Disclosures articles
Can financial planning services double a CPA’s income?
By Ken Huffman, CPA
The accounting profession is a great one to be in. Surveys have shown that clients trust their CPA even more than their financial advisor. Surveys have also shown that clients would rather obtain financial products...
Be prepared: Yellow Book redlines are here
By Melisa Galasso, CPA
In July 2018, the U.S. Government Accountability Office (GAO) issued Government Auditing Standards, 2018 Revision (GAO-18-568G). Government Auditing Standards go by several names, including Yellow Book, Generally...
7 tips to ace your next interview
These seven tips should improve your chances of finding your next great career opportunity and hopefully, as a welcome side effect, take away some of the stress.
5 ways to ace today's talent market
Potential employees are looking to work for organizations that are focused on providing staff with career empowerment, flexibility in terms of work/life balance, a work environment that promotes diversity, equity and inclusion (DEI), and a more balanced commitment to helping staff grow professionally while simultaneously growing the overall practice.
Virginia's commissioners of accounts: who they are and what they do
By Joan D. Aaron, CPA
Virginia's Commissioner of Accounts system dates back to an 1849 revision in the Code of Virginia. There have been changes over the years, but the basic structure remains intact.
Virginia Circuit Courts, present...
Five guidelines for busy season success
By Dustin Hostetler
Is your firm built for success or doomed for disappointment? As you ramp up for busy season, have you given your service teams everything they need to be successful in the coming months? Are they prepared to give your...
Supervising, coaching, mentoring: what's the difference?
By Colette Wilson, CPA
When we hear the terms supervising, coaching and mentoring, many people think they are the same thing — an employer telling an employee what to do and how to do it. These instructions could be for ensuring continued...
2025 General Assembly reflections
Ups (passing pipeline legislation) and downs (threats to rolling conformity) made this year’s Virginia General Assembly one for the books.
By Emily Walker, CAE
2025 marked my 17th legislative session representing the VSCPA. I really...
CRM — The ultimate business automation tool
No longer a luxury tool for large companies, Customer Relationship Management (CRM) systems can help businesses of all sizes enhance operations and grow revenue.
By Randy Johnston
Higher client expectations and economic demands are...
Congratulations, new 40-year members!
The VSCPA welcomes new 40-year members this membership year — a designation bestowed upon those in their 41st year of consecutive membership. These members were celebrated at the in-person annual business meeting May 8, 2025, at 1 p.m. at...
What Mark Koziel wants you to know
In 2025, a new CEO of the American Institute of CPAs and Association of International Certified Professional Accountants took the reins from long-time leader Barry Melancon, CPA, CGMA.
Mark Koziel, CPA, CGMA, has hit the ground running to...
Meet VSCPA scholar Hayden Myers
Hayden Myers’ path in the accounting profession is nothing short of inspiring. Graduating from Virginia Tech in just three years, she is now pursuing her master’s degree to deepen her understanding of accounting and prepare for the CPA Exam.
Welcome back! Are returnships the answer to attracting and retaining accounting talent?
Although popular and successful in other industries, returnships have remained largely untouched by the accounting profession. Experts share why CPA firms should consider tapping into this retention tool to combat the ongoing talent crisis.
Red flags in your cyber insurance policy
Don’t get caught off guard by coverage gaps or denied claims.
By Antonina K. McAvoy, CISA, CISM, QSA, PCIP
In an era where cyber threats are evolving at an unprecedented pace, the importance of robust cyber insurance coverage for...
Culture in crisis
Burnout is fueling workplace frustration, cynicism and absenteeism. Leaders can chart a path forward and right the ship. Even the fastest-growing companies aren’t immune. The evidence is clear: Leaders recognize the problem. But the real question is, how will they fix it?
A refresher on CPE requirements
To ensure Virginia citizens receive services from well-skilled CPAs equipped with the latest knowledge, the Virginia Board of Accountancy requires CPAs to take a certain amount of continuing professional education (CPE) each year. If you...
A Social Security primer: How Social Security is calculated
By Marc I. Lebow, CPA, Ph.D., and Joseph E. Lebow, O.D.
We accountants, as financial advisors to our clients, are likely to ask us: When is the best time to start collecting Social Security retirement benefits? This issue is complex...
