accounting and finance

Virginia’s Conformity to the Internal Revenue Code Advanced to Dec. 31, 2022

Under legislation enacted by the 2023 General Assembly, Virginia’s date of conformity to the Internal Revenue Code will advance from December 31, 2021 to December 31, 2022. Virginia is generally conforming to the Inflation Reduction Act of 2022 (IRA), and the Secure 2.0 provisions of the Consolidated Appropriations Act of 2023 (CAA). Also as a result of this legislation, the Qualified Educator Expenses Deduction and the Hardwood Management Practices Tax Credit (both passed in 2022) are effective immediately and may be claimed by qualifying taxpayers on their tax year 2022 income tax returns.

Tax Bulletin 23-1 provides more information.

View the Tax Bulletin

If you have additional questions, go to www.tax.virginia.gov, or contact us at 804.367.8031 for individual income tax questions and 804.367.8037 for business tax questions.

The Final Rule recently issued under the Corporate Transparency Act (“CTA”) represents a significant update to federal anti-money laundering laws and is estimated to affect millions of business entities by imposing new disclosure requirements on business owners. Here is a quick summary of the reporting requirements and a few tips to help you comply with these new requirements when they officially go into effect on January 1, 2024.

Provided by InUnison Expert, Perkins Law, PLLC

What is the CTA Final Rule?

On September 29, 2022, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued its Final Rule implementing the CTA’s requirements to report beneficial ownership information. The CTA itself became law in January 2021 and FinCEN issued a proposed rule in December 2021. The CTA’s primary purpose is to strengthen our nation’s anti-money laundering regime […]