The bill was amended to decouple with 10 federal provisions. It also exempts the first $10,200 of federal unemployment payments from income tax.
The Senate further amended the bill to authorize $61,300,000 from the federal American Rescue Plan Act to the state general fund to account for the income tax exemption.
You can review the language of the bill here. SCACPA thanks the legislative leadership who worked with South Carolina CPAs to get the Conformity bill through.
Stay tuned to Connect and SCACPA social media for real-time Advocacy updates
TRENDING THIS WEEK:
DUES RENEWAL for 2021-22 is OPEN! Your membership is vital to SCACPA’s ability to protect your interests and vocalize your needs. Renew now at www.scacpa.org/dues — and if you’ve used all your 2020-21 CPE Bank, you can immediately use hours from next year’s bank for Spring Splash in May and June! Our new membership year begins July 1, don’t miss out on all the great benefits you deserve.
Thursday will be a busy day for SCACPA Volunteers: The Governmental Affairs Committee will hold virtual meetings with the DEW, BOA and DOR; and the Growing the Accounting Profession Committee will meet as well. Look for updates on their initiatives soon. And if you’re looking for ways to volunteer with SCACPA to grow and promote the profession, why don’t you tell us about your ideas and interests with the SCACPA Volunteer Form at our Volunteers website page.
STUDENTS: The deadline to apply for the wide variety of SCACPA scholarships is May 31. These awards are intended for juniors, seniors and graduate students. Scholarship amounts usually range from $500 to $2,500. Don’t delay, APPLY TODAY!
COVID Vaccination Reminder: All South Carolinians aged 12 and older are eligible to receive COVID-19 vaccinations. Online appointments can now be made at scdhec.gov/vaxlocator. Stay safe!
COUNTDOWN TO SPRING SPLASH: IT BEGINS NEXT WEEK!
There’s a brand-new format for Spring Splash with more than 60 sessions to choose from inMay and June. Design your own experience when you mix and match from some of the best education content around. We’ll help you grow when you participate in our multiple two-day tracks of learning. See what’s in store when you register now for unforgettable experiences.
May 25: Nonprofit Track
May 26: Governmental Track
June 3-4: Business and Industry Track
June 16-17: Variety Track
June 23-24: A&A Track plus Tax Track
Build your best Spring Splash experience when you maximize your CPA Bank hours. Maybe you have CPE Bank hours to burn before the June 30 end of the 2020-21 membership year. Or perhaps you’ve already used most or all of your of your Bank hours and require extra Bank hours to take additional courses. Either way, here are tips on how to maximize your CPE Bank for May and June.
A huge part of the value of Spring Splash is that we find the subject matter experts who are nationally recognized leaders in their fields, and they’re all in one place for your convenience. Get to know some of our elite speakers for Spring Splash and the topics they’ll be covering.
Spring Splash means it’s also the time of year for SCACPA’s Annual Member Meeting. Attendees will vote on the new slate of board members and officers, review the Association’s annual budget and hear reports on SCACPA activities. This will be held via livestream during the lunch break of June 17’s Variety track. Get involved when you register now for this free event.
Are you interested in volunteering toward SCACPA Advocacy? In cooperation with our partner The RAP Index, which helps track how our members know and interact with legislators, we are getting set to announce a new personalized dashboard where you can set up a profile and provide a log of the officials you talk with and initiatives that you want to work to support. It’s called the “Advocate Action Center,” and we’ll announce the details very soon. Thank you for everyone who has taken part in The RAP Index survey. Remember, your answers for the RAP Index Survey strengthen SCACPA Advocacy, and we always invite members who have yet to answer the question to follow this Survey Link.
You can read the first quarter edition of the SC Board of Accountancy’s newsletter, SC BOArd News, which has valuable information for all licensees. We thank the BOA for listing SCACPA as among the partners who worked on the multi-year process that culminated with new regulations that became effective on June 26, 2020.
If you have ideas about how we can make CPE more valuable with specific speakers or topics, please let us know with this form. Stay tuned to SCACPA social media, our blog and scacpa.org/events as we deliver “just-in-time” learning on breaking news topics.
