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 [...]
SEE WHAT’S HAPPENING IN YOUR ASSOCIATION: "WHAT'S BREWING" STARTS NEXT WEEK Join SCACPA CEO Chris Jenkins & Tim Baker from the University of South Carolina for a 30-minute [...]
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 [...]
SEE WHAT’S HAPPENING IN YOUR ASSOCIATION: REGISTER FOR FALL FEST - NOVEMBER 18-19! Put on your best cowboy boots and head to Columbia for the biggest IN PERSON [...]
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 [...]
SEE WHAT’S HAPPENING IN YOUR ASSOCIATION: WHAT'S BREWING AT SCACPA? Join SCACPA CEO Chris Jenkins for a 30-minute jolt of insight. The "What's Brewing" series kicks off on [...]
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 [...]
SEE WHAT’S HAPPENING IN YOUR ASSOCIATION: DON'T MISS FALL FEST - NOVEMBER 18-19! Early registration numbers indicate that Fall Fest is THE place to be in November! Members [...]