This week on Accountable: How You Can Leverage Today's Virtual Environment for Your Firm, with Chris Hervochon, CPA, CVA In addition to being a SCACPA advisor on B&I topics, [...]
Nichols' Tax Update, Issue 21-42 Extension Granted to File Election After Ownership Change The IRS granted a taxpayer an extension to file a closing-of-the-books election after an ownership change. [...]
The long awaited changes by the AICPA to Risk Assessment have been issued. SAS 145, which will be effective in 2023, updates several definitions and provides clarity on areas that had [...]
The AICPA has issued a proposal to update key terminology and certain ethics interpretations to better align with changes made by the SEC. The AICPA issued a temporary enforcement [...]
Governmental Accounting Standards Board (GASB) has issued GASB Statement 98 renaming the Comprehensive Annual Report to the Annual Comprehensive Financial Report. The standard eliminates an unintended consequence when the acronym [...]
Nichols' Tax Update, Issue 21-41 Economic Nexus . . . Remote Seller in South Carolina At ‘Press time” only three states, Alaska, Montana, and Oregon had NOT enacted some [...]
The AICPA has issued a proposal to make updates to the Peer Review standards. The changes are primarily formatting to make the standards more user friendly. There are a [...]
SEE WHAT’S HAPPENING IN YOUR ASSOCIATION: WHAT IS CPA EVOLUTION AND HOW DOES IT AFFECT YOU? Join SCACPA CEO Chris Jenkins & Tim Baker from the University of [...]
Each year businesses, organizations, and even government entities are required by state law to report unclaimed property to the State Treasurer’s Office by Nov 1. Whether your clients ask [...]
Nichols Tax Update 21-40 IRS Announces Extension of Replacement Period for Sold Livestock The IRS has announced (IR-2021-193) that farmers and ranchers who previously were forced to sell livestock [...]
This week's GLS blog addresses the final standards that were issued by the AICPA, FASB and GASB in the third quarter of 2021. While it was a light quarter [...]
The following content is brought to you by the SCDOR: The South Carolina Department of Revenue (SCDOR) announces several updates to its Withholding process that will greatly benefit tax [...]
Divorce-Related Property Transfers Are Tax Free The IRS ruled that an annuity payment arrangement includes nontaxable transfers between former spouses that are incident to divorce under section 1041 and [...]
The AICPA's Professional Ethics Executive Committee (PEEC) has issued a proposal to revise the rules around unpaid fees. The current rules use a one year period with no considerations [...]