‘General Assembly will stifle business if it does not pass conformity legislation’

‘General Assembly will stifle business if it does not pass conformity legislation’

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COVID-19 Business and Tax Impact

Keiter Managing Partner, Gary Wallace, featured in Richmond Times Dispatch tax policy article

Gary Wallace, CPA, managing partner, shared his insights on the importance of conforming Virginia tax law to the federal law as a way to support Virginia businesses and the economy during the challenges of COVID-19.

Excerpt

There still are underlying challenges to our economy as a result of the ongoing COVID-19 pandemic that we must face, namely that small and mid-sized businesses continue to struggle due to a slow economy.

That is why it is critical that such businesses be able to retain as much of their earned income as possible. Congress recently assisted by allowing businesses to deduct qualified expenditures related to Paycheck Protection Program (PPP) loan forgiveness. Historically, Virginia generally conformed to the IRS and federal tax rules other than in limited circumstances. However, in recent years, Virginia has not conformed to some provisions of the federal tax code.”

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Source: Richmond Times-Dispatch


About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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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.

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