2018 VSCPA Survey: Central Virginia

Published October 27, 2017 by Veronica Garabelli

Stephen Kimberlin
Senior tax manager, CPA
Dixon Hughes Goodman LLP
Richmond

How would you describe the economic climate in your part of the state?

The economic climate is positive. When I started practicing in 2008, most of my clients were not reporting positive earnings. Today, while my clients have concerns, things have turned around and they are generally showing positive growth and earnings.

What is your region doing well to retain/attract businesses?
We have a very competitive tax environment. I met recently with a potential client that is considering the Richmond area and a location out of Virginia. One of their biggest concerns was state and local tax compliance requirements and tax rates. Our tax compliance requirements from the state level down to the county level are fairly simple. The particular county they are considering has a favorable local tax structure for their industry. Those factors are attractive to businesses and have put Central Virginia in a position to land new opportunities.

What’s the biggest impediment to doing business in the area?
While our area is growing, I would say that the size of Richmond is a small impediment. Some companies are concerned that they will not have enough talent to support their businesses. However, I would challenge that sentiment by pointing out the numerous surveys noting that Richmond is attracting new residents and the growth of area colleges increases the pool of available talent.

What major economic development project in your region are you most excited about?

I have been interested in craft beers for a while, and it is exciting to see the local breweries experience success and have the ability to expand their operations. We have seen a couple of development projects that have brought/expanded brewery operations in Richmond and other projects that have expanded the reach of Richmond breweries to other markets within Virginia.

What is the No. 1 item on your tax reform wish list?

Certainty for what will happen and when it will happen. I spend most of my time in the tax planning area. It would be helpful for me to have some concrete ideas of what is going to happen. My clients could also plan and run their business more effectively if they knew what to plan for.

Photo by Rick DeBerry