Tax Reform Updates: Keeping You Informed 

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. The VSCPA will continue to provide information, resources and education to tax preparers and taxpayers as it becomes available. Click here for the latest news on implementation and an overview of the changes contained in the bill, and look below for resources and educational offerings related to the legislation.

The VSCPA needs your insight! ​The Virginia General Assembly will take up the topic of tax reform in a special session this fall. The VSCPA is seeking input from tax practitioners on the biggest reform-related issues.

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Resources​​

VSCPA members receive a discount on the all-new U.S. Master Tax Guide Special Edition — Tax Cuts & Jobs Act! This trusted tax resource provides:

  • Clear explanations of the pertinent federal taxation changes for tax years after 2017
  • Answers to your questions on reduced rates, elimination of some deductions, credits, losses and more
  • Detailed information on key tax reform changes significantly affecting individuals and businesses alike

To purchase, visit cchgroup.com/members/vscpa and use promo code USTP-BLYY5164 in the shopping cart to receive this benefit.​

 

IRS Notice 2018-30

This notice modifies Notice 2003-65, which deals with hypothetical cost recovery deductions used in the 338 and 1374 approaches to identifying recognized build-in gain or recognized built-in loss.

Podcast: How National Tax Reform Is Impacting State Taxes

From the Journal of Accountancy, CPAs around the country are still trying to figure out how the recent national tax reform will impact their clients at the federal level. But they’re also interested in how it will impact their clients at the...

IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018

The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. The IRS today issued technical guidance detailing these items in Notice...

AICPA Tax Reform Webcast

A Dec. 22 webcast from the AICPA summarizing changes included in the tax reform bill. NOTE: No CPE credit will be given for viewing this webcast.

 


The Virginia Society of CPAs (VSCPA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBARegistry.org.

For more information regarding refund, complaint, program cancellation or other policies, visit vscpa.com/CPEPolicies or call (800) 733-8272.

The Virginia Society of CPAs (VSCPA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBARegistry.org.

For more information regarding refund, complaint, program cancellation or other policies, visit vscpa.com/CPEPolicies or call (800) 733-8272.

The Virginia Society of CPAs (VSCPA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBARegistry.org.

For more information regarding refund, complaint, program cancellation or other policies, visit vscpa.com/CPEPolicies or call (800) 733-8272.

The Virginia Society of CPAs (VSCPA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBARegistry.org.

For more information regarding refund, complaint, program cancellation or other policies, visit vscpa.com/CPEPolicies or call (800) 733-8272.