits Providing Scholarships

GAAP or GAAS? It's important to be clear. Two bills, HB 2314 and SB 1194, both dealing with specific tax credits, inappropriately referenced generally accepted accounting principles (GAAP) in relation to an audit, and the VSCPA informed the bill patrons. HB 2314 patron Del. James P. "Jimmie" Massie III agreed to replace this reference with a reference to generally accepted auditing standards (GAAS). SB 1194 patron Sen. Mark D. Obenshain ultimately withdrew the bill for this session for other reasons, but would have corrected the reference had the bill proceeded.

Thanks, CPA Assembly Day Participants!

On January 18, 2011, CPAs from around the state gathered at the Virginia Capitol to meet with legislators on top issues impacting the profession during CPA Assembly Day. In the afternoon, participants observed the General Assembly in session, and the VSCPA was introduced on the floor of both chambers by VSCPA member Sen. Walter Stosch, CPA, in the Senate and Del. Jimmie Massie in the House of Delegates. CPA Day is an integral part of the VSCPA’s grassroots advocacy efforts. Thanks to all who attended.

Monday, January 24, 2011

Virginia CPAs Cautiously Optimistic Regarding Economic Recovery

Virginia CPAs see more pain ahead nationally, but are slightly more bullish on the Commonwealth’s prospects for economic recovery, according to the results of the Virginia Society of CPAs (VSCPA) 2010 Virginia Economic Outlook survey.

A majority of the respondents identified their outlook on the Virginia economy as “balanced” or “somewhat optimistic” for their company, the accounting industry and the Commonwealth as a whole. CPAs were less optimistic regarding the overall Virginia economy than on their firm and the industry, with a plurality of 37 percent of respondents describing their outlook as “balanced.”



The good news is that the majority (80 percent) of respondents rated Virginia’s overall business climate as “good” or “excellent” compared to neighboring states, while 42 percent predicted that capital investments in Virginia would increase in 2011. CPAs cite location as the top factor in helping Virginia retain or attract new business to Virginia.

When asked to select the top financial problem experienced by Virginia businesses, “health care costs” and “lending environment / sources of capital” took the top two spots. In fact, more than half (55 percent) said Virginia small businesses did not currently have access to adequate credit to sustain and grow their businesses.

Nationally, 42 percent of respondents rated their outlook on the economy as “somewhat pessimistic” for 2011. Nearly 90 percent said that the economic downturn would last at least one year longer, with 32 percent predicting more than two years before recovery.



How are CPAs coping with the current economy? Many indicated that their companies would make an effort to control expenses.

More than 40 percent of respondents said that their firm would reduce travel in 2011, while 31 percent said their organization would reduce employee benefits and 29 percent anticipated a cutback in capital spending.

Finally, despite the challenging economy, more than 85 percent of respondents said their firm anticipated growing or maintaining revenue in 2011.

Methodology

The survey was sent to 4,750 members of the VSCPA in December, yielding a 5.5 percent response rate. Slightly more than half of respondents work in public accounting, with the other half working in business and industry and other sectors. Forty-four percent represented businesses with more than 50 employees; 40 percent represented businesses with between two and 49 employees; and 16 percent represented sole proprietorships.

Thursday, January 20, 2011

Take Action: Help Protect the Financial Literacy Graduate Requirement

Three bills currently being debated at the Virginia General Assembly would delay implementation of new graduation requirements, including the standalone economics and personal finance course — a course our students need now. The grassroots advocacy efforts of VSCPA members were instrumental in the passage of the graduation requirement in 2009, and now we members' help to protect it.

HB 1554 and HB 2378 have been assigned to House Education Sub-Committee: #1 Standards of Quality, which meets Tuesday; and SB 810 has been referred to the Senate Committee on Education and Health, which meets Thursday. The VSCPA expects all three of these bills to be discussed as early as next week.

Contact your representatives today, especially if they sit on one of these committees, and ask them to oppose these bills.

It's easy to help! Click here for more information on the topic, quick links to your legislators' contact information, an e-mail template, talking points and more.

Tuesday, January 11, 2011

VSCPA Volunteer Registration Deadline Approaching

The VSCPA is seeking member volunteers for several committees, programs and events, and the deadline to register for the 2011-12 membership year is fast approaching.

Volunteering with the VSCPA is a great way to help others, and the Society offers opportunities for many backgrounds, interests and professional concentration. Use your skills to help your community or volunteer in a new area to develop new skills. Time commitment is up to you.

The VSCPA is looking for volunteers in the following areas:

Conference Planning — Work with our Education Team to develop conference agendas, outline session topics, identify and secure speakers, and act as moderators for all VSCPA conferences.

General Committees — Foster your leadership potential by serving on these committees.

Leadership Appointments — Contribute your time through leadership appointments that have significant responsibilities for VSCPA governance.

Legislative — Be a part of the VSCPA’s active legislative and advocacy programs.

• Public Service — Give back to the public by participating on these tax and accounting-related opportunities throughout the year.

Task Forces — Showcase your technical expertise and help the VSCPA plan yearly events with these specialized opportunities.

Writing & Speaking — Sign up for one-time, short-term volunteer opportunities that involve speaking, writing and other media relations activities.

The deadline to register for the upcoming year is Friday, January 21. To sign up or get more information, visit www.vscpa.com/Volunteer.

Friday, January 7, 2011

CPA Assembly Day Set for January 18

Whether you’ve attended in the past or have a newfound interest in the political process, plan now to participate in CPA Day at the Virginia General Assembly, January 18, 2011. By organizing a day for CPAs at the General Assembly, we have an opportunity to observe the legislative process firsthand and familiarize legislators with our profession, organization and members.

Your RSVP includes participation in the program and continental breakfast, as well as a special address from VSCPA member Gary R. Thomson, CPA, and VSCPA legislative counsel Bill Axselle, Esq., and Travis Hill, Esq.

Your presence shows Virginia legislators that CPAs are committed to being an active part of the legislative process in the Commonwealth. If you can't attend in person, you can sign up for Virtual Participation and send an e-mail or letter to increase the impact of CPA Day.