2010 Virginia Super CPAs
Society votes for top professionals, joins fight against new tax requirement
- October 28, 2010
2009 Super CPAs
2008 Super CPAs
The Virginia Society of Certified Public Accountants has voted for the latest group of Super CPAs at a time when its profession is lobbying Congress to change a potentially burdensome tax-reporting requirement.
This is the ninth year that Virginia Business has recognized outstanding CPAs in collaboration with the 9,000-member VSCPA. Nearly 440 society members nominated 1,139 CPAs in 12 professional categories. From that group, 288, about 25 percent, made the Super CPA list.
The list is broken down by category on the following pages, along with brief profiles of representatives from each specialty. The profile subjects are not necessarily the top vote getters in each category but are among the top 10. CPAs who have been featured in recent years were not considered for this year’s profiles.
Meanwhile, the VSCPA has joined the American Institute of Certified Public Accountants and more than 500 state and national associations in warning lawmakers that the new tax-reporting requirement will be costly, especially for small businesses.
Under a provision in the Patient Protection and Affordable Care Act, businesses would have to inform the IRS of any purchases worth more than $600 from a vendor during a calendar year. A company would have to send a form 1099-MISC to the IRS reporting its purchases and a form 1099 to each vendor. The requirement would be effective for any purchases made in 2012 that would be reported on tax forms filed in 2013.
The purpose of the provision is to reduce the “tax gap” caused by unreported transactions. Its critics argue that requirement is a costly paperwork exercise that will do little to stop tax dodgers.
“The American Institute of CPAs believes that the information supplied on 1099s would not truly help the IRS collect unpaid taxes from vendors because it will be difficult to reconcile payments reported on the forms with income reported by vendors,” Bradford R. Jones writes in a column on the subject posted on http://www.VirginiaBusiness.com Jones., a partner in the firm PBGH LLP in Fredericksburg, is chair of the VSCPA board of directors.
An amendment proposed in the Senate to the Small Business Job Act would have repealed the tax-reporting requirement. The change, however, was not included in the final bill, which was approved in September.
Nonetheless, the efforts of CPAs appear to be gaining the attention of the Obama administration. Treasury Secretary Timothy Geithner and Health and Human Services Secretary Kathleen Sibelius sent a letter to Senate leaders urging them to modify but not repeal the 1099 requirement.
In addition to lobbying Congress on the tax-reporting provision, the CPA profession has been active on the national and state level in promoting financial literacy. Last year, the Virginia Board of Education approved a one-credit course in economics and personal finance as a requirement for high school graduation.
During the 2010 General Assembly session, VSCPA successfully lobbied against two bills that it says threatened that requirement. Many schools are beginning to implement the course despite a one-year delay in all new graduation requirements.
Following are the Super CPAs winners and selected profiles listed by category.
All those appearing on the Super CPA list were licensed certified public accountants in Virginia as of July 1.