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.
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…
Additional Sales and Use Tax Resources:
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.