Lynn Nichols Federal Tax Update (Feb. 8, 2021): Partner’s “Tax Capital” Calculation

By |2021-02-11T14:24:43-05:00February 10th, 2021|COVID-19, Educate, Governmental, Regulatory, Tax|

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 [...]

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Partnership Tax Basis Capital Accounts – An Explanation from Lynn Nichols

By |2021-02-19T09:56:53-05:00February 9th, 2021|Educate, Regulatory, Tax|

Regarding the subject of partner “tax capital accounts.” It is a requirement for large partnerships in 2020 returns. Lynn Nichols, SCACPA’s advisor and speaker on Tax topics, believes that [...]

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Galasso Learning Solutions: ASU 2021-02

By |2021-02-02T17:31:50-05:00February 2nd, 2021|Auditing & Accounting, Educate, Regulatory|

ASB has issued its second ASU of 2021 addressing a new practical expedient for revenue recognition. "ASU 2021-02, Franchisors—Revenue from Contracts with Customers (Subtopic 952-606): Practical Expedient," offers private [...]

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Lynn Nichols Federal Tax Update (Week of Feb. 1, 2021): Employment Tax Credit Guidance

By |2021-02-09T10:33:34-05:00February 1st, 2021|Educate, Governmental, Regulatory, Tax|

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 [...]

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Galasso Learning Solutions: The Future of Jobs Report

By |2021-02-01T16:46:59-05:00January 29th, 2021|Auditing & Accounting, COVID-19, Educate, Governmental, Regulatory|

The World Economic Forum released its 2020 Future of Jobs Report, which looks at the impact of technology on the job market. The report addresses the impact of COVID, a [...]

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Lynn Nichols Federal Tax Update (Week of Jan. 25, 2021): Exxon and “Reasonable Basis”

By |2021-02-01T16:22:18-05:00January 26th, 2021|Educate, Governmental, Regulatory, Tax|

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 provide [...]

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Free IRS Webinar on Feb. 2: “Highlights of Tax Changes from a Tax Forms Perspective”

By |2021-01-22T16:24:20-05:00January 22nd, 2021|Business & Industry, Educate, Governmental, Regulatory, Tax|

The IRS is offering a free, 100-minute webinar “Highlights of Tax Changes from a Tax Forms Perspective” on Tuesday, Feb.2, at 2 p.m. It is open for all, with an [...]

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Galasso Learning Solutions: Professional Ethics Strategy and Work Plan for 2021-2023

By |2021-01-22T15:58:22-05:00January 22nd, 2021|Auditing & Accounting, Educate, Regulatory|

In 2019, the AICPA issued a consultation paper for feedback on the projects Professional Ethics Executive Committee should address. After evaluating feedback, PEEC has issued its Strategy and Work Plan [...]

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Galasso Learning Solutions: Goodwill Impairment Proposal

By |2021-01-19T12:44:35-05:00January 19th, 2021|Auditing & Accounting, Educate, Regulatory|

FASB has issued a proposal to adjust the timing for when private entities and nonprofits would be required to identify triggering events for goodwill impairment. After initially identified by the [...]

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Galasso Learning Solutions: SSAE 22

By |2021-01-15T18:12:37-05:00January 15th, 2021|Auditing & Accounting, Educate, Governmental, Regulatory|

AICPA's Auditing Standards Board (ASB) issued SSAE 22, Review Engagements, completing the update of the attestation standards. SSAE 19 modernized AUPs, SSAE 21 modernized examinations, and now SSAE 22 will [...]

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Galasso Learning Solutions: Updates to the CPA Exam

By |2021-02-01T16:15:32-05:00January 15th, 2021|Auditing & Accounting, Educate, Membership, Uncategorized|

The AICPA has released its new CPA Exam Blueprint, which outlines the format and content of the exam. Following a deep review of the topics covered in 2019, the Final [...]

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Be Prepared for PPP2 With Tools and News to Help Assist Clients; PPP Application Dates Announced

By |2021-02-15T11:19:02-05:00January 15th, 2021|COVID-19, Educate, Legislative/Advocacy, Regulatory, Tax, Technology|

UPDATE: The application window for Paycheck Protection Program (PPP) forgivable loans opens Friday, Jan. 15, for lenders with $1 billion or less in assets, the US Small Business Administration [...]

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Galasso Learning Solutions: ASU 2021-01 – Reference Rate Reform (Topic 848): Scope

By |2021-01-19T12:58:26-05:00January 14th, 2021|Auditing & Accounting, Educate, Regulatory|

The Financial Accounting Standards Board (FASB) has issued its clarification to ASU 2020-04 for Reference Rate reform. The first ASU of 2021 focuses on the scope of the practical expedients [...]

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Galasso Learning Solutions: 2020 Year in Review

By |2021-01-19T12:44:06-05:00January 14th, 2021|Auditing & Accounting, COVID-19, Educate, Governmental, Regulatory|

Galasso Learning Solutions is kicking off 2021 with our annual year in review. This episode focuses on the standards issued in 2020 by the AICPA, FASB and GASB. It provides [...]

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Lynn Nichols Federal Tax Update (COVID-Related Tax Relief Act of 2020): What’s in The Bill?

By |2021-01-22T00:31:42-05:00January 14th, 2021|COVID-19, Educate, Featured, Governmental, Membership, Regulatory, Tax|

Welcome to the Federal Tax Update Podcast, hosted by Lynn Nichols. The COVID-Related Tax Relief Act of 2020 is here, and the checks are in the mail. Join Lynn [...]

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Lynn Nichols Federal Tax Update (Jan. 11, 2021): Insurance Premium Not a Deductible ‘Tax’

By |2021-01-19T12:58:45-05:00January 13th, 2021|COVID-19, Educate, Governmental, Regulatory, Tax|

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 provide [...]

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Lynn Nichols Federal Tax Update (Jan. 4, 2021): Final Regulations for Small Businesses

By |2021-01-13T15:05:42-05:00January 8th, 2021|Educate, Governmental, Membership, Tax|

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 provide [...]

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FREE Livestream CPE for Members on Jan. 8: Guidance for the Newest COVID-Relief Package

By |2021-01-08T13:33:15-05:00January 4th, 2021|COVID-19, Educate, Governmental, Legislative/Advocacy, Membership, Public Relations, Tax|

The $900 billion “Coronavirus Response and Relief Supplemental Appropriations Act” is here. Your clients are depending on you to guide them through this crucial part of our road to [...]

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Lynn Nichols Federal Tax Update (Dec. 28): IRS Practice Units for Partnership Liabilities

By |2021-01-13T20:12:52-05:00January 4th, 2021|Educate, Governmental, Membership, Regulatory, Tax|

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 [...]

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Nichols Federal Tax Update (Dec. 21, 2020): Latest Form 1040 Asks for More Income Information

By |2021-01-04T14:24:12-05:00December 22nd, 2020|COVID-19, Educate, Governmental, Legislative/Advocacy, Membership, Public Relations, Tax|

NOTE: New Covid relief legislation became reality during the production of this blog. SCACPA is glad to note that deductibility of PPP Loans is a component of this economic recovery [...]

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