The Federal Tax Update with Lynn Nichols is the member benefit you need during tax season! Catch up every week on SCACPA’s Tax Blog with a video from SCACPA’s advisor and speaker on Federal Tax topics.
Interested in contributing professional news or a story in your area of expertise for our next issue of the quarterly South Carolina CPA Report magazine? Contact SCACPA Content Strategist Gregory Hardy at firstname.lastname@example.org.
We hope you enjoyed the Q1 issue of South Carolina CPA Report, which was devoted to our Advocacy work. Click here for a PDF preview.
Are you familiar with your member benefit of SCACPA’s private online discussion portal, Connect? It’s easy to get started when you visit our new platform page for Connect. It tells you how to follow the steps to start growing your professional network today.
CENTRAL CHAPTER SCACPA MEMBERS! Family Fun Day is on its way for Saturday, June 26 at Saluda Shoals Park. We invite you for a full afternoon with a splash pad, kayaking, food trucks, live music, social hour and door prizes! Best of all, it’s free for you and your guests. Learn all the details and register today!
Did you know that with SCACPA Connect you can review and respond to items in a daily digest email? Pick the time of day you would like to receive a notification that summarizes posts that occurred in the community. You can modify your notification settings to immediate, daily, weekly. However, we ask that you allow the “daily digest” emails at first to familiarize yourself, as well as facilitate and generate some timely discussion.
SCACPA is proud to promote the “Accountable” podcast for CFOs, from David Peters, CPA, MST, who is the Association’s advisor and speaker on B&I topics. A recent guest was SCACPA Content Strategist Gregory Hardy, and he talks about plans for in-person and virtual events in the coming months. You can download it as an audio podcast or watch the interviews on YouTube. Look for the latest installments on SCACPA’s B&I Blog Page.
ATTENTION CPA CANDIDATES AND STUDENTS: SCACPA and Surgent CPA Review have combined resources to offer a FREE simulated CPA Exam section of your choice on Thursday, June 3 from 1-5 p.m. This Mock CPA Exam is open to SCACPA Student Members and CPA Candidates, and the deadline to register is Friday, May 28. For details and to find the form to register, check out SCACPA’s Student Membership page.
Message from Paychex: Clients Have All of 2021 to Claim Employee Retention Tax Credit. More than 60% of businesses in a recent survey said they did not know about the Employee Retention Tax Credit. Did you know that Paychex clients who claimed the ERTC, on average, saved $89,000? With the deadline to claim the credit extended until Dec. 31, 2021, you have more time to educate and advise your clients on the benefits that can come with getting employees back on the payroll. Read more about the ERTC.
Are you looking to be a strategic finance partner in your business? Do you want to upskill and future-proof your career? Explore how the AICPA’s CGMA Finance Leadership Programcan help you grow. Learn the skills that 2,000+ CFOs and Finance Leaders have identified as being critical for your career. Build new competencies and elevate your career with the CGMA Finance Leadership Program. As a CPA with extensive training, you have a preferred pathway to earn the designation. CPAs start at the Strategic Level of the CGMA program. It’s no wonder why 91 of the Fortune 100 and 95 of the world’s top 100 brands choose CGMA designation holders. Learn more.
For businesses looking to grow, we’re spreading the word that CPAs are an ideal target market. The new Partnership Playbook explains all the reasons why partnering with SCACPA is a win-win.
Build a Better Work Environment with Office Depot: Whether you work in a corporate building or have a home office in your guest room or dining room, you can create a workspace that suits your needs. You might spend 40-plus hours on the job every week –why not feel good while you’re there? Your SCACPA Office Depot Savings Program can help make it easy to shop and upgrade your office furniture, facilities, technology and printing needs or any of your other work from anywhere necessities, while saving time and money. With free next-business-day shipping*, we make sure you have what you need, when you need it. Start shopping online and save with Office Depot: officediscounts.org/scapca. Or text receive exclusive limited time offers by texting SCACPASAVES to 833.344.0228. (*Free next-business-day delivery on qualifying orders of $50 or more within local delivery areas, see terms and conditions.)