Accountable Blog: Remote Work & Expiring COVID Restrictions
Submitted by David Peters, CPA, David Peters Financial Group As COVID restrictions are starting to come to an end, many companies are making decisions around whether to continue to [...]
Genuine Learning Blog: Use of a Service Provider in the Confirmation Process
The PCAOB has issued a staff spotlight looking at some auditor considerations when using a service provider in the confirmation process. It encourages auditors to evaluate whether they have [...]
SCACPA Legislative Alert: S.812 Updates to the CPA Practice Act
With SCACPA member support and the efforts of volunteer leaders, South Carolina CPAs scored a major victory at the State House. On Thursday, May 5, the South Carolina House [...]
Genuine Learning Blog: FASB ED: Reference Rate Reform
FASB has issued a proposal to amend the sunset provision in ASU 2020-04 due to the extension of LIBOR into 2024. In addition, it has proposed to expand the [...]
Genuine Learning Blog: OMB Updates Compliance Requirements
OMB has updated the 2021 Compliance Supplement for two programs - Provider Relief Funds and Coronavirus State and Local Fiscal Recovery Funds. DHHS can removed the special test & [...]
Genuine Learning Blog: Exposure Draft: AU-C 600 & Group Audits
The AICPA has proposed significant changes to AU-C 600 and the requirements of a group audit. Some changes are definitional, but the new standard also includes a more risk-based [...]
From SCDOR: What to Do If Your Client Can’t Afford to Pay Their Taxes
Submitted by the South Carolina Department of Revenue If your clients have a tax bill and are worried they can't pay, the SCDOR wants them to know they have [...]
Genuine Learning Blog: Executive Order on Digital Assets
On March 9th, President Biden issued an executive order encouraging the federal government to research and respond to the use of digital assets including cryptocurrency. It goes so far [...]
SCDOR Revenue Ruling 22-x: Employer Wage Withholding Requirements
Yesterday, the South Carolina Department of Revenue Policy Division released a public draft of Revenue Ruling 22-x: Employer Wage Withholding Requirements. According to the SCDOR, the purpose of this [...]
Genuine Learning Blog: SEC Proposes ESG Reporting
The SEC has proposed new environmental, social and governance (ESG) reporting and disclosure requirements for public companies. For larger companies, it would also include an attestation requirement regarding greenhouse [...]
Genuine Learning Blog: CPA Exam Transition
As NASBA gets ready to transition the CPA exam to its new format, current students were eager to know what happens if a part they passed changes and how [...]
SCDOR Has Tax Tips for Many of Your Clients
Submitted by South Carolina Department of Revenue No matter who your clients are, the South Carolina Department of Revenue (SCDOR) has tax tips to help guide taxpayers wherever they [...]
SCATE Card: What You Need to Know
Submitted by the South Carolina Department of Revenue If you have clients who buy or sell exempt agricultural products, learn more about the SCATE card. In February, the South [...]
SCACPA COO/CFO Appointed to First Steps Board of Trustees
SCACPA COO/CFO Jacque Curtin, CPA, CGMA, was recently appointed to the Board of Trustees for the South Carolina First Steps to School Readiness. Senator Thomas Alexander, President of the [...]
SCACPA Advocates for Businesses and Practitioners on Schedules K-2, K-3
The AICPA, SCACPA, and 51 other state CPA societies sent a letter to Assistant Treasury Secretary Lily Batchelder and IRS Commissioner Charles Rettig regarding widespread concerns on the Schedules [...]
Genuine Learning Blog: New Tools for Auditing Provider Relief Funds
The AICPA's Government Audit Quality Center has released 4 tools that can help auditors make sense of auditing provider relief funds. It addresses the unique HHS audit requirements as [...]
Claiming the Federal Research and Development Tax Credit? Don’t Overlook the State Opportunity
Submitted by Margaret Krajcer, JD, vice president and general counsel of Tax Credits Group. TCG is a Cleveland-based firm specializing in federal and state R&D tax credits and the [...]
This week on Accountable, How Remote Work is Affecting Taxation, with Frances Ellington, CPA
This week on Accountable, How Remote Work is Affecting Taxation, with Frances Ellington, CPA In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed [...]
Genuine Learning Blog: Yellow Book Report Updates
While much of the focus of the implementation of SAS 134-140 have been on the financial statement report and the Single Audit report, it is important to note that [...]
Tax season is in full swing! Here are some helpful reminders for tax professionals.
Submitted by the SC Department of Revenue If your work as a tax professional involves helping clients file Individual Income Tax returns, you’re probably finding that each day is [...]
Genuine Learning Blog: Accounting for Vaccines
The AICPA's Healthcare Expert Panel has issued a Technical Q&A regarding the accounting for vaccines that were provided during the pandemic. The guidance applies to nonprofits and for-profit entities. [...]
AICPA Auditing Standards Board Responds to SCACPA Comments
During 2021, the AICPA’s Auditing Standards Board invited comments on its exposure draft, Proposed Quality Management Standards. According to an AICPA press release (February 2021), “the standards offer a [...]
Genuine Learning Blog: Proposed Changes to AU-C 935
The AICPA has issued an exposure draft addressing AU-C 935, Compliance Audits. This section is used when performing Single Audits. The appendix references were in need of an update [...]
DYK: CPAs Can File BPP Taxes Using MyDORWAY?
Submitted by the South Carolina Department of Revenue Did you know that during the month of January, the SCDOR distributes approximately 70% of its Business Personal Property (BPP) filing [...]
Genuine Learning Blog: Chapter 7, Presentation
FASB has issued a new Chapter to the Concepts Statements focusing on Presentation. Presentation includes how the elements are presented as totals and subtotals on the face of the [...]
This week on Accountable, Is Remote Work Here to Stay? with Clare Levison, CPA
This week on Accountable, Is Remote Work Here to Stay? with Clare Levison, CPA In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed [...]
Genuine Learning Blog: Proposed ASU – Disclosure of Supplier Finance Program Obligations
FASB has issued an exposure draft which would require additional disclosure about supplier financing arrangements sometimes referred to as reverse factoring. These disclosures would provide users with information about [...]
Accountable Blog: Managing Insurance Renewals
The end of the year is a busy time for CFOs and Controllers. In addition to finishing up their CPE requirements for the year, those working in industry are [...]
Genuine Learning Blog: Chapter 4, Conceptual Framework: Elements
The FASB has issued an update to the definition of key elements in the Concept Statements. The definitions of an asset, liability, revenue and expenses have all received an [...]
Label Doesn’t Determine Rental Self-Employment Tax Exclusion and 4 more topics! Nichols’ Tax Update, Issue 22-1
Nichols' Tax Update, Issue 22-1 Label Doesn’t Determine Rental Self-Employment Tax Exclusion In a legal memorandum, the IRS concluded that the definition of rental activity from section 469 doesn’t [...]