ADVOCACY

Debit card repeal highlights successful session

The 2015 Virginia General Assembly Session adjourned with nearly unprecedented quickness, and that effi ciency was refl ected in the way the VSCPA’s top issues were handled. Th e Society accomplished all of its top legislative priorities for 2014. Read on for the latest updates on the legislation the VSCPA fought to protect.

DEBIT CARD REPEAL

Th e VSCPA supported two bills that reinstated the paper check option for Virginia individual income tax refunds. Previously, taxpayers could only get their refund by direct deposit or using a prepaid debit card.

Th e issue has been resolved, as SB 701 and HB 1286 moved quickly through the Assembly. Gov. Terry McAuliff e signed the bills into law on March 10 and March 17, respectively.

BOARD OF ACCOUNTANCY TECHNICAL UPDATES

Th e VSCPA also supported SB 1125, which made technical updates to the Virginia accounting statutes related to the new fi nancial statement preparation service under the American Institute of CPAs’ (AICPA) Statements on Standards for Accounting and Review Services (SSARS). Th e bill also clarifi ed requirements for out-of-state CPA fi rms practicing in Virginia. Gov. McAuliff e signed it into law March 17.

TAX CONFORMITY

Heading into session, it was up in the air whether or not conformity would even come into play in 2015. But aft er Congress passed tax extenders legislation, it was necessary for Virginia to conform with the U.S. Internal Revenue Code (IRC) with regard to those extenders.

Two bills were draft ed to address the issue: HB 1727 and SB 1044 (introduced by VSCPA member Sen. Walter Stosch, CPA, in his fi nal session before retirement). Both bills passed with little opposition, and Gov. McAuliff e signed them into law Feb. 13 and Feb. 16, respectively. Because each bill contained an emergency clause, conformity took eff ect upon McAuliff e’s approval.

Brad Nicklin, CPA, right, met with Del. Tag Greason (R-Ashburn) during 2015 CPA Assembly Day in Richmond on Jao. 20. Dozens of VSCPA members and staff met with legislators to discuss issues important to the CPA profession and taxpayers.

FINANCIAL LITERACY GRADUATION REQUIREMENT

As detailed in the March/April issue of Disclosures, shepherding Virginia’s one-credit economics and fi nancial literacy high school graduation requirement into eff ect was no simple task. Keeping it in place hasn’t been a slam dunk, either, but the VSCPA was again successful in protecting the requirement from various bills that would have weakened it.

Th ree House bills — HB 1619, 1627 and 2088 — would have had detrimental eff ects on the fi nancial literacy graduation requirement. None of those bills made it out of committee, keeping the requirement in place as the fi rst graduating class aff ected prepares to graduate. We’ll continue our vigilance in protecting this vital tool for Virginia’s economic future.

Did you know? All VSCPA positions and advocacy efforts are online. Check out the Advocacy section at vscpa.com. n