VSCPA advocacy activities should fulfill one of the following priorities:
- Protect the CPA Designation and Services: The laws and regulations governing CPAs and their services should protect the value and integrity of the CPA designation. All paths to licensure should adhere to the education, experience and examination requirements as established by the Uniform Accountancy Act (UAA) in evaluating jurisdictions for substantial equivalency. Due to the specialized education, training and expertise of CPAs, services traditionally restricted to CPAs should generally continue to be so. We work to promote certainty in CPAs’ work, and we work to prevent unreasonable or burdensome requirements for CPAs.
- Advance the CPA Designation and Profession: To ensure a sound future for the CPA profession, we support accounting education, communicate the value of the CPA brand through media relations activities and public outreach and proactively seek opportunities to promote the designation.
- Promote Technical and Ethical Standards: The laws and regulations governing CPAs and their services should not put CPAs at risk of being in violation of the uniform professional or ethical standards developed by independent standard-setters. Laws and regulations should be written to reflect the appropriate standards and should not attempt to legislate standards, thus compromising the integrity of the independent standard-setting process.
- Promote Sound Fiscal Public Policy: Laws and regulations, those impacting economic and financial sustainability, should adhere to sound public policy.
Guiding Principles of Virginia Tax Policy
The VSCPA has developed guiding principles in tax policy to use as a framework when developing positions on tax-related legislative and regulatory matters. These guidelines recommend that Virginia tax laws and regulations meet the following guiding principles:
- Conformity: Virginia’s tax laws should conform with federal tax laws whenever possible. Consideration should be given to any lag time for Virginia to adopt federal tax changes, and the complexity and uncertainty such a delay creates for Virginia taxpayers.
- Simplicity: The tax law should be simple so that taxpayers understand the rules and can comply with them correctly and in a cost-efficient manner.
- Transparency: Taxpayers should know who and what is being taxed and why.
- Equity: Similarly situated taxpayers should be taxed similarly.
- Certainty: The tax rules should clearly specify when a tax is to be paid, how it is to be paid and how the amount due is to be determined.
- Competitiveness: Virginia’s tax structure should enhance the Commonwealth’s competitive position.
Government Fiscal Responsibility Philosophy
The VSCPA will inform and educate members, the public and lawmakers about financial facts related to the government and promote the use of the following principles:
- Sustainability: Promote economic and financial sustainability on a long-term basis.
- Transparency: Government financial information should be transparent and understandable to decision makers and the public at large.
- Stewardship: Responsible planning and management of public resources is critical at all levels of government.
For more information, contact VSCPA Vice President of Advocacy Emily Walker, CAE, at (804) 612-9428.