From the CEO: VSCPA 2030 -- Our first year in review
A year ago, we launched an exciting new strategic framework under the leadership of 2024–2025 VSCPA Chair Christine Williamson, CPA. We notched several successes and advancements, all aimed toward our mission and vision of the future — to...
Extinguishing the burnout flame
There are a variety of strategies you can employ to keep yourself from burning out. Additionally, organizations can implement proactive policies to promote employee mental health.
On high alert
For CPAs entrusted with clients' financial data, safeguarding sensitive information is not only essential for the clients' security but also for the CPAs' own legal responsibilities. The U.S. Internal Revenue Service (IRS) provides a comprehensive list of warning signs to help tax professionals identify potential red flags of data theft. By staying vigilant and proactive, tax professionals can play a crucial role in preventing financial fraud.
The future of accounting, today
How one firm turned its future predictions into current practice.
By Brian Wendroff, CPA, and Alicia Russman
In 2011, Brian Wendroff, CPA, and Darren Wendroff, of Wendroff & Associates, CPA (WendroffCPA), authored a visionary piece for...
The benefits and pitfalls of gifts to SLATs
With the looming sunset of the Tax Cuts and Jobs Act of 2017, Spousal Lifetime Access Trusts (SLATs) have become a popular estate planning tool for high-net-worth taxpayers.
By Sarah Johnson, CPA, and Joanie Sompayrac, CPA, MAcc, JD...
VSCPA supports bills with new CPA licensure pathway
Legislation is alive and under consideration during the 2025 Virginia General Assembly session, which technically began Jan. 8, 2025.
Your Support, Their Success
Every scholarship recipient has a unique story of resilience, passion and determination. For Evan Segalman, the 2024 VSCPA Legacy Scholarship recipient, it’s about more than academic success — it’s about creating meaningful change in his...
From the CEO: Future-forward leaders, by design
By Stephanie Peters, CAE
We talk a lot at the VSCPA about the changing business landscape, how technology will affect accountants, workplace trends, and other drivers of change. But what do we need to tackle these forces? Empathic, well...
Using AI for an R&D study? Not so fast.
Numerous "pop-up" shops emerging, boldly asserting that AI can handle 80% or more of an R&D credit study. The simple fact is that when it comes to complex tax matters such as with R&D and the Employee Retention Credit, AI does not have the necessary human judgment required.
Offset hiring costs with incentives
It’s getting increasingly expensive to hire and retain employees, especially with unskilled or lower skill positions. So, how can prudent employers offset increasing labor costs? The answers can be found by investigating and pursuing labor incentives, typically at the federal and state levels, ahead of future hiring.
ERISA’s 50th anniversary: Retirement planning now and beyond
Workers should be the focal point of any retirement system, and more education is needed for the public to understand today’s complex options. CPAs can and should promote this aspect of financial literacy as the public’s trusted stewards....
ERISA’s 50th anniversary: From pensions to the 401(k)
Part I of this trilogy on ERISA’s 50th milestone (read the article in the summer Disclosures issue) discussed the Virginia solution for workers not covered by any retirement plan — RetirePath VA. If ERISA had fully succeeded in its goal to provide greater retirement income to workers, programs like RetirePath VA would not have gained traction. Clearly, a perfect solution remains elusive.
On ERISA’s 50th anniversary, RetirePath Virginia is born
The Employee Retirement Income Security Act of 1974 (ERISA) was enacted when employers could promise their employees a future pension — and then never fulfill it. Often, employees were not notified their pension was never funded and gone forever.
Seeking the perfect plan for retirees
With profit-sharing plans now the norm, we must educate and incentivize American workers on how and when to save.
By Lisa Germano, CPA, JD
In 2024, the 50th anniversary of the Employee Retirement Income Security Act (ERISA) was...
Hey, young pros: Accounting is a career, not just a job
As young professionals first enter the world of public accounting, some may see the profession as merely a 9-to-5 job that provides a paycheck and benefits. However, public accounting is much more — the opportunity to become an expert and leader in the field and provide excellent client service.
Medicare 101: What CPAs need to know to advise retirees
As clients approach retirement, they may look to their CPAs for advice on making health care coverage decisions.
