Economic Nexus . . . Remote Seller in South Carolina and 5 more topics! Nichols’ Tax Update Issue 21-41

By |2021-10-19T15:51:02-04:00October 19th, 2021|Educate, Featured, Regulatory, Tax|

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 [...]

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Temporary Regs Implement IDR Requirements in Surprise Billing Law and 3 more topics! Nichols Tax Update 21-40

By |2021-10-19T15:51:17-04:00October 12th, 2021|Educate, Regulatory, Tax|

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 [...]

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Life Insurance Proceeds Included in Company’s Estate Tax Valuation and 6 more topics! Nichols Tax Update Issue 21-39

By |2021-10-19T15:52:01-04:00October 5th, 2021|Educate, Regulatory, 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 [...]

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IRS Revises Audit Technique Guide on Not-for-Profit Activities and 6 more topics! Nichols Tax Update Issue 21-38

By |2021-10-05T15:06:34-04:00September 28th, 2021|Regulatory, Tax|

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 [...]

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Memo Provides Guidance on Partnership Election Revocation Requests and 5 more topics! Nichols Tax Update Issue 21-36

By |2021-10-05T15:08:10-04:00September 14th, 2021|Regulatory, Tax|

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 [...]

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AICPA Seeks Quick Relief on Interruption of LIFO Inventories and 3 more topics! Nichols Tax Update Issue 21-34

By |2021-10-05T15:11:37-04:00August 31st, 2021|Regulatory, Tax|

Nichols’ Tax Update Podcast: Issue 21-34  Aunt Entitled to Child Tax Credits, Dependency Deductions The Tax Court, in a summary opinion, held that an individual is entitled to dependency [...]

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IRS Offers Safe Harbor for Employers Using Retention Credit and 5 more topics! Nichols Tax Update Issue 21-33

By |2021-10-05T15:12:27-04:00August 25th, 2021|Regulatory, Tax|

Nichols’ Tax Update Podcast: Issue 21-33  IRS Offers Safe Harbor for Employers Using Retention Credit New IRS guidance will allow employers to exclude some items from their gross receipts to [...]

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SCACPA’s Task Force Replies to AICPA ASB Proposed New Standards

By |2021-08-18T19:40:04-04:00August 18th, 2021|Advocate, Auditing & Accounting, Featured, Legislative/Advocacy, Regulatory, Technology|

The AICPA Auditing Standards Board has proposed the most significant changes regarding quality management since 2006 with three new interrelated quality management standards which will impact CPA firms at both [...]

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Advance Child Tax Credits Hurtling Toward 2022 ‘Train Wreck’ and 6 more topics! Nichols Tax Update 21-32

By |2021-10-05T15:13:09-04:00August 17th, 2021|Regulatory, Tax|

Nichols’ Tax Update Podcast- Issue 21-32 IRS Urges EIN Holders to Update Responsible Party Information The IRS, citing security issues, has urged (IR-2021-161) entities with employer identification numbers to [...]

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CPA EVOLUTION UPDATE: SCACPA leadership meets with the SC BOA and statewide colleges and universities to address industry changes.

By |2021-08-04T21:08:52-04:00August 4th, 2021|Advocate, Grow, Legislative/Advocacy, Regulatory, Uncategorized|

CPA EVOLUTION UPDATE: WHAT IS THE IMPACT ON YOU? This week SCACPA leadership attended a meeting of the South Carolina Board of Accountancy Education Subcommittee.  In addition to SCACPA [...]

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View From the Dome – June 25, 2021 – The General Assembly returned to Columbia Monday to adopt the Conference Report on the state budget. Several committees met this week as well.

By |2021-06-28T12:51:41-04:00June 28th, 2021|Advocate, Featured, Governmental, Legislative/Advocacy, Regulatory|

View From the Dome - June 25, 2021: The General Assembly returned to Columbia Monday to adopt the Conference Report on the state budget. Several committees met this week [...]

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View From the Dome (June 18, 2021): House Ways and Means Committee Unanimously Adopts New Version of $31B State Budget

By |2021-07-02T12:30:01-04:00June 23rd, 2021|Advocate, Governmental, Legislative/Advocacy, Regulatory|

Communicating relevant South Carolina specific information and Advocacy on behalf of our CPA Members are important elements of SCACPA’s service to members.  Here is your weekly update of actions [...]

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View From the Dome (June 11, 2021): New SC Initiative Links Technical Colleges and Unemployment by Offering Short-Term Retraining in Lieu of Weekly Job Search

By |2021-06-21T12:28:31-04:00June 11th, 2021|Advocate, Featured, Governmental, Legislative/Advocacy, Regulatory|

As part of SCACPA’s dedication to Advocacy on behalf of the CPA Profession, here is your weekly update of actions being taken during the 124th Legislative Session, prepared in [...]

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Lynn Nichols Federal Tax Update (June 7, 2021): “Indirect Methods” is a Fancy Term for “Bank Deposits,” Among 5 Topics

By |2021-10-05T15:19:44-04:00June 7th, 2021|Educate, Featured, Regulatory, Tax|

Spring Splash Reminder! SCACPA is offering more than 60 hours of livestream learning in May and June. There’s still time to register for Lynn Nichols’ informative livestream Tax sessions: Net Operating Losses [...]

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SCDOR Guidance: How to Amend a State Tax Return to Exclude Unemployment Benefits

By |2021-06-01T12:57:23-04:00June 1st, 2021|Communicate, COVID-19, Featured, Governmental, Public Relations, Regulatory, Tax|

South Carolina recipients of unemployment compensation are allowed to exclude from state taxes up to $10,200 of benefits they received in 2020, thanks to Gov. Henry McMaster signing into law [...]

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View From the Dome (May 28, 2021): As SC Budget Undergoes Revisions, State Agency Directors Seek More Funds for Staff Salaries, Filling Vacancies

By |2021-06-04T10:15:01-04:00May 28th, 2021|Advocate, Governmental, Legislative/Advocacy, Regulatory|

As part of SCACPA’s dedication to Advocacy on behalf of the CPA Profession, here is your weekly update of actions being taken during the 124th Legislative Session, prepared in [...]

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