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Tax Conformity: Still Alive
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Pass-Through Entities: Awaiting Governor’s Signature
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Unemployment for Seasonal Tax Preparers: Failed
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Other Bill Updates
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More Session Resources
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The Virginia General Assembly 2010 session is winding down. Below is an update from the Virginia Society of CPAs (VSCPA) on important profession- and accounting-related issues.
Tax Conformity: Still Alive
Mobilization has been the “name of the game” this year on tax conformity. Twice, the VSCPA sent out requests to members with interests in taxation to contact their legislators and urge conformity passage. While we were thrilled that the Senate passed the tax conformity bill, SB 545, on February 16, the bill was not addressed quickly in the House Appropriations Committee. We are asking members with representatives on Appropriations to contact their legislators and urge them to address conformity right away.
Normally, conformity moves through the General Assembly without a hitch. This year is different.
The manufacturing industry took issue with a new deconformity provision in the bill, delaying its passage, and the budget deficit has delayed the Assembly from addressing bills that have a budget impact.
Want to help and need more information? Read our request for members’ advocacy and the VSCPA’s position letter, as well as a blog post on www.CPACafe.com detailing conformity at length. And a huge “thanks” to those members who quickly contacted their legislators! If you made contact, we’d love to hear about it. E-mail Emily Walker at ewalker@vscpa.com.
Pass-Through Entities: Awaiting Governor’s Signature
Great news on SB 178, the VSCPA’s bill to make penalty provisions of pass-through entity returns consistent with those of other types of returns! The legislation has passed both houses and is currently awaiting Gov. Bob McDonnell’s signature.
Unemployment for Seasonal Tax Preparers: Failed
The VSCPA opposed HB 177 as introduced, which would have disqualified seasonal tax preparation employees from receiving unemployment compensation. The bill was left in the House Committee on Labor on February 16, and it will not proceed. Read the VSCPA’s full letter for more information on the Society’s position.
Other Bill Updates
Below are status updates on legislation reported in previous communications:
- SB 340, to conform Virginia’s sales and use tax laws to the provisions of the national Streamlined Sales and Use Tax Agreement: Continued to 2011 session by Senate Finance Committee.
- HB 384, to amend income tax reporting requirements for taxpayers who filed amended returns in another state: Passed House and Senate; awaiting governor’s approval. See VSCPA letter of support.
- HB 755, to fix a hole in the statute because Virginia currently has no estate tax: Passed House and Senate; awaiting governor’s approval. See VSCPA letter of support.
- HB 1045 / SB 357, to require electronic tax filing for preparers who file 50 or more returns each year: Passed House and Senate; awaiting governor’s approval.
More Session Resources
Here are some additional resources to help you stay on top of important legislative news affecting Virginia CPAs:
If you have questions or comments about the VSCPA's legislative activities, contact VSCPA Government Affairs Director Emily Walker at (804) 612-9428.
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