SEE WHAT’S HAPPENING IN YOUR ASSOCIATION: DO YOU HAVE A RECENTLY LICENSED CPA AT YOUR COMPANY? Returning to tradition, SCACPA and the SC Board of Accountancy will recognize [...]
SCACPA participated in the recent meeting of the SC Board of Accountancy on October 26. During the meeting, members of the SC Board of Accountancy and SCACPA CEO Chris [...]
Today Financial Accounting Standards Board (FASB) issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. It addresses how to account for contract assets recognized [...]
The Financial Accounting Standards Board (FASB) has issued another private company alternative, ASU 2021-07, Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards. This is a [...]
Nichols’ Tax Update, Issue 21-43 IRS Announces New FAQ Process With Penalty Protection The IRS plans on releasing significant FAQs on new tax statutes in fact sheets and promises [...]
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 [...]
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 [...]
SCACPA announces the launch of its Video Archive as part of its new CPA Resources Center. Have you ever wanted to hit "rewind" on a technology session or suffered [...]
SCACPA is working with the AICPA to recruit CPAs from all areas of the profession to be a part of a critical phase of CPA Exam practice analysis research. [...]
The DOL Employee Benefit Security Administration (EBSA) Office of the Chief Accountant (OCA) is planning to conduct a study to assess the quality of audit work performed by independent [...]
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 [...]
The Department of Labor, Licensing and Regulation (LLR) is seeking members for several of its boards. There is a strong interest from the Governor to have CPAs fill 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 [...]