SCDOR Releases 2020 Tax Legislative Update
The SCDOR’s Information Letter 20-19 is a six-page summary of significant changes in South Carolina’s tax and regulatory laws enacted as of May 2020. It was released Thursday, July [...]
Galasso Learning Solutions: Second Quarter 2020 In Review
Let’s review the standards issued and proposed by GASB, FASB and the AICPA during 2020’s second quarter. While it was a slower quarter, GASB finalized quite a few final [...]
DOR Extends Tax Relief Until Oct. 15 for Persons, Businesses Affected by April’s Severe Weather
The SCDOR and IRS are offering tax relief for victims of the April 2020 tornadoes, severe storms and flooding that impacted nine South Carolina counties, it was announced Friday, [...]
All Through June, SCACPA Has More Than 65 Hours of Livestream CPE for B&I, Government, Nonprofit, Ethics and More
Note: For your convenience, you can download a PDF with SCACPA's entire month of June CPE itinerary, complete with course information and links to register for the courses here. [...]
View From the Dome: $1.2B in Federal CARES Act Funding is Authorized
By Copper Dome Strategies Friday, June 26, 2020 The General Assembly returned to Columbia and adopted a plan to appropriate the federal CARES Act funds. Results have been tabulated [...]
Galasso Learning Solutions: OMB Allows Some Coronavirus-Related Flexibilities to Expire
The Office of Management and Budget has issued an updated memo addressing coronavirus-related flexibilities provided under prior OMB Memos. Many of the flexibilities offered in the earlier memos have [...]
Galasso Learning Solutions: AICPA-Issued Technical Q&A for CARES Act Accounting
The AICPA has issued a Technical Q&A to provide guidance on how nongovernmental entities should account for monies received under the CARES Act. The Q&A addresses questions related to [...]
Three Bauknight Pietras & Stormer CPAs Share Their ‘How I Work – From Home’ Stories With SCACPA
Longtime SCACPA members know that a regular feature of the Association’s quarterly magazine is “How I Work.” In every issue of South Carolina CPA Report, we strive to showcase [...]
View From the Dome: Senate Finance Committee’s Plan for CARES Act Funds Includes $500M for Unemployment Trust Fund
By Copper Dome Strategies Friday, June 19, 2020 The Senate Finance Committee met and adopted a plan to appropriate the federal CARES Act funds. House and Senate committees met to [...]
#WhyCPA? Because CPA is the Gold Standard
Isn’t it funny that three little letters make all the difference when it comes to describing who you are and what you do? Those three letters—CPA—are an indicator that [...]
Are You Up to Date on COVID-Related Auditing Delays? Here’s a Recap
We can understand if you feel overwhelmed by the rapid rate of adjustments and delays to standards over the past few months. That’s why SCACPA thanks Galasso Learning Solutions [...]
Galasso Learning Solutions: GASB Proposes Application Guidance on CARES Act
GASB has issued an exposure draft, “Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and Coronavirus Diseases,” to [...]
View From the Dome: Gov. McMaster Recommends Disbursal of $1.9B Coronavirus Relief Fund in Two Phases
By Copper Dome Strategies Friday, June 12, 2020 Primary elections occurred this past Tuesday. Gov. Henry McMaster provided his recommendations to the General Assembly this week for the expenditure [...]
Results and Headlines from the South Carolina June 9 Primary Elections
Here are the results and some context for South Carolina's Primary Elections on June 9, courtesy of Copper Dome Strategies: Federal Races U.S. Senator Lindsey Graham easily defeats his [...]
Galasso Learning Solutions: SAS 141 and COVID-related delays
Amendment to the Effective Date of SAS Nos. 134 Through 140. Issued in May 2020, but it did not go through the Exposure Draft process. What questions do you [...]
Galasso Learning Solutions: ASU 2020-05 and COVID-related delays
Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities Issued June 2020 What questions do you have? Send your questions to melisa@galassolearningsolutions.com [...]
Galasso Learning Solutions: Revisions to the Uniform Accountancy Act’s Model Rules
The National Association of State Boards of Accountancy (NASBA) has proposed revisions to the Uniform Accountancy Act (UAA) Model Rules. The AICPA has already approved CPA Evolution and thus [...]
President Enacts ‘Paycheck Protection Program Flexibility Act of 2020,’ Gives More Flexibility to Borrowers
President Donald Trump on Friday signed the “Paycheck Protection Program Flexibility Act of 2020,” after the Senate had late Wednesday night passed the House bill that creates more flexibility [...]
View From the Dome: House COVID-19 Liability Protection Committee Weighs Burdens of Potential Lawsuits for Struggling Businesses
By Copper Dome Strategies Friday, June 5, 2020 Several legislative committees met this past week to discuss actions needed to assist in the economic recovery. Both the House and [...]
BOA Votes to Grant Exam Credit Extensions Until Dec. 31
The South Carolina Board of Accountancy has granted exam credit extensions until December 31, 2020, to all SC CPA Exam candidates who have exam credits expiring from April 1 [...]
Galasso Learning Solutions: Yellow Book CPE — COVID Update
GAO has issued an alert addressing COVID and Yellow Book CPE requirements. These adjustments and grace periods are intended to be responsive to the cancellations of many CPE events [...]
View From the Dome: Gov. McMaster Will Now Review accelerateSC Committee’s Final Recommendations
By Copper Dome Strategies Friday, May 29, 2020 Gov. Henry McMaster issued a new Executive Order on Wednesday extending the State of Emergency for an additional 15 days as South [...]
Being Useful and Easy to Find: How Financial Services Firms Can Use Inbound Marketing
By David R. Peters, CPA, CFP, CLU, CPCU | SCACPA Member Since 2016 I take pride in my quick trigger finger for making unwanted advertising disappear. Every morning starts with [...]
PPP Loan Forgiveness Calculator Available; Push Continues for Additional Guidance
Note: On June 6, the ‘Paycheck Protection Program Flexibility Act of 2020’ was enacted, which gives more flexibility to borrowers. Learn more here. A PPP Loan Forgiveness calculator is [...]
View From the Dome: Restrictions Lift on Tourist Attractions on May 22, but Extended State of Emergency Remains until May 27
By Copper Dome Strategies Friday, May 22, 2020 Gov Henry McMaster signed into law a Continuing Resolution to keep the state's government operating. The governor also issued a new [...]
Takeaways from ‘Workplace Safety Reopening Guide for SC Employers’ Legal Webinar
Takeaways from ‘Workplace Safety Reopening Guide for SC Employers’ Legal Webinar The S.C. Chamber of Commerce hosted a webinar Thursday for employers on how to safely begin reopening businesses. [...]
Thanks to All Virtual Spring Splash Attendees for Creating a CPE Success Story! Our Speakers Learned a Lot Along the Way, Too
No matter where you logged in from, thank you to all SCACPA members and presenters who banded together to turn the May 14-15 Virtual Spring Splash into a CPE success [...]
Galasso Learning Solutions: FASB Delays Leases & Revenue Recognition
FASB voted to delay both revenue recognition and leases for private entities at its May 20, 2020, meeting. The original proposal was for a delay for private company franchisors [...]
Amid the Rapid Change, Get Your Firm on the Cloud to Track New Opportunities
As you transition to virtual meeting environments, take stock of that data to re-imagine how you measure your firm – and the client experience By Chris Hervochon, CPA, CVA [...]
What Is SCACPA Membership Worth to You?
SCACPA is so much more than a CPE vendor. It’s your professional association that provides access to a community of professionals that protect, promote, inform, grow and educate CPAs in [...]