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Issues

Session Watch

The VSCPA monitors bills that could potentially affect the CPA profession, takes action whenever necessary and posts updates here.

The 2018 Virginia General Assembly session is underway. Click the links below for information on current issues of interest to Virginia CPAs and recaps of past sessions.

  

  • Visit the 2018 Session Watch page for issues we're currently monitoring.
  • Take a look at the 2017 Session Watch page for a recap on last year's issues.
  • Plus, check out the VSCPA's positions on various state and federal issues.

​Tax Reform

The Tax Cuts and Jobs Act, signed by President Donald Trump last December, made major changes to tax rates for individuals and businesses. The U.S. Internal Revenue Service (IRS) is currently in the process of implementing various provisions in the bill, which would then be dealt with in Virginia through a special General Assembly session that will likely take place this fall.

Click here for the latest news and educational offerings from the VSCPA related to the changes.

VSCPA Positions on Current Issues

Check out the VSCPA's latest involvement in top issues affecting the CPA profession. Here you'll find official positions, correspondence and statements on various issues:

VSCPA Supports Mobile Workforce State Tax Simplification Act

On behalf of the 12,500 members of the Virginia Society of CPAs (VSCPA), we are writing in strong support of H.R.1393, the Mobile Workforce State Tax Simplification Act, and ask for it to be included in the government spending legislation later...

VSCPA Comments on FASB Proposed ASU on Leases

Feb. 1, 2018 Technical Director File Reference No. 2018-200 FASB 401 Merritt 7, PO Box 5116 Norwalk, CT 06856-5116 Submitted via email to director@fasb.org Re: Proposed Accounting Standards Update: Leases (Topic 842): Targeted...

VSCPA Comments on FASB Proposed ASU on Classification of Debt in a Classified Balance Sheet

The Virginia Society of CPAs (VSCPA) Accounting and Auditing Advisory Committee has reviewed the proposed Exposure Draft (ED), Debt (Topic 470): Simplifying the Classification of Debt in a Classified Balance Sheet, issued by the Financial...

VSCPA Signs on to Letter Supporting Associations in Tax Reform

As your committees work toward a simpler, fairer tax code that benefits American families and encourages job creation and economic growth, ASAE and the attached list of associations respectfully urge you to keep in mind the implications of any...

VSCPA Tax Committee Comments on Virginia Tax Amnesty Program

The Tax Advisory Committee of the Virginia Society of CPAs (VSCPA) has reviewed the Virginia Department of Taxation’s (TAX) proposed guideline for the Virginia Tax Amnesty Program. We understand these guidelines are intended to be used as staff...