News & Updates

Crossover was Tuesday, Feb. 17, and it has reshaped the landscape at the General Assembly. While tax conformity and PTET are expected to be resolved in the caboose budget, several other tax policy issues remain active as bills move to the opposite chamber.

For this year, it appears tax conformity will be resolved through committee amendments to the caboose budget bills (HB 29 and SB 29) rather than standalone legislation.

Here's where things stand on major tax proposals before the Virginia General Assembly, as well as the bill to introduce a CPA, Emeritus licensure status.

As the General Assembly session moves deeper into February and crossover approaches, the gravitational pull of the budget is becoming impossible to ignore. Even for bills that don’t directly appropriate funds, fiscal impact is increasingly shaping which proposals advance, pause, or change form.

Legislation to modernize Virginia’s CPA licensure statutes passed a House General Laws subcommittee unanimously Jan. 29, 2026.

After a slow start to the 2026 Virginia General Assembly session, tax conformity legislation is finally gaining momentum.

On Jan. 26, 2026, the VSCPA commented on a white paper issued by the NASBA Private Equity Task Force on Oct. 24, 2025 — Alternative Practice Structures & Private Equity: Considerations and Questions for Boards of Accountancy.

As the 2026 Virginia General Assembly session continues, we're highlighting several tax policy proposals. While these bills are still evolving and may not even pass, members should be aware of key themes that may influence planning and compliance in the future.

The AICPA expressed support in January for bipartisan legislation intended to promote greater national fiscal transparency and released survey data showing that a majority of Americans support such transparency.

With Spanberger taking office, lawmakers reconvene this week to tackle abortion, voting rights, redistricting and a new state budget amid fiscal headwinds.

On Dec. 3, 2025, the VSCPA commented on the draft VBOA policy addressing Inactive, Emeritus, and Expired/Suspended/Revoked License Status.

The VSCPA, along with the American Institute of CPAs (AICPA) and other state CPA societies, strongly opposes any proposal that fails to recognize accounting as a professional degree program.

The federal budget bill (HR 1) will significantly reshape both national and Virginia tax policy in the coming years. VSCPA will advocate for CPAs’ and taxpayers’ interests during 2026 Virginia General Assembly session.

While a growing band of states have passed new CPA licensure laws, employers, universities, students and regulators are just beginning to grapple with how the new rules will work.

On June 19, 2025, the VSCPA commented on the Virginia Board of Accountancy’s (VBOA) proposed emergency regulations to amend the education, experience and substantial equivalency requirements under §18VAC 5-22 of the Virginia Administrative Code.

The VSCPA Accounting & Auditing Advisory Committee has reviewed the Exposure Draft (ED) — Accounting for Debt Exchanges, issued by the Financial Accounting Standards Board (FASB or the Board).

The VSCPA urges Congress to oppose provisions included in the House Ways and Means Committee’s tax reform legislation that unfairly target the ability of service businesses structured as pass-through entities to deduct their state and local taxes (SALT) from their federal tax liability while providing no such limit to other businesses.

Ups (passing pipeline legislation) and downs (threats to rolling conformity) made this year’s Virginia General Assembly one for the books.

The VSCPA reviewed the Exposure Draft to the Uniform Accountancy Act, Eighth Edition - January 2018 — issued by the AICPA and NASBA on March 4, 2025.

The VSCPA Accounting & Auditing Advisory Committee (Committee) reviewed the Exposure Draft (ED) Accounting for Government Grants by Business Entities (Topic 832), issued by the Financial Accounting Standards Board (FASB).