News

The latest issue of Accrued Interest is now available. Inside you will find:

• Anne B. Hagen, CPA, appointed to the VBOA
• What firms need to know about recent Virginia Code changes
• Highlights from the board meeting held at Norfolk State University

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.

Reappointments

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:

• Details on the new CPA Exam
• New NASBA appointments and awards
• Highlights from the board meeting held at University of Virginia

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.

You can see the new expiration dates in the table below:

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.

 

Q&A

Who does this impact and how?

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.

If I want to reinstate an expired credit covered by this initiative, what do I need to do?

Nothing. If your credits are eligible, you will see those credits reflected in your NASBA candidate portal on or about Nov. 15.

When will my records be updated to reflect the extension?

On or about Nov. 15.

I already transferred to another jurisdiction which did not adopt the credit relief initiative. Can I transfer my credits back to Virginia?

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.

How does the VBOA’s credit relief differ from that of other boards?

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:

• All exam credits active as of Dec. 15 will have a lifespan of at least 30 months.
• Exam credits earned after Jan. 9, 2024, will have a lifespan of 30 months (2.5 years) that begins on the score release date.

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.

The latest issue of Accrued Interest is out now. Check it out for details on:

• Important dates for the CPA Exam transition
• The four Virginia winners of the prestigious Sells Award
• The well-attended March VBOA meeting at Hampton University

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 UAA Model Rules have no immediate effect on state board rules. As the membership organization of the 55 U.S. Boards of Accountancy, NASBA, through its Uniform Accountancy Act Committee, provides the Model Rules as recommendations to boards for adoption whereby uniform adoption is encouraged. As such, each individual board may consider the amendment to the Model Rule 5-7 and, if so choose, commence a process to change the rules at the state level. Current Exam candidates remain under existing rules until, if and when, the board to which they applied makes changes.