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The Virginia General Assembly passed legislation today to advance the date of conformity of Virginia’s tax code to the U.S. Internal Revenue Code from Dec. 31, 2019, to Dec. 31, 2020. We are thrilled to report that the emergency clause was added back, so conformity will go into effect as soon as it is signed by the governor. Virginia will conform to all U.S. Internal Revenue Code provisions through Dec. 31, 2020, including:
With respect to forgiven PPP loan and Rebuild Virginia grant expense deductibility, Virginia will allow a deduction of up to $100,000 for tax year 2020. Virginia will not conform to the following:
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MillerMusmar CPAs is an established accounting firm with offices in Reston, Virginia, and Manassas, Virginia. We have a twenty-five-year history of providing top quality auditing, tax, and accounting services to clients throughout the Washington Metropolitan area and internationally. By combining the expertise of a mid-sized firm with the personal attention, we are both large and small enough to deliver a responsive service to our clients. For more information, please visit our website at www.MillerMusmar.com.