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People also ask
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What can a state's IRC conformity date be used to determine?
Final answer: The conformity date determines state tax credits qualifications, whether recent changes to the Internal Revenue Code apply to state return, the basis for calculating state taxable income, and the deductions that can be claimed in the current year.
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What is the meaning of tax conformity?
However, “conformity” means federal tax changes can also affect state tax laws. States have conformed with the federal individual income tax code in various ways since the tax was introduced over a century ago.
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What is fixed conformity?
Fixed date conformity — state conforms to the Internal Revenue Code (IRC) as of a certain date; the conformity date is fixed until the state legislature adopts a new date.
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What is Virginia tax fixed date conformity?
What is the Fixed Date Conformity adjustment for Special Depreciation on the Virginia return? Virginia's date of conformity with the Internal Revenue Code (IRC) was advanced from December 31, 2020 to December 31, 2021, with limited exceptions.
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What is fixed date conformity on Virginia tax form?
Not all states conform to the changes in the federal tax laws. Fixed date conformity means that a state conforms to the federal tax code as it existed on a certain date.
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What is Virginia Form SLB 9?
Surplus Lines Brokers must deliver a "Notice to Insured" (Form SLB-9), stating that insurance is not placed with an admitted insurer and therefore is not protected under the Property and Casualty Insurance Guaranty Association.
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