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Tax Conformity Update: Approaching Crossover

February 10, 2020

All the tax conformity bills the VSCPA is supporting are moving through the Virginia General Assembly and we are optimistic about their continued progress. The Senate emergency bill (SB 582) for fixed date conformity has passed both the House of Delegates and the Senate and is awaiting Gov. Ralph Northam's signature. Our rolling tax conformity bill (HB 734) overwhelmingly passed out of the House and will make its way to the Senate this week.  

Conformity isn’t the only legislation our advocacy team is working on and tracking. Several other bills crucial to the profession will be coming up for votes in the next week and we need you to take action:  

We SUPPORT HB 1417 that will enable Virginia to align with the new U.S. Internal Revenue Service (IRS) partnership audit regime and streamline administration. The bill establishes more uniform standards for reporting federal audit adjustments to the Commonwealth for effected taxpayers. 

We SUPPORT HB 689 to clarify wage statement requirements and address concerns raised by employers regarding salaried employees who are not paid on an hourly basis.  

Keep on top of all the legislation we are tracking on our advocacy page.