By Al Kushner
As trusted advisors, CPAs often play a crucial role in helping clients navigate financial decisions as they...
Taking action on CPA licensure
The VSCPA has updated its Board position on substantial equivalency and practice mobility, as well as responded to recent exposure drafts. In addition, we are championing legislation to address the profession's pipeline challenges.
Using CPA in your firm title? Make sure you’re licensed!
As of July 1, 2024, firms using “CPA” in their names must be licensed as CPA firms in Virginia or have firm licenses from another state. Additionally, firms still need to obtain a license if they perform attest, compilation or financial statement preparation services.
Meet VSCPA scholar Tiandra Threat
Tiandra's career goals are as ambitious as they are inspiring. Set on becoming a CPA, she is motivated by the knowledge that accounting offers endless opportunities to make a difference.
Turning the tide of government fraud
By Neena Shukla, CPA, CFE, CGMA
Government organizations are no strangers to the cunning tricks of fraudsters. With vast resources, complex operations, and public scrutiny, they face unique challenges in detecting and preventing fraud...
Why burnout matters
The emotional, psychological and physical effects of burnout on employees will ultimately affect the productivity and profits of their organizations. No organization wants their employees to pay the ultimate price, like a heart attack due to stress. The profession can’t afford to lose top talent because of burnout.
State initiatives target workplace growth
Across the country, states and localities are addressing population and migration shifts by offering relocation incentives. While no Virginia communities are listed on the site, West Virginia communities of the eastern panhandle, Greenbrier Valley and Morgantown all offer incentives. Learn more about this growing trend.
How CPAs can start implementing AI before tax season
Sick of hearing about AI but not knowing how to implement it NOW for real results? You can easily implement components of AI now to help you in the upcoming tax season. The AI discovery process provides a framework for CPAs to figure out how best to utilize AI and ultimately save time, money and maybe a little sanity.
From the CEO: Connect and engage, the VSCPA way
By Stephanie Peters, CAE
Following the pandemic, VSCPA leaders and staff started to hear more and more that you want to feel connected and foster relationships. It became clear — the time for isolation is over, and CPAs want to network...
Power play: Coaching as a leadership style
By Brian Kush, CPA, PCC
Accountants are busy.
And if you’re a leader at your organization, you may feel the need to have all the answers all the time, your plate is always full, and you’re moving from one task to the next as quickly as...
Keeping up with RPA and the audit function
By Dr. Sean Stein Smith, CPA, Lehman College
Automation is discussed so often in the context of accounting and audit services that it’s become something of a cliché. But dismissing the trend as just another buzzword misses the bigger...
5 realities of AI and accounting
AI got you anxious? While artificial intelligence brings questions and concerns, there’s no denying the outsize impact it is already beginning to have on the accounting field. Check out these five AI takeaways from the first-ever AI...
Create capacity with tax document automation
Since 40–80% of CPA firm revenue is generated from tax, improving tax workflow has immediate benefits to the clients, team members, and the firm’s bottom line. Consider a few of the following ideas and tools.
Your secret to high firm growth: Digital transformation
By Lee W. Frederiksen, Ph.D.
Accounting firms have struggled to rise to the challenge presented by today’s technological advances. This may come as a surprise to many in the profession, who can point to significant advancements in...
Does the robot have your back?
Artificial intelligence, ChatGPT, robots — buzzwords have been flying around for a while. But will artificial intelligence really replace accountants? Will ChatGPT replace the services accountants can provide? Will the world be overtaken by robots?
AI can be a weapon for hackers
Artificial intelligence has transformed how we live and work, offering immense potential for innovation and progress. However, as with any technology, AI also has its drawbacks. Emerging technologies like deepfakes — AI-generated synthetic media that can convincingly manipulate or fabricate audio, video and images — have rapidly gained popularity among cybercriminals as a potent tool for cyberattacks.
How to keep AI from taking your job
Are you afraid that you might be replaced by a computer? Every day there are stories across industries about the rise of artificial intelligence (AI). Many professionals are looking into the future and wondering aloud if humans will be necessary and what the new normal will look like.
5 ways to level-up your networking
While networking is commonly viewed as an uncomfortable task or activity, it’s time for professionals to get comfortable with stepping outside of their comfort zones. With repeated practice and intentional efforts, professionals can become better networkers and establish increasingly valuable business relationships.
