PROFESSIONAL NEWS | TOP
House Committee, Senate Take Action on Repeal of 1099 Requirements
The House Ways and Means Committee approved a bill February 17 that would repeal expanded Form 1099 reporting requirements, voting 21–15 to send the measure to the House floor. Later that day, the Senate passed the FAA Air Transportation Modernization and Safety Improvement Act, which would repeal one of the expanded 1099 requirements, by a vote of 87–8. Read more online at www.vscpa.com.
No Tax Delay for Virginia Businesses
Businesses in Virginia will not have the few extra days afforded to most taxpayers this year. The 2010 federal income tax filing deadline has been extended to April 18, 2011, because Emancipation Day, a Washington, D.C. holiday, falls on Friday, April 15 this year. District holidays have the same impact on tax deadlines as federal holidays. The Virginia Department of Taxation (TAX) will not extend the corporate tax deadline, citing Virginia law. For more details, visit www.vscpa.com.
IRS Overhauls Tax Lien System
The Internal Revenue Service (IRS) announced February 24 that it is making major changes to its tax lien process in order to help struggling taxpayers get a fresh start with their tax liabilities. The IRS hopes to help individuals and small businesses meet their tax obligations without adding unnecessary burden to taxpayers, which the agency says will help taxpayers pay back taxes and avoid tax liens. Read more online at www.vscpa.com.
AICPA Issues Exposure Draft on Reporting on Peer Reviews
The American Institute for CPAs (AICPA) issued an exposure draft (PDF) January 31, 2011, regarding revisions to the Standards for Performing and Reporting on Peer Reviews. The proposed revisions would revise the standards such that applicable documentation required by professional standards for compilation engagements performed under Statement on Standards for Accounting and Review Services (SSARS) should be reviewed. For more details, visit www.vscpa.com.
- VSCPA NEWS | TOP
Session Update: Tax Conformity Passes, Financial Literacy Graduation Requirement Stands
Tax conformity, always a top priority for the VSCPA during the General Assembly session, made its way through both houses with little trouble and is now law. The VSCPA also has been successful so far in protecting the new financial literacy high school graduation requirement from bills that delayed the implementation of certain statutes. Check the current status of these issues and more on the VSCPA’s Session Watch page at www.vscpa.com/SessionWatch, and check your inbox in the next couple of weeks for a full session recap.
Hantzmon Wiebel Donates $12,500 to VSCPA Educational Foundation
The VSCPA Educational Foundation is pleased to announce the receipt of a $12,500 gift from Charlottesville accounting firm Hantzmon Wiebel, LLP. This is Hantzmon Wiebel’s second large donation in the past seven years. The firm donated $25,000 to the Foundation’s Reaching for the Stars campaign in 2004. This unrestricted contribution will be added to the VSCPA Foundation’s Annual Fund, which supports the organization’s goals and operation. Read more online at www.vscpa.com.