The Virginia Department of Taxation (TAX) today released additional information regarding tax conformity. The information released today supplements Tax Bulletin 10-4 and only affects taxable year 2010.
The new information, which can be viewed here, details information on the domestic production deduction and the federal earned income tax credit under IRC § 32(b)(3). Read the entire notice for more information.
Thursday, June 10, 2010
Wednesday, June 9, 2010
CPAx Agenda Finalized
The agenda for CPAx 2010 — The Business Building Expo has been finalized, and it's not too late to sign up. The event is Tuesday, June 15, from 8 a.m. until 3 p.m. at the Fredericksburg Expo & Conference Center.
Sessions include:
Sessions include:
- Keys to Succession Planning in Mergers and Sales
- Marketing Your Practice as a Tech Savvy Firm
- Courting the CFO: How to Win More Corporate Clients
- Pulling Profits from the Clouds
- Malpractice Risks: Myths, Realities and Solutions
- What's Hot in Estate and Business Planning
- And more!
Monday, June 7, 2010
Health Care Reform Q&A With the VSCPA Insurance Center: Benefits for Women & Responsibilities for Employers
Question:
What do companies need to know about benefits for women enacted as part of the Patient Protection and Affordable Care Act (H.R. 3590) (the Reform Act) as amended by the Health Care & Education Affordability Reconciliation Act of 2010 (H.R. 4872) (the Reconciliation Act).
Answer:
The Reform Act adds a new provision to the Fair Labor Standards Act (FLSA) that addresses the needs of working women who breastfeed their infant children. Effective immediately, employers covered by the FLSA must provide “reasonable” breaks to mothers to express milk for their infants who are up to one year old. The newly enacted section of the FLSA also mandates that employers provide a private location, other than a restroom, where mothers may express milk. This provision does not apply to employers with fewer than 50 employees if its requirements would “impose an undue hardship by causing the employer significant difficulty or expense.”
The Reform Act does not require that breaks for breast pumping be paid regardless of the time spent breast pumping. However, several states already mandate that breast pumping breaks be treated as compensable time and, under the newly enacted section of the FLSA in the Reform Act, employers must adhere to the standard that is more favorable to the employee. Thus, if the employer is located in a state that mandates paid breast pumping breaks, the employer will still need to satisfy this requirement.
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.
What do companies need to know about benefits for women enacted as part of the Patient Protection and Affordable Care Act (H.R. 3590) (the Reform Act) as amended by the Health Care & Education Affordability Reconciliation Act of 2010 (H.R. 4872) (the Reconciliation Act).
Answer:
The Reform Act adds a new provision to the Fair Labor Standards Act (FLSA) that addresses the needs of working women who breastfeed their infant children. Effective immediately, employers covered by the FLSA must provide “reasonable” breaks to mothers to express milk for their infants who are up to one year old. The newly enacted section of the FLSA also mandates that employers provide a private location, other than a restroom, where mothers may express milk. This provision does not apply to employers with fewer than 50 employees if its requirements would “impose an undue hardship by causing the employer significant difficulty or expense.”
The Reform Act does not require that breaks for breast pumping be paid regardless of the time spent breast pumping. However, several states already mandate that breast pumping breaks be treated as compensable time and, under the newly enacted section of the FLSA in the Reform Act, employers must adhere to the standard that is more favorable to the employee. Thus, if the employer is located in a state that mandates paid breast pumping breaks, the employer will still need to satisfy this requirement.
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.
Tuesday, June 1, 2010
Health Care Reform Q&A With the VSCPA Insurance Center: Key Points of the Early Retiree Reinsurance Program
Question: What are the key points of the Early Retiree Reinsurance Program?
Answer: Here is an overview of the program:
Answer: Here is an overview of the program:
- Applies to self-insured and fully insured private plans that offer early retiree coverage (age 55 to Medicare eligible) can qualify for claims refunds
- Applicable to 80% of discounted claims amounts between $15,000 and $90,000 per contract (including co-pay/out-of-pocket amounts) incurred beginning in 2010 through 2013
- Payments will be on a first come first serve basis from the fund and will cease when funds are depleted
- Health and Human Services (HHS) is expected to release the application in June
- Applications will be reviewed on a first come first serve basis
- Any errors in the application will cause it to be rejected (i.e. you go to the back of the line)
- Your plan must be certified by HHS
- In the application you will likely be required to describe your expected use of funds, project your anticipated level of claims filings, as well as address other (yet to be determined) items
- Carriers will have to provide claims data for filing purposes (carrier may need to file for fully insured plans) and plan sponsors will need written agreements with their carrier.
- Since these are federal funds the company will be subject to audit and perhaps other requirements
- Funds must be used to reduce plan participant costs and cannot be used as general funds
- You will be required to demonstrate that your plan has programs in place to address high cost disease categories
- You must attest that you have procedures in place to reduce fraud
- Contract participants incurred $120,000 in allowable discounted claims during the 2010 year- $100,000 prior to June 1 and $20,000 after June 1, 2010
- Claims prior to June 1 are not reimbursable but are counted toward the $15,000
- Reimbursable amount expected to be 80% of $20,000 or $16,000 ($100,000 goes to offset first $15,000 and remaining $20,000 is eligible for 80% subsidy)
- Application is estimated to take 30 hours of time (one-time application)
- Claims filing process estimated at 40 hours annually
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 http://www.vscpa.com/.
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 http://www.vscpa.com/.
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? www.vscpa.com/renew
"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? www.vscpa.com/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.
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.
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