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Renew Your VSCPA Membership by May 31 to Stay Connected
It's renewal month at the VSCPA! Stay connected to the Virginia CPA community by renewing your VSCPA membership online now, if you haven't already done so. If you have questions or need assistance, call the Member Services Hotline at (800) 733-8272 any time between 9 a.m. and 5 p.m.

Virginia Tax Conformity: Budget Awaiting Governor's Signature
New tax conformity language will be in effect as soon as Gov. Bob McDonnell signs HB29, the amended 2008–2010 budget bill. Once effective, Virginia’s fixed-date of conformity will advance from December 31, 2008, to January 22, 2010, but there are exceptions. Read a blog post on www.CPACafe.com for details, or check out the Virginia Department of Taxation's recent bulletin on tax conformity.

Health Care Reform Act: Resources Available
On March 23, President Barack Obama signed into law health care reform legislation to the tune of $938 billion. CPAs and their clients need information, which is why the VSCPA started a resource center at www.vscpa.com/HealthCareReform, featuring articles, toolkits and events. The VSCPA is also offering a live webinar, featuring Virginia Secretary of Health and Human Resources Bill Hazel, M.D., and tax expert Art Auerbach, CPA, on May 11.

Red Flags Rule Enforcement Effective June 1
Enforcement of the Federal Trade Commission’s (FTC) “Red Flags” rule that aims to curb identity theft is now effective June 1. Enforcement has been postponed three times since its original November 2008 effective date. In November 2009, the American Institute of CPAs (AICPA) filed a lawsuit in the United States District Court for the District of Columbia seeking a bar against application of the FTC rule to CPAs and accounting firms. Read more online at www.vscpa.com.

VSCPA Members Invited to Attend the CPA Business-Building Expo FREE
Looking to build business? Who isn't? CPAX: The CPA Business-Building Expo, held June 15 at the Fredericksburg Expo & Convention Center, is a great opportunity to network and learn how to leverage the latest strategies and technologies to convert prospects into clients. Plus, VSCPA members are invited to attend for free by clicking on this link!

BOA Regulations Status on Governor's Desk
In late 2009, the Virginia Board of Accountancy (BOA) submitted a fast-track proposal to conform its regulations to the public accountancy statutes as revised in 2007. On April 23, the revised regulations governing CPAs in Virginia were approved by the Secretary of Commerce and are now awaiting Governor Bob McDonnell’s approval. Once approved, the regulations are subject to a 30-day comment period. The VSCPA will keep members apprised of additional progress.

May CEO Update Podcast: Financial Services Regulation, Conformity and More
Through her monthly professional issues podcast series, VSCPA President & CEO Stephanie R. Peters, CAE, discusses top news affecting Virginia CPAs. This month, she covers financial services regulations and the potential impact on CPAs. Listen now. Also, read Peters' blog post on financial services regulation at www.CPACafe.com.

Virginia CFO Awards Nominations Due May 14
It's time for Virginia businesses to select the top Chief Financial Officers (CFOs) around the Commonwealth. The VSCPA helped launch the "Virginia CFO Awards" program in 2006 along with Virginia Business magazine in order to recognize outstanding achievement in financial stewardship in Virginia-based public and private companies. Nominations are due by May 14, 2010. Download this year's flyer for submission details.

FAF/FASB and XBRL US Labs Announce Research Initiative
XBRL US Labs, the research and development arm of XBRL US, and the Financial Accounting Foundation (FAF), the parent organization of the Financial Accounting Standards Board (FASB), have announced a three-year agreement for cooperative XBRL taxonomy research. Read more online.

IRS Holds Open House Saturday May 15 to Help Small Businesses, Individuals Solve Tax Problems
Is your business struggling with a tax question? The Internal Revenue Service (IRS) will host a special nationwide open house on Saturday, May 15, to help small businesses and individuals solve tax problems. Check out the Virginia locations here.

Welcome, New VSCPA Members!
We are pleased to welcome new members who joined in April 2010. As always, we would like to thank all members and their employers for the continued support of the CPA profession.