Professional News

By Terry Barrett, CPA Software is a routine purchase for most businesses. Fortunately, Virginia (and some other states) provide an exemption from the retail sales and use tax for certain types of software. This can be a much-appreciated cost-saver, whether you are implementing a costly new

By Jill Edmonds Every year, the VSCPA lobbies the Virginia General Assembly to quickly pass legislation so that Virginia’s tax code conforms to the federal tax code. But since the Tax Cuts and Jobs Act of 2017 (TCJA) and the General Assembly’s decision to wait to address conformity in 2019, the

By Brian E. Deibler, CPA, CGMA We are on the eve of the first real-world application of the Tax Cuts and Jobs Act of 2017 (TCJA), signed into law by President Trump on Dec. 22, 2017. Most of the changes introduced by the bill went into effect on Jan. 1, 2018, and will make their way on to our

By David R. Peters, CPA Social media has changed. Facebook and Twitter used to be places for us to post funny photos of our dogs, tell others about our travels or rant about the newest fitness trend. It was a refuge for us in many ways. Aside from the occasional embarrassing photo or pointed comment

By Brian Marks The Affordable Care Act (ACA) has been the topic of much debate since it passed in 2010. Repeal attempts have been numerous — 70+ by most counts — and the political dialogue has been unending. Nonetheless, at the writing of this article in July 2018, the ACA for the average business

By Brian Marks The Affordable Care Act (ACA) has been the topic of much debate since it passed in 2010. Repeal attempts have been numerous — 70+ by most counts — and the political dialogue has been unending. Nonetheless, at the writing of this article in July 2018, the ACA for the average business

By Terry Barrett, CPA When Amazon announced it was looking for a second headquarters location (HQ2) that would create up to 50,000 high-paying jobs, cities and states pulled out all stops to put together THE package to lure them. What began as bids from 238 cities and regions from across 54 states

By Tamara Greear, CPA Statement on Auditing Standards No. 145 (SAS 145) , Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement , supersedes SAS 122, as amended, Section 315, of the same title, and amends various AU-C sections in AICPA Professional Standards

By Mike DellaRipa, CPA, MBA, CGMA A survey of 549 CEOs recently published in CFO magazine showed 72 percent expect a CFO who is strategic — meaning they understand how to drive performance and growth while knowledgeable of mergers & acquisitions, talent management, regulations, compliance and

By Louis P. Le Guyader, CPA Private reporting entities will release financial statements in 2022 that will report all leases “on balance sheet” for the first time. The FAQs provided in this document spotlight the aspects of ASC 842 that are most relevant for “private entities.” Background In years