General Assembly Tackles Tax Issues

Posted on 05.11.17

General Assembly Tackles Tax Issues

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.

Posted by: Terry Barrett, CPA

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. You can read more of Terry’s state and local tax insights here.