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CHARTING VIRGINIA’S BUSINESS FUTURE

Ensuring the Commonwealth has a strong, vibrant and competitive economy is a priority for the state’s businesses. In its Blueprint Virginia 2025, the Virginia Chamber of Commerce recommends action items new Virginia Gov. Ralph Northam can take to face Virginia’s economic challenges. The document updates the Chamber’s first Blueprint, released in 2013.

Recommendations are given in a variety of categories: workforce and education, business climate, transportation, health care, energy, technology, manufacturing, environment and military and veterans affairs.

Creating the blueprint was a year-long effort and involved more than 6,000 businesses around the state.

Some specific actions include:

• Create connections to jobs and business, like enhancing work-based learning opportunities, internships and apprenticeships. According to a Chamber survey, businesses cite maintaining a skilled workforce as their No. 1 issue.

• Grow target industries, such as information technology, transportation and logistics, high-growth manufacturing and business services and operations.

• Comprehensively review Virginia’s tax system.

• Focus on current and emerging technology sectors where

Virginia regions have competitive advantages. Continue to focus on opportunities in cybersecurity.

• Promote policies that help Virginia create a culture of entrepreneurship.

To read Blueprint Virginia 2025 in full, visit vachamber.com.

April is Financial Literacy Month

It’s time to celebrate financial literacy in Virginia! The VSCPA and citizens from across Virginia will focus on financial literacy throughout the month of April during the annual Virginia Financial Literacy Month, as proclaimed by Virginia Gov. Ralph Northam.

The award-winning Financial Fitness initiative is just one of the ways the VSCPA helps Virginia taxpayers increase their financial acumen. The VSCPA helps encourage wise money management during Financial Literacy Month through the Ask a CPA Email Program, media relations around the state and a social media campaign.

To volunteer for the Ask a CPA Email Program, contact VSCPA Public Affairs & Communications Director David Bass at dbass@vscpa.com or (804) 612-9440.

Testing: 1, 2 3

CPA Exam gets enhancements

Beginning in April, CPA Exam candidates will have an even more high-tech test-taking experience. New Exam software will have a modernized format, functionality and design. There are also enhanced, high-definition monitors at the Prometric testing sites. Larger screens allow test takers to have a bigger, separate workspace opposite the response areas. In addition, users will be able to use Microsoft Excel through the Exam. In other hot Exam news:

>> CPA candidates will be tested on the Tax Cuts and

Jobs Act — just not until Jan. 1, 2019.

>> The 2018 CPA Exam blueprints are now available for those planning to sit for the Exam prior to

July 1, 2018. New blueprints will become effective

July 1 for those planning to take the test after that date.

All Exam candidates can find out the latest news at aicpa.org/becomeacpa/cpaexam.html.

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5

Virginia’s ranking on Forbes magazine’s 2017 Best States for Business list, moving up one spot from last year but not reclaiming the title, which it held in previous years.

$76,260 The 2016 median household income in the highest-ranked state: New Hampshire.

$66,451

The 2016 median household income in Virginia (state rank: 14).

34

The number of VSCPA members ages 90 and older, as of Jan. 3, 2018.

5

The number people who have been a member of the VSCPA between 70 and 79 years.

$14.50 The average price a commuter paid on Dec. 4, 2017, the first day of tolling, to drive on Interstate 66 into and out of Washington, D.C., during rush hour.

$132,777 The total amount collected by the Virginia Department of Transportation from I-66 tolls on the day they opened.

Where’s the IRS money?

National Taxpayer Advocate Nina Olson sounded the alarm in her 2017 Annual Report to Congress that the U.S. Internal Revenue Services (IRS) needs more money now. Funding shortages have led to staffing and investigation cutbacks and leave the agency woefully unprepared to handle the changes from the new Tax Cuts and Jobs Act.

“In recent weeks, there has been considerable discussion about how the IRS has been beaten down by continuing funding cuts and about concerns the agency is stretched so thin it will not be able to properly implement tax reform,” Olson wrote. “I cede to no one in my advocacy for increased IRS funding. As the National Taxpayer Advocate, I see daily the consequences of reduced funding of the IRS and the choices made by the agency in the face of these funding constraints.”

The report details 21 serious problems facing taxpayers and offers 11 legislative recommendations. Find the full report at taxpayeradvocate.irs.gov.

VSCPA offers sexual harassment resources

Sexual assault and harassment are in the news more than ever with the rise of the #MeToo movement and the wave of allegations against famous and powerful people. While the issue of sexual harassment in the workplace is not new, the recent headlines are a good reminder to take stock of your own organization’s sexual harassment policies.

A well-planned policy can help you prevent harassment before it happens, support victims when it does and protect your organization in the event of an accusation. The VSCPA has created its Sexual Harassment Resource Center to collect resources and learning opportunities on the topic. Visit vscpa.com/ SexualHarassmentResources for more.