Welcome to the Federal Tax Update Podcast, hosted by Lynn Nichols. This is presented as a member benefit by the South Carolina Association of CPAs. It is produced to [...]
UPDATE: The South Carolina Board of Accountancy has released its announcement on this development. It is re-printed at the bottom of this post. The BOA's announcement includes a reminder [...]
By Copper Dome Strategies Friday, Sept. 11, 2020 The Senate Finance Committee passed its version of the FY20-21 state budget and authorization for the remaining CARES Act funds. The [...]
Cryptocurrency is becoming a more recognized transaction with more entities participating in this ecosystem. The AICPA has issued nonauthoritative guidance on accounting and auditing digital assets. FASB does not [...]
The AICPA has issued a proposed SAS to clarify and improve the risk assessment standards. For the past few years, the AICPA has focused its audit quality initiatives on [...]
Welcome to the Federal Tax Update Podcast, hosted by Lynn Nichols. This is presented as a member benefit by the South Carolina Association of CPAs. It is produced to [...]
By Copper Dome Strategies Friday, Sept. 4, 2020 The Senate returned to session Wednesday to address voting laws and began committee hearings on the state budget. The Attorney General [...]
Welcome to the Federal Tax Update Podcast, hosted by Lynn Nichols. This is presented as a member benefit by the South Carolina Association of CPAs. It is produced to [...]
By Copper Dome Strategies Friday, Aug. 28, 2020 Gov. Henry McMaster announced that the state of South Carolina submitted its grant application for FEMA's Lost Wages Assistance (LWA) program. [...]
The AICPA has issued nonauthoritative guidance from its Materiality Working Group of the Assurance Services Executive Committee (ASEC), designed to assist practitioners in determining when there is a material [...]
ASU 2020-06 is designed to reduce complexity and improve comparability for convertible instruments and contracts in an entity’s own equity. Issued: August 2020 What questions do you have? Send [...]
The South Carolina Department of Revenue on Thursday, Aug. 26, released SC Information Letter #20-24, which extends until Dec. 31, 2020, temporary tax relief to employers with workers temporarily [...]
Welcome to the Federal Tax Update Podcast, hosted by Lynn Nichols. This is presented as a member benefit by the South Carolina Association of CPAs. It is produced to [...]
By Copper Dome Strategies Friday, Aug. 21, 2020 The Senate announced plans to return to session in September. Among the considerations are changes to state election laws that could [...]
SCACPA and the AICPA are offering resource concerning the recent Executive Action on Payroll Tax Deferral. The executive action has raised many questions, and specific guidance and clarity are [...]
The South Carolina Association of CPAs is excited to announce it is now an IRS-approved provider for our Tax continuing education courses. For Enrolled Agents and non-CPAs in and [...]
By Copper Dome Strategies Friday, Aug. 14, 2020 Plans are finalized for public schools to begin opening starting next week. The Senate Re-Open SC Committee met again. Democrats flipped [...]
Welcome to the Federal Tax Update Podcast, hosted by Lynn Nichols. This is presented as a member benefit by the South Carolina Association of CPAs. It is produced to [...]
FASB has issued a proposed Concept Statement addressing the definition of elements of financial statements. The 10 key elements (assets, liabilities, equity etc.) are getting an update to better [...]
By Copper Dome Strategies Friday, Aug. 7, 2020 All remaining businesses that closed as the Coronavirus began spreading across South Carolina began to reopen this week. Legislative committees met [...]
GASB has proposed its Exposure Draft that would improve the financial reporting model. The proposal includes changes to MD&A, extraordinary items, presentation of proprietary funds and implements the short-term [...]
Welcome to the Federal Tax Update Podcast, hosted by Lynn Nichols. This is presented as a member benefit by the South Carolina Association of CPAs. The commentary is brief, [...]
By Copper Dome Strategies Friday, July 31, 2020 Gov. Henry McMaster issued a new Executive Order on Thursday allowing all remaining businesses that closed as the coronavirus began spreading [...]
The National Association of State Boards of Accountancy Board of Directors has announced its unanimous vote of support for the advancement of the CPA Evolution initiative that designs and [...]
FASB has issued an exposure draft that would delay the effective date of ASU 2018-12, which provides updated guidance on financial reporting for long duration insurance contracts. The effective [...]
Issued in July 2020, SAS 142 explains what constitutes audit evidence and sets out attributes of information when evaluating information. What questions do you have? Send your questions to [...]
A message from SCACPA CEO Chris Jenkins: With so much change impacting business, there is no better time for SCACPA and Paychex to be working with one another. SCACPA is [...]
GASB has issued a preliminary views document, which is their second phase in updating revenue and expense guidance. Building on the ITC issued in 2018, the PV continues to [...]
Fraudsters have been taking advantage of the new work and life routines of the pandemic and causing mayhem, according to Jessica Kaczor, CPA, CFE, of Bauknight, Pietras & Stormer, [...]
GASB has proposed major changes to the concept statements for recognition. The proposal further develops the concept of the short-term financial resources measurement focus. It makes changes to these [...]