Genuine Learning Blog: Investments in Tax Credit Structures
FASB has issued a niche proposal to expand the use of the proportional amortization method to more types of income tax credit structures so long as certain conditions are [...]
Accountable Podcast: Form 8300 Reporting
This week on Accountable, Form 8300 Reporting In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed and in-demand educator about the financial industry. [...]
Genuine Learning Blog: 2021 FASB Agenda Consultation Report
The FASB has issued their 2021 Agenda Consultation Report to provide an update on how the feedback received from their ITC last year influenced the current standard setting agenda. [...]
From SCDOR: Help Your Agribusiness Clients with These Tax Tips & Reminders
Submitted by the South Carolina Department of Revenue More than 240,000 employees work in the state’s agribusiness industry, which includes 25,000 farms as well as food producers and timber-related [...]
Accountable Blog: Navigating New Business Owner Client Meetings
Submitted By David Peters, CPA, CFP, CLU, CPCU Visit Accountable: Blog for CFOs I have been dealing with startup company issues for seemingly my entire career. I was [...]
Genuine Learning Blog: Celebrating National Nonprofit Day
Galasso Learning Solutions was pleased to celebrate National Nonprofit Day and the official launch of Money Matters for Nonprofits with alumni from recent graduating classes of the Arts & [...]
Genuine Learning Blog – GASB ED: Certain Risk Disclosures
The GASB has issued a proposal around disclosures related to certain risks. The proposal provides disclosure requirements for certain concentrations and constraints. Comments are due September 30, 2022. GASB [...]
Genuine Learning Blog – ESG Merger Completed
This week marked a major consolidation in the ESG standard setting arena. The IFRS Foundation completed its consolidation of the Value Reporting Foundation (VRF). The IFRS Foundation is the [...]
SCACPA Announces Collaboration with Oliver Gospel Mission
The Oliver Gospel Mission in Columbia helps those experiencing homelessness, poverty, or addiction. Its vision is to guide those in need from separation to transformation. The organization works with [...]
Finding the Right DEI Implementation is Critical to Future Success
From The Center for Accounting Transformation Research shows organizations that embrace all differences come out ahead on every level. To deepen our understanding of DEI journeys of accounting professionals, [...]
From SCDOR: State’s Top Delinquent Taxpayers paid $8.5M to State in 2021
Submitted by the South Carolina Department of Revenue Hundreds of South Carolina’s top delinquent taxpayers paid the state more than $8.5 million in 2021 after their debts were published [...]
Genuine Learning Blog- Proposed ASU: Transition for Sold Contracts (Long Duration Contracts)
The FASB has issued a proposal to address transition for insurance entities in applying ASU 2018-12. The proposal addresses the requirements to apply the new standard to contracts that [...]
Genuine Learning Blog – AICPA Proposes Changes to CPA Exam Blueprint
The AICPA has provided more details about the upcoming transition for the CPA exam which is scheduled for January 2024. The new blueprint provides details on the types of [...]
Genuine Learning Blog – Q2 2022 In Review
The second quarter of 2022 is behind us and it was a very busy one for standard setters. The AICPA issued their suite of standards related to quality control. [...]
Exposure Draft: Proposed 2024 CPA Exam Changes
The Exposure Draft, Maintaining the Relevance of the Uniform CPA Examination® - Aligning the Exam with the CPA Evolution Licensure Model, is available for public comment. The draft is [...]
From SCDOR: Is Your Client’s Hobby a Business? Tips to Help You Find Out
Submitted by the South Carolina Department of Revenue Even before the pandemic, a majority of U.S. households had a hobby that involved making a product, from artwork and furniture [...]
From SC BOA: Ethics CPE Requirement for 2022 Calendar Year
The following was sent to all SC CPA Licensees from the South Carolina Board of Accountancy on July 1, 2022. The Board may be contacted at Contact.Accountancy@llr.sc.gov. To support [...]
Genuine Learning Blog – PEEC Conforming Amendments
The AICPA's Professional Ethics Executive Committee (PEEC) has proposed changes to a few interpretations to align the verbiage around ownership with previously issued interpretations related to loans. The proposed [...]
SCDOR: Help Your Clients Plan for Tax Free Weekend
Submitted by the South Carolina Department of Revenue South Carolina’s 2022 Tax Free Weekend is August 5-7, and the South Carolina Department of Revenue (SCDOR) wants to help retailers [...]
Genuine Learning Blog – Ethics Interpretation Proposal: Compliance Audits
The AICPA's Professional Ethics Executive Committee (PEEC) has proposed some new independence rules related to compliance audits. The AICPA is aware that much of the new COVID19 related funding [...]
Tax to the Max | June 23 – IRS Push with Form 7203 For S Corp Basis Reporting
A monthly conversation about the latest tax issues and updates. What's trending this month? Be Careful About Ownership Structure to Pass Credits Through to Owner Disability Benefits Included in [...]
Genuine Learning Blog: FASB ITC- Government Assistance for Business Entities
FASB has issued an Invitation to Comment to gather feedback about the operability of leveraging IAS 20 for government grants for for-profit entities in the US. The ITC does [...]
From SCDOR: Help Your Clients Go Green & Save Time & Money
Submitted by the South Carolina Department of Revenue If you or your clients use MyDORWAY, Go Green this summer to save time and money! Starting June 27, the South [...]
CPA Practice Act Passed: What Comes Next
One month ago, we celebrated the signing of Senate Bill 812 into law. The CPA Practice Act resulted from hours of conversations around conference tables and discussions with legislators, [...]
Genuine Learning Blog: Engage 2022
The GLS team had a great time this week in Las Vegas for the ENGAGE conference. The team was able to interact with clients and colleagues both at the [...]
Genuine Learning Blog: AICPA Issues TQA on OI
The AICPA has issued a TQA in May addressing reporting and dating issues related to Other Information (OI) received after the date of the auditor's report. SAS 137 added [...]
Genuine Learning Blog: FAF Issues Draft Strategic Plan
The FAF has issued a draft strategic plan for the FASB, GASB and FAF for public comment. The draft reviews the vision, mission and values of the FAF and [...]
Genuine Learning Blog: GAO 2022-2027 Strategic Plan
GAO has issued in 2022-2027 Strategic Plan. It includes the identification of 12 trends impacting the United States as well as 4 key efforts which are near-term priorities to [...]
SCACPA Advocacy Wins: Two Bills Signed by Gov. McMaster
South Carolina CPAs received two significant legislative wins this past week. South Carolina Governor Henry McMaster (R) signed two bills into law that positively impact the CPA profession in [...]
Genuine Learning Blog: OMB Issues 2022 Compliance Supplement
OMB has issued its 2022 Compliance Supplement. While originally promised in April of 2022, OMB issued it on May 12th which is much better than the previous years that [...]