Navigating offshoring challenges to optimize effectiveness
By Laurence Whittam
In today's accounting industry, the shift toward offshoring is not merely a trend but a strategic requirement for firms to meet staffing requirements while also optimizing processes and exploring automation. However...
Build a killer résumé
You’ve gotten your first job, and you’re ready to take your career up a notch. But how do you build your résumé to reflect your abilities and also your strengths? What will set you apart? Emphasize your leadership experience to snag the position of your dreams, cover your basics, show your influence and more.
9 ways to stand up to racism
The events over the last few months related to race have reminded us all: Diversity matters. What we say and do at work matters. So how do we change? How do we become the leaders and co-workers we want to be? How can we shape our firms and companies so they reflect a diverse and tolerant society?
Exciting tech transformation on the horizon
Innovation and agility are part of key VSCPA principles, and we’re upgrading our technology to enhance your member experience, prepare us for future growth, and help achieve strategic priorities. First up: Our member database.
Tax pros: The thieves are getting smarter
Identity theft is nothing new, but bad actors are trying new ways to steal sensitive tax information from preparers. The IRS continues its partnership with the Security Summit to protect the tax system against tax-related identity theft and fraud. Here are trending scams:
The second time around
Accounting makes a great second career for adult learners. It’s time to focus on this demographic to help fill the accounting student pipeline.
Why CPAs matter in the classroom
It was the 1980s, and 12-year-old Damon DeSue sat in a California classroom listening to a CPA talk about their career. The accountant’s career didn’t scare Damon, but rather piqued his interest in the profession. He learned about the lack...
CPA firm worries: Staff and tax laws
Where are the best accountants? That question still keeps CPA firm leaders up at night, according to the most recent results of the biennial CPA Firm Top Issues Survey from the American Institute of CPAs (AICPA) Private Company Practice Section (PCPS).
Meet the chair: Christine Williamson, CPA
In May, Christine Williamson, CPA, PMP, took the reins as chair of the VSCPA Board of Directors from Jennifer Lehman, CPA. Christine is a partner in the Tysons office of CohnReznick and is the leading the Government Contracting Industry practice service lines of Audit and Advisory.
The most important question you should ask each day
The first step to conquering burnout is recognizing the signs.
No, really. Ask yourself. With the prevalence of burnout and mental health issues in the accounting profession, it could be the most important question you ask all day.
Before you can help a colleague or subordinate, you have to recognize the signs of burnout in yourself.
Denise Harding hits all the right notes
A CPA with a passion for following the money trail in tax evasion cases also sings with the Richmond Symphony Chorus.
The Regulators
We’ve always had an ambitious crop of Virginia CPAs making their mark on the national stage, but in a unique scenario, there are several VSCPA women serving in high-level regulatory positions, both for the Commonwealth and nationally.
The ethics CPE requirement: Why it matters
You know what technically makes a CPA a CPA — passing the Uniform CPA Examination and receiving state certification to practice accounting. But this also includes passing an ethics exam, because CPAs also have an obligation, both as human beings and as professionals, to act in an ethical manner.
We’re talking about burnout
For a few years now, we’ve offered a free virtual Mental Health Summit in January — right as many CPAs are getting into tax season. It seems the working world is having a reckoning of sorts with mental health issues, including burnout...
Relax! Your boss may want you to.
A vast majority — 80% — of employers will be modernizing leave policies and programs in the next two years, according to a WTW report. With talent challenges the No. 1 reason for revamping programs, employers of all sizes aim to enhance engagement and the employee experience. Here are areas your employer could potentially make changes:
A CPA with the ‘write’ stuff
When Gary Dittmer, CPA, was in college at the University of Tampa, he heard his friend say he was going to have a life of “easy giggles.” Little did he know that phrase would find itself back to him 50 years later as the title of his first novel, “Easy Giggles.”
VSCPA 2030: The future is now
By Stephanie Peters, CAE
Eight years ago, VSCPA leaders, members and staff set out to craft a strategic plan to propel the Society into the next decade. VSCPA 2025, launched with four bold strategies, was our guiding light; its structure...
