Professional News

By Mark Dow, CPA, and Marianne Badurina, MBA As our country begins our “new normal” in the wake of the pandemic, accounting firms and companies must reinvent themselves to match new employee expectations that were reshaped during the lockdown. Potential employees are looking to work for

By Karen Helderman, CPA Integrity is synonymous with honesty, reliability and honor. C.S. Lewis summed up the definition of integrity best in his famous quote, “Integrity is doing the right thing, even when no one is watching.” As CPAs, we know the public is always watching and expects us to act

By J. Stephen McNally, CPA, CMA In all likelihood, I’m guessing your CEO and board usually set financial targets that call for significant sales growth – perhaps even when the core product line has been in decline for years. You and your finance team are expected to deliver this growth while also

With the Virginia General Assembly convening Jan. 12, 2022, it's "go time" for the race to tax conformity in the Commonwealth. The VSCPA supports all bills now filed for conformity, with a strong position that rolling conformity is best for Virginia . Here are the current bills we're supporting and

By Philip Karter, JD, LLM, and Kevin F. Sweeney, JD Changes to the nation’s tax system are on the horizon, and one of the biggest impacts will likely be a reinvigorated, well-funded IRS. And a well-funded IRS certainly means an increase in IRS audits. Businesses and high-income individuals would be

By David Peters, CPA It has often been said that you never get a second chance to make a first impression. While no one is quite sure where this quote comes from (some say Oscar Wilde, others say Will Rogers), most everyone seems to agree it is true. While clients and business partners might not

A variety of legislation was passed by the Virginia General Assembly this year. The below items all went into effect on July 1, 2021, unless otherwise noted. For a full report on all the changes, as this list is not all-inclusive, read the “2021 Legislative Summary” (PDF) from the Virginia

By Randy Johnston Hiring independent contractors can make a lot of sense in business. Contractors often bring a different level of expertise to certain projects, and they’re typically a more affordable alternative to full-time employees. They don’t require all the same forms of compensation as

By Art Auerbach, CPA, CGMA Classifying workers as either employees or independent contractors is important. The correct worker categorization has a profound impact on businesses because it affects not only how workers are paid, but how the government gets paid. Because of the latter reason, this is

By Anthony O. Otaigbe, CPA Unfortunately, the Financial Accounting Standards Board (FASB) Accounting Standards Codification is virtually mum about contracts between government agencies and for-profit entities. According to subpart F part 200 of the Office of Management and Budget (OMB) Uniform