At its Dec. 5 meeting, the Virginia Board of Accountancy approved a letter written in response to the two exposure drafts issued this year by the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA):
You can download and read the letter from the board here.
Governor Glenn Youngkin appointed Guy A. Davis, CPA, CIRA, CFE, CDBV, of Henrico, Virginia, to the Virginia Board of Accountancy effective Nov. 1, 2024.
A practicing CPA in Virginia for over 30 years, Davis specializes in corporate restructuring, bankruptcy litigation, financial damages, business valuation, and corporate transactions. As senior managing director at FTI Consulting, a global leader in restructuring and dispute resolution services, he leads the firm’s Bankruptcy Litigation Practice.
Davis started his career as a financial analyst in the oil and consumer products industries. In 1989, he joined C.W. Amos & Company, a Maryland-based accounting firm where he assisted in the startup of a management advisory services practice. In 1996, he co-founded Penta Advisory Services, a boutique restructuring and litigation consulting firm that ultimately merged with Navigant Consulting, Inc. After five years at Navigant, he was hired as a managing director at Protiviti where he worked for 17 years as the co-leader of the firm’s Litigation and Restructuring Services practice.
Davis has represented plaintiffs and defendants in some of the country’s largest insolvency-related disputes including K-Mart Corporation, Nine West Holdings, Inc., Sears Holding Corp. and Purdue Pharma LP. He provided operations management services, conducted fraud investigations, asset liquidations, and debt restructurings, and served as an expert witness in a variety of asset recovery and other litigation matters.
Davis is a graduate of the E. Claiborne Robins School of Business at the University of Richmond and earned his master’s degree in business administration from Loyola College in Baltimore.
Davis is finishing the second term for William R. Brown, CPA, MBA, on the board, which will expire June 30, 2025. His first meeting will be Dec. 5.
The latest issue of Accrued Interest is now available. Inside you will find:
Accrued Interest is published twice yearly in the winter and summer and is one of our primary sources for communicating to accounting professionals including individual licensees, firms and CPA exam candidates.
Share any questions or content ideas with Kelli Yoder, the Virginia Board of Accountancy communications coordinator: kelli.yoder@boa.virginia.gov or (804) 367-1586.
You can find all of the VBOA’s previous newsletters here >>.
Governor Glenn Youngkin appointed Anne B. Hagen, CPA, MBA, CGMA, of Moseley, Virginia, to the Virginia Board of Accountancy effective July 1, 2024.
A lifelong Virginian, Hagen brings over four decades of experience serving in a variety of leadership positions. A foundation in internal and external audit provided exposure and opportunities to learn diverse aspects of businesses. Her career of progressive leadership and networking culminated as chief financial officer and chief executive officer of a statewide continuing care retirement community, the Masonic Home of Virginia, and chairing the Virginia Society of CPAs’ board of directors.
She has shared her time and talents with the community as a speaker as well as serving on many committees and boards throughout her career, which today includes the VT Accounting and Information Systems Advisory Board.
This appointment is just further evidence of her passion for promoting and preserving this respected and valued profession for those seeking a professionally and personally rewarding career. She is passionate about the CPA profession, writing articles and speaking to groups and individuals to encourage this rich career path.
Recently retired, Hagen enjoys spending more leisure time reading, cooking, biking, and enjoying her family and friends especially on Lake Gaston. She has four sons, two of whom are CPAs, and four grandchildren.
Hagen is a graduate of Virginia Tech. She recently completed her master’s degree in business administration from Longwood University. She is a member of the American Institute of CPAs and Virginia Society of CPAs.
Hagen replaces Laurie Warwick on the board and her first term will expire June 30, 2028. Her first meeting will be Aug. 29.
Governor Youngkin also reappointed Wendy P. Lewis and Dale G. Mullen to the board effective July 1, 2023.
Lewis is an office managing partner in KPMG’s Audit Practice. She was just re-elected for a second year as chair of the VBOA. Her second and final term will expire June 30, 2028.