Navigating the profession’s disruption
“The more things change, the more they stay the same” is a familiar cliché. To me, however, it is applicable to the state of our profession.
This CPA wants everyone to know... #AccountantsAreFun
Three years ago, Kelli Meadows, CPA, watched her daughter and friends head off to college. One major they rarely mentioned exploring? Accounting.
Banishing biases
Unconscious biases are snap judgments we make about people and situations based upon years of subconscious socialization, according to the Harvard T.H. Chan School of Public Health. Those judgments are made outside our conscious awareness.
8 critical elements of an effective engagement letter
One of the best tools a CPA can (and should) consistently employ to help manage their professional liability risk is an engagement letter — a document that defines the contractual obligations between the CPA and client.
7 steps to your future firm
The 2023 National Management of an Accounting Practice (MAP) Executive Summary (PDF) includes extensive information on accounting firm performance. But data is only useful to the profession unless it elicits change.
The pulse of the cryptocurrency landscape
It’s payday — time to go shopping! You fire up the laptop and log in to your online checking account at Silicon Valley Bank. You quickly realize that your funds are frozen and that you do not have access to any of your hard-earned money to pay the bills. Deficiencies in risk management and a lack of proactive supervision by executives caused a bank run to lead to the collapse of your financial institution. Not good.
New SSTSs are here
CPAs in Virginia who are tax professionals are subject to a variety of rules, including the requirements of the AICPA Code of Professional Conduct, Treasury Department Circular No. 230, the Gramm-Leach-Bliley Act (GLBA), the Federal Trade Commission’s (FTC) Safeguards Rule, and the AICPA’s Statements on Standards for Tax Services (SSTSs).
Updates to Virginia tax legislation
A variety of legislation was passed by the Virginia General Assembly in 2023. The below items all went into effect on July 1, 2023, unless otherwise noted. For a full report on all the changes, as this list is not all-inclusive, read the “2023 Legislative Summary” (PDF) from the Virginia Department of Taxation (TAX).
Virginia legislative session heats up
After last year’s rolling income tax conformity legislation, it’s our first time in two decades without pushing for emergency tax conformity.
Why we acquired Don Farmer’s education business
In the fall, we announced a VSCPA first: the acquisition of revered tax education provider Don Farmer, CPA, PA. Some of you may wonder: Why would the VSCPA decide to make this move? What was the impetus behind the acquisition and why?
The intersection of problem based learning and the MUSIC® model of motivation in principles of accounting
By Dr. Holly A. Caldwell-Taylor, CPA
Introduction
As accounting employers expect workers to be well versed in skills which are constantly changing due to the advances in technology, the implementation of problem-based learning in the...
4 generations, 1 workforce
Traditionalist, Boomer, Gen X, Millennial, Gen Z — the greatest generations of all time! CPAs often don’t like change, especially before tax season, but one thing is certain: Change is inevitable.
Watch your step!
CPAs must be very careful they don’t offer law advice when helping clients navigate beneficial ownership information (BOI) reporting under the Corporate Transparency Act.
BOI reporting risk management tips from CAMICO
CPAs must be very careful they don’t offer law advice when helping clients navigate beneficial ownership information (BOI) reporting under the Corporate Transparency Act. (See the Disclosures article "Watch Your Step" for information on the...
Pay to play
New pay transparency laws are requiring employers to disclose wages to prospective candidates and/or current employees. Though not required in all states, many employers — including CPA firms — are gambling on using the practice to attract and retain talent.
The only constant is change
When I begin a speaking engagement with a new audience, normally I don’t have a quick hook in the introduction. On change management this is different. I always start by asking who in the audience is familiar with change management and then follow it up by asking who considers themselves to be change managers. Nearly no one ever raises their hand. I then tell them that by the end of the session, I will consider it a success if every person in the room can view themselves as a change manager
Horror stories from the wild West of ERC claims
In October 2022, the IRS issued IR-2022-183 warning against third parties improperly computing the Employee Retention Credit (ERC). Then, the IRS issued a "renewed warning" in March 2023 (IR-2023-40) cautioning about promoters who aggressively mislead people and businesses into thinking they can claim these credits.
