Professional News

The VSCPA believes adopting rolling conformity would provide Virginia taxpayers better ability to plan for and prepare their Virginia taxes, as well as allow for more timely updates to tax preparation software and offer potential administrative cost savings to the Commonwealth. With that in mind

Protect your firm with clear and effective engagement and disengagement letters. By Suzanne M. Holl, CPA Engagement and disengagement letters are two of the fundamental building blocks of effective CPA risk management. Along with client screening and ongoing documentation practices, engagement and

By Gary Dittmer, CPA, CMA, CGMA The Debt Limit The U.S. House and Senate passed legislation prior to their August recess, which was signed by President Donald Trump, that suspends the debt limit and sets spending levels for the next two years. The debt limitation was established by the Second

By Tom Visotsky, CPA T he U.S. Federal Reserve estimated that Americans had a n et w orth of $108 t rillion (T) as of Sept. 30, 2018 ( $1 24 T in assets, offset by $16T in liabi lities ). How d oes this compare to our federal government ’s n et w orth? The answer is sobering. HISTORY OF U . S

A VSCPA member finds 199A to be a complicated solution to reduce income taxes on certain taxpayers. By Gary Dittmer, CPA The Tax Cuts and Jobs Act of 2017 created Internal Revenue Code Section 199A , which represents Congressional intent to reduce income taxes on trade or business income from

By Yanhua Bai and John Brozovsky, Ph.D. Database security breaches have caused a huge amount of damage to companies across the United States. As companies rely more and more on the Internet to conduct business, company data is more and more susceptible to hackers. It is crucial for every company to

By Chip Knighton Many businesses, particularly those in the embryonic stage, could use intensive, forward-thinking financial or technology help. In other words, they need a C-suite executive. But in many cases, they can’t afford to pay C-suite money every year. That’s where some CPAs, like Chris

Google next-generation CFO and you’ll find 50-odd articles, whitepapers, and blogs on the evolving role of the chief financial officer. But, there’s a nuance the headlines miss: it’s not just the next generation’s role that is evolving, it’s the now generation’s role, as well. The now-gen CFO can’t

By Abi Joshi, CPA Tax Director, PricewaterhouseCoopers, McLean Without any doubt, it is fair to say that Sovereign Wealth Funds (SWF) play a vital role in the generation of wealth, employment, value creation and overall sustainability of a global economy. SWFs are investment arms of any sovereign

The U.S. Internal Revenue Service (IRS) has issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2019, the standard mileage rates will be 58 cents per mile driven for