As a partner at the law firm Whiteford, Taylor & Preston, LLP, Mullen co-chairs the Business and Corporate Law section. He is the board’s public member and his second and final term will expire June 30, 2028.
The 2024 VBOA CPA license renewal season ended June 30.
If you missed the deadline, your license is now expired. To reinstate an individual license, you must demonstrate proof of 120 CPE hours and pay the $350 reinstatement fee. When your license is expired, you may not use the CPA title or provide attest or compilation services until your license has been reinstated and is shown as “Active” on the VBOA Licensee Search.
Please contact us by email at boa@boa.virginia.gov or by phone at (804) 367-8505 with any questions regarding renewals.
The latest issue of Accrued Interest is out now—featuring a brand new look. Inside you will find:
Accrued Interest is published twice yearly in the winter and summer and is one of our primary sources for communicating to accounting professionals including individual licensees, firms and CPA exam candidates.
Share any questions or content ideas with Kelli Yoder, the Virginia Board of Accountancy communications coordinator: kelli.yoder@boa.virginia.gov or (804) 367-1586 .
You can find all of the VBOA’s previous newsletters here >>.
The federal government’s Beneficial Ownership Information Reporting Rule went into effect on Jan. 1, 2024. It requires most entities to report information on their beneficial owners to FinCEN under the Corporate Transparency Act (CTA).
CPAs can find FAQs from the AICPA: BOI Reporting Services and Other Practice Concerns.
See more on FinCEN’s website including these FAQs.
Expanding on NASBA’s Credit Relief Initiative (CRI), the Virginia Board of Accountancy approved credit relief for those who had a credit that expired or will expire between January of 2020 and Nov. 30, 2023, and were not replaced with a new passing score.
The board also voted that there will be no refunds issued of any past payments or unused testing documents.
| Month and year credits earned | Original expiration date | New expiration with VBOA credit relief |
| July ‘18 – Dec. ‘18 | Jan. ‘20 – June ‘20 | 6/30/2025 |
| Jan. ‘19 – Dec. ‘19 | July ‘20 – June ‘21 | 6/30/2025 |
| Jan. ‘20 – Dec. ‘20 | July ‘21 – June ‘22 | 6/30/2025 |
| Jan. ‘21 – Oct. ‘21 | July ‘22 – April ‘23 | 6/30/2025 |
| Nov. ‘21 – May ‘22* | May ‘23 – Nov. ‘23 | 6/30/2025 |
*Expiration dates for credits earned after May 2022 and benefiting from the VBOA 30-month credit extension can be found here.
This initiative impacts anyone who earned a credit between July 1, 2018, and May 31, 2022. Those credits will now expire June 30, 2025. If the credits were already expired, they will first be reinstated.
Nothing. If your credits are eligible, you will see those credits reflected in your NASBA candidate portal on or about Nov. 15.
On or about Nov. 15.
Boards do not transfer or accept expired credits. You are subject to the rules and requirements of the board you are currently a candidate of.
The NASBA recommendation left a gap, only reinstating credits earned Jan. 1, 2020, through May 11, 2023. The VBOA voted to also include people with credits that have expired or will expire between May 12, 2023, and Nov. 30, 2023, bridging this initiative with the 30-month credit extension. Some boards haven’t passed any credit relief, while other boards are accepting extensions on a case-by-case basis. The VBOA is reinstating these credits all at the same time. The VBOA will not offer refunds of any past payments or unused testing documents.
During its Aug. 29 meeting, the VBOA approved that:
Please note: Candidates will not see their new expiration date reflected in their NASBA Candidate Portal until the new exam is implemented in January of 2024.
The board voted to suspend the fees associated with processing re-exam requests during the transition to the new version of the CPA exam known as CPA Evolution.
The suspension began Sept. 1 and will last until at least March 31, 2024, at which time the fee will be revisited.*
The re-exam fees were $20 for each application (sometimes called a “payment coupon request”) scheduled after the initial exam application.
*The fee suspension has been extended and will now be revisited Jan. 1, 2025.
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