The IRS is coming for tax shelters
The U.S. Internal Revenue Service (IRS) plans to hire up to 200 additional attorneys to help the agency combat syndicated conservation easements, abusive micro-captive insurance arrangements, and other tax schemes.
VSCPA member hopes for a (corn)hole in one
Nothing corny about it: Catina Downey, CPA, needed a great place to host events. When she couldn’t find what she needed, she decided to open her own space. Catina, a sole practitioner in Richmond, loves having fun with her family and planning events. But she always ran into challenges finding venues to fit her needs. She knew she couldn’t be the only one looking for a space, so she decided to take matters into her own hands and asked: “What if I just do it myself?”
The campaign for accounting as STEM
Getting accounting recognized as a Science, Technology, Engineering and Math (STEM) field will elevate its exposure and increase awareness of the profession. The VSCPA supports legislative initiatives toward this end and the STEM initiative is part of the Society’s top-line goal to address the CPA pipeline crisis.
Early exposure to accounting could make all the difference
New data released from Miami University reveals that students often set their perceptions of the accounting profession before college. Large barriers include perceptions of the field as uninteresting or boring, and that an accounting career requires longer hours than other business careers. Some also believe an accounting degree is harder to earn than other business majors. On the positive side, students generally agree accounting has ample employment opportunities, is intellectually challenging, and the career leads to a high lifetime earning potential.
CPAs as LGBTQ+ allies
A quarter of LGBTQ+ young adults go back into the closet after starting work, according to Positive Futures, a report from charity Just Like Us. Sponsored by Deloitte, the report reveals the reality many LGBTQ+ people face in their careers: 49% ‘rarely or never’ feel close to other people and 48% are not confident they’ll have a career they enjoy.
The CPA pipeline: Front and center
The word “pipeline” is everywhere these days, but what do we really mean by that? Essentially, the CPA pipeline is the queue of next-gen accountants — beginning with students’ piqued interest in accounting in middle school all the way through young professionals deciding to stick with the profession long term.
Encouraging accounting early: CPA firms can help
What if there’s a way to get Virginia high school students into accounting firms before they enter college to see for themselves the rewards and benefits of a career in accounting or finance?
Spoiler: There is! Through the Virginia...
Tackling the CPA talent shortage head on
Across the country, dedicated accountants who have devoted their lives to the CPA profession are asking themselves an unwelcome question: Where are the next generation of talented accountants? The answer: They are there, but the number is dwindling.
What's the risk?
By Natalya Yashina, CPA, DASM, and Diane Walker, CPA
Maintaining high audit quality is crucial for ensuring public trust in financial reporting, and it involves more than just external audit procedures. CPA firms must comply with a set of...
Mental health matters
The business world is familiar with financial capital, human capital and social capital. Where does psychological capital fit in to the equation? The concept of psychological capital provides a more holistic approach that incorporates resilience as just one of four components necessary for building a reserve of psychological well-being that can be drawn upon in difficult times.
If there's a will, there's a way
Michigan native Lauren King came to Virginia Commonwealth University (VCU) on a volleyball scholarship. Digging her way through her first year, Lauren’s major changed multiple times. She started with homeland security and emergency...
Make a career connection
Denzel Washington once said, “Show me a successful individual and I’ll show you someone who had real positive influences in his or her life. I don’t care what you do for a living — if you do it well I’m sure there was someone cheering you on...
Embracing change with Jennifer Lehman, CPA
Jennifer Lehman’s mantra sits on a sign beside her desk: “Don’t be afraid of change, be afraid of not changing.”
Jennifer has embraced this affirmation throughout her professional life, first using it as a first-generation student at...
Contemplating outsourcing? Do your due diligence
By Suzanne M. Holl
Outsourcing is a popular topic right now for the profession as CPA firms struggle with staffing constraints. Current challenges associated with firms attracting and retaining talent are expansive and include issues...
Your recipe for a winning culture
Workplace culture will be different at every organization; how boring if it weren’t! But cooking up the best version of your culture requires combining different ingredients that resonate with your employees right now. Focus on some of these...
An innovative pricing model: Services on subscription
Ron Baker wants to mirror the idea of concierge care in medicine to protect the client-accountant relationship in the profession.
Ron, a triple-threat, is the founder and owner of the VeraSage Institute, a talk show host for The Soul...