CPA Assembly Day Is Nearly Here!

Tomorrow, the VSCPA will hold CPA Assembly Day, where CPAs can take a firsthand look at the Virginia legislative process. VSCPA members will meet with legislators to discuss top issues affecting the CPA profession and observe the General Assembly in session. This year, the VSCPA is fighting for a quick resolution to tax conformity, as well as a bill that would close a loophole in the Freedom of Information Act (FOIA) that allows private citizens to request records from the Virginia Board of Accountancy (VBOA) that contain personal and private financial information after a VBOA enforcement investigation is closed.

If you're not going in person, you can still participate virtually! We've drafted a sample email outlining the VSCPA's top issues that you can quickly personalize and send to your legislator. Click here (DOC) to make sure your voice is heard.

Thanks to all members who are participating in CPA Assembly Day, whether in person or via email. Your passion for the CPA profession is what allows us to continue protecting your interests in Richmond and Washington!

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.

Virginia Joint Legislative Audit and Review Commission Reviewing Virginia's Corporate Income Tax System

The Joint Legislative Audit and Review Commission (JLARC) is conducting a review of Virginia's corporate income tax system, as directed by the 2009 Virginia General Assembly via HJR 681. You can ensure your perspective is taken into account by taking an anonymous survey by Friday, July 2.

JLARC is surveying C-corporations and pass-through entities with ties to Virginia in order to obtain as much business input as possible.

The Commission will then report to the General Assembly on:

• The simplicity, equitability and appropriateness of the state's corporate income tax system
• How it compares to other states'
• The extent to which it affects economic development
• Potential improvements

JLARC plans to release a final report on Nov. 8, 2010.  Click here for more information or  to participate in the survey before July 2.

Today Is CPA Day at the Virginia General Assembly

It’s CPA Day at the Virginia General Assembly, and VSCPA members and staff are busy visiting with legislators this morning. Members are introducing themselves and offering their assistance throughout the 2010 session, as well as discussing several important issues, including:

• SB 179 — Income tax laws; conformity to Internal Revenue Code
  Advances conformity with federal income tax laws to December 31, 2009, for taxable year 2009 and to December 31, 2010, for taxable year 2010, with three additional exceptions.
  
  The VSCPA supports this bill and is encouraging legislators to take early action to avoid major problems for tax preparers.

• HB 196 — Economics education and financial literacy; repeals requirement for instruction in certain schools
  Repeals the requirement for economics education and financial literacy instruction in middle and high schools.

AND

• HB 622 — Economics education and financial literacy; requires implementation through relevant Standards of Learning (SOL) programs, such as career and technical programs
  Allows local school boards to implement Virginia Board of Education (VBOA) objectives for economics education and financial literacy through other educational programs that meet VBOE objectives.
  
  The VSCPA opposes any legislation that jeopardizes Virginia’s new stand-alone course in personal finance as a requirement for high school graduation.
  
  
• SB 178 — Pass-through entities; penalties
  Revises the failure to file an information return and the failure to remit withholding tax penalties on pass-through entities.
  
  The VSCPA supports this legislation because it makes penalty provisions of pass-thru entity returns consistent with those of other types of returns.