Genuine Learning Blog: Yellow Book Technical Update
The U.S. Government Accountability Office has issued a technical update to Yellow Book. In a very rare move, GAO has made modifications to a handful of paragraphs in the [...]
Genuine Learning Blog: Renaming the Comprehensive Annual Financial Report
Note: Looking for high-quality A&A learning? SCACPA is proud to present 16 credits of A&A on June 22-23 as part of more than 60 hours of education at this [...]
Genuine Learning Blog: IFR4NPO (International Financial Reporting For Non Profit Organisations)
Today’s blog looks at a movement to develop internationally applicable financial reporting guidance for nonprofit organizations. IFR4NPO (International Financial Reporting For Non Profit Organisations) has issued a consultation. The blog [...]
Genuine Learning Blog: Q1 2021 in Review
The first quarter of 2021 is a wrap, and it was a light quarter for standard setting. However, given everything else we have going on, that's probably not a [...]
Lynn Nichols Federal Tax Update (April 12, 2021): More Guidance on Employee Retention Credit, Among 8 Topics
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 [...]
Lynn Nichols Federal Tax Update: American Rescue Plan Act’s Child Credit Changes
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 [...]
Lynn Nichols Federal Tax Update (March 29, 2021): American Rescue Plan Act Provisions Affecting 2020 Income Tax Returns
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 [...]
Lynn Nichols Federal Tax Update: Inside the “American Rescue Plan Act of 2021”
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 [...]
Genuine Learning Blog: Third-Party Assessments
The AICPA has issued a Technical Q&A to address common questions regarding what qualifies as a third-party assessment and which standards including independence should be applied by the third [...]
Lynn Nichols Federal Tax Update (March 22, 2021): Reaction to Extension of Return Filing
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 [...]
Lynn Nichols Federal Tax Update: Employee Retention Credit
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 [...]
Genuine Learning Blog: Proposed NOCLAR SAS
The AICPA has issued a very narrow proposal to add a new requirement for successor auditors to discuss suspected fraud and NOCLAR with predecessor auditors if granted permission by [...]
Lynn Nichols Federal Tax Update (Week of March 1, 2021): NOL Relief Could Face Future Chopping Block
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 [...]
Galasso Learning Solutions: Quality Management Proposal (Part 3)
This is the final installment in our QM series that addresses the proposed audit standard. The audit standard assists the engagement team to understand their responsibilities in applying the [...]
Lynn Nichols Federal Tax Update (Week of Feb. 22, 2021): Expert Consensus on Tax Opinions Standards
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 [...]
Galasso Learning Solutions: Quality Management Proposal (Part 2)
This week, we continue our discussion of the AICPA's proposed changes to Quality Management. SQMS 2 addresses the role and responsibilities of the engagement quality reviewer. We will look [...]
Lynn Nichols Federal Tax Update (Week of Feb. 15, 2021): Form 7202 for Self-Employed to Claim COVID Tax Credits
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 [...]
Galasso Learning Solutions: Quality Management Proposal (Part 1)
The AICPA has issued three new proposals related to quality management. The new SQM Standards will replace the extant quality control (SQCS) and provide a more scalable and risk-based QM [...]
Lynn Nichols Federal Tax Update (Feb. 8, 2021): Partner’s “Tax Capital” Calculation
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 [...]
Partnership Tax Basis Capital Accounts – An Explanation from Lynn Nichols
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 [...]
Galasso Learning Solutions: ASU 2021-02
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 [...]
Lynn Nichols Federal Tax Update (Week of Feb. 1, 2021): Employment Tax Credit Guidance
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 [...]
Galasso Learning Solutions: The Future of Jobs Report
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 [...]
Lynn Nichols Federal Tax Update (Week of Jan. 25, 2021): Exxon and “Reasonable Basis”
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 [...]
Free IRS Webinar on Feb. 2: “Highlights of Tax Changes from a Tax Forms Perspective”
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 [...]
Galasso Learning Solutions: Professional Ethics Strategy and Work Plan for 2021-2023
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 [...]
Galasso Learning Solutions: Goodwill Impairment Proposal
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 [...]
Galasso Learning Solutions: SSAE 22
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 [...]
Galasso Learning Solutions: Updates to the CPA Exam
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 [...]
Be Prepared for PPP2 With Tools and News to Help Assist Clients; PPP Application Dates Announced
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 [...]