CPA Cafe

Friday, November 30, 2012

Thursday, November 29, 2012

Lockbox Changes for Federal Tax Payments

The U.S. Internal Revenue Service (IRS) and the U.S. Treasury Department's Financial Management Service (FMS) are making changes to the tax lockbox network, and Virginia taxpayers and preparers will be affected.

Virginia tax payments had previously gone to St. Louis, which is one of two lockbox operations (along with Atlanta) closing effective Dec. 31, 2012. Individual taxpayers in Virginia, Alabama, Georgia, Kentucky, Missouri, New Jersey, North Carolina, South Carolina and Tennessee will now send their payments to Louisville, Ky.

Read the VSCPA's article for more information and the appropriate addresses for each form.

Wednesday, November 21, 2012

Health Care Exchanges in Virginia: State or Federal?

As the deadline to elect to set up a state-run health insurance exchange draws, closer, Virginia Gov. Bob McDonnell is holding firm with the plan to default to the federal exchange option.

The exchanges, which allow citizens to shop for private health insurance policies, are part of the Patient Protection and Affordable Care Act (PPACA) of 2010. States must decide by Dec. 14 whether to set up their own exchange or allow the federal government to run the exchange.

Virginia Senate Democrats called for McDonnell to schedule a special General Assembly session to discuss the exchanges. A McDonnell spokesman said that such a session would be expensive and that no decisions need to be made before the start of the regular session in January.

What do you think? Is it worth it for Virginia to set up its own exchange?

Friday, November 16, 2012

Volunteer With the VSCPA!

The VSCPA is seeking volunteers for the 2013–2014 membership year. Will you take advantage of this member benefit?

VSCPA members cite volunteer opportunities as one of the most satisfying aspects of their membership. VSCPA volunteer work provides networking opportunities, leadership development and a chance to represent your firm and your profession. In addition, all VSCPA volunteers are invited to the annual Leaders’ Summit, a free, two-day leadership training event which qualifies for CPE credit.

“I have grown tremendously personally and professionally through my involvement with the VSCPA,” VSCPA member Monique Valentine, CPA, said. “…The VSCPA has helped me grow in my current position … and has introduced me to so many great CPAs that I would never have had the opportunity to work with without my involvement at the VSCPA.”

Use your valuable professional skills to help your community or build your skills in an area where you don’t have as much experience. Your time commitment is up to you.

“I feel like volunteering is the best way to say ‘Thank you,’ to everyone that has helped give me opportunities to be successful in life and to try and provide those same opportunities to others,” VSCPA member Andrew Martin, CPA, said.

Visit the VSCPA Volunteer Opportunities page for more information. The deadline to sign up is Feb. 1, 2013.

Wednesday, November 14, 2012

Tax Refund Debit Cards in Virginia

The Virginia Department of Taxation (TAX) is now offering two options for receiving individual state income tax refunds for 2012 returns: direct deposit and debit card. Notably absent is the option to receive a paper check.

The switch to debit cards was part of Virginia's budget legislation passed in the 2012 General Assembly session. One big reason for the move was to save money by reducing check printing and mailing costs, and the program is expected to reduce annual costs by $200,000.

The VSCPA has pointed out several groups for which the debit-card option is impractical, including deceased taxpayers, elderly taxpayers, minor taxpayers and out-of-state taxpayers.

What do you think? Will the cost savings with the new program outweigh the inconvenience for the groups mentioned above?

Friday, November 30, 2012

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