By Keiter CPAs
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.
“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.”
Source: Richmond Times-Dispatch
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