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We are delighted to share Terry Barrett’s feature article in the May/June 2017 issue of VSCPA‘s Disclosures Magazine, “General Assembly Tackles Tax Issues.” This includes updates to sales and use taxes, tax credits, tax penalties and more.
Excerpt:
The 2017 Virginia General Assembly Session adjourned in late February after considering many tax-related bills. Following is a summary of some of the approved tax law changes that may be of interest to Virginia taxpayers, and which impact both business and individual filings:
Conformity To IRC: Tax Compliance Simplified
Virginia advanced its fixed-date conformity to the U.S. Internal Revenue Code (IRC) to Dec. 31, 2016. This means that, with limited exceptions, Virginia follows the federal rules, thereby making compliance a little easier…
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Questions on this topic? Contact your Keiter representative or our State and Local Tax team | 804.747.0000 | Email.
Additional Sales and Use Tax Resources:
Canned Software: Sales and Use Tax Savings in Virginia
Virginia Ruling on Inventory in Amazon Fulfillment Centers
Sales Tax – New Rules on the Horizon?
Sales and Use Tax Rules Facing Potential Changes
State Efforts to Collect Sales Use Tax
Potential Sales Use Tax Changes Impact on Virginia Businesses
Supreme Court Rules Against Wayfair; States May Require Online Sales Tax Collection
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.
About the Author
Terry Barrett specializes in state and local tax concerns for her clients. She has over 30 years of experience working in the public and private accounting sector. She is a graduate of Virginia Commonwealth University.
