Provide Relief for Small Businesses, VSCPA Urges House Leaders

July 28, 2006

**UPDATE: The House passed H.R. 4006, minimum wage legislation, on July 30, 2006. Despite our best efforts, in addition to lobbying from the American Institute of CPAs, the small business tax relief measures were not included. The VSCPA will continue, however, to utilize any opportunity to protect small businesses and the CPA designation.

On July 28, 2006, the VSCPA asked Rep. Eric Cantor (R-Va.) to help enact legislation that would provide relief for small businesses and their CPAs.

In a letter to Cantor, the VSCPA urged him to consider including the "Small Business Tax Flexibility Act" (H.R. 4006) in a package of small business tax relief measures to possibly be included in minimum wage legislation.

"The ‘Small Business Tax Flexibility Act' would allow start-up small partnerships and S corporations to elect taxable years other than the calendar year, which would provide a tremendous benefit to small businesses and CPAs alike," the VSCPA stated.

Stay tuned to the VSCPA Web site for the most up-to-date information on this topic. For questions or concerns, please contact VSCPA Government Affairs Director Erin Collins at (800) 733-8272.