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 [...]
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 [...]
Amount Paid for Psychotherapy Excludable From Settlement Income The Tax Court, in a summary opinion, held that an individual could not exclude from income half of the $55,000 in [...]
The AICPA has issued a proposed ethics interpretation to help CPAs understand to what extent they can assist clients with implementing new accounting standards. The proposal identifies certain items [...]
FASB has issued a proposed ASU addressing the accounting for investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale of those [...]
Nichols Tax Update Issue 21-36 Memo Provides Guidance on Partnership Election Revocation Requests The IRS Large Business and International Division and the IRS Small Business/Self-Employed Division have issued a [...]
Nichols Tax Update Issue 21-35 Fact Sheet Lays Out Information on Advance Child Tax Credit The IRS has issued a fact sheet (FS-2021-11) on how to use the advance [...]
This week on Accountable: Mental Wellness in the Workplace, with Nikissia Craig, LCSW, CCTP In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed [...]
This week's blog addresses part 2 of the IFR4NPO Consultation Paper. The second part of the paper focuses on NFP Specific Financial Reporting Issues. The project is looking for [...]
Nichols’ Tax Update Podcast: Issue 21-34 Aunt Entitled to Child Tax Credits, Dependency Deductions The Tax Court, in a summary opinion, held that an individual is entitled to dependency [...]
The AICPA is in the process of updating the CPA exam and is looking for CPAs to give them feedback as to whether their plan meets the needs of [...]
Did you have someone help guide your professional development? An experienced advisor can change a career, and a life, with their insight. SCACPA is seeking mentors to help guide [...]
To enhance our grassroots Advocacy effectiveness, we are building a community of members to develop and maintain relationships with South Carolina legislators. One of the major benefits of SCACPA [...]
Nichols’ Tax Update Podcast: Issue 21-33 IRS Offers Safe Harbor for Employers Using Retention Credit New IRS guidance will allow employers to exclude some items from their gross receipts to [...]
The AICPA has provided a Fraud Risk Framework document to help CPAs and their clients visual the types of fraud in 3 major sectors. The one pagers help put [...]
Nichols’ Tax Update Podcast- Issue 21-32 IRS Urges EIN Holders to Update Responsible Party Information The IRS, citing security issues, has urged (IR-2021-161) entities with employer identification numbers to [...]
This week on Accountable: Hiring During the Great Resignation, with TalentSource360 Managing Partner Corey Edmonds. In addition to being a SCACPA advisor on B&I topics, David Peters is an [...]
The AICPA has issued a TQA addressing questions about how for profit and nonprofit entities account for the new restaurant revitalization and shuttered venue grants that have been received [...]
Governmental Accounting Standards Board (GASB) issued a REVISED exposure draft regarding Notes to the Financial Statements. This is in preparation for a Concept Statement that helps determine what is [...]
Nichols Tax Update: Issue 21-30 Trending in this edition: IRS Launches New Tax Pro Account Feature The IRS has announced (IR-2021-154) the launch of its new Tax Pro Account, [...]
As part of our effort to help bring talented candidates into the CPA profession, each year SCACPA awards dozens of scholarships totaling tens of thousands of dollars to students [...]
GASB has issued a proposed Omnibus Exposure Draft. The ED addresses implementation issues for leases, PPP and SBITA as well as targeted accounting guidance. It also addresses the delay in [...]
Have you ever wanted to influence the topics that FASB covers in its standard setting? Well, now here's your chance. Today, Financial Accounting Standards Board (FASB) issued its Invitation [...]
EDUCATION UPDATE: YOUR VOICE MATTERS! We’ve added features to our CPE and learning tools to make it easier for you to give feedback and help us respond to your [...]
It's time to wrap up the second quarter of 2021. The quarter was pretty slow for issuances of final standards. In this blog, we'll give an executive overview of [...]
The AICPA and NASBA have issued information about the changes coming to the CPA exam. They have released the new model curriculum which provides insight into the 3 [...]
SCACPA held its Annual Membership Meeting on June 17 during the lunch break of the Variety Track of this year’s Spring Splash event. Ken Newhouse, Chair, presided over this [...]
