Conformity was passed out of the Senate Finance Sales & Income Tax Subcommittee on Tuesday morning (May 4) and then was passed out of the full Senate Finance Committee later that afternoon. We would like to thank SCACPA Board Chair Ken Newhouse, CPA, for his testimony in front of the subcommittee.
There is confidence that American Rescue Plan funds can be used to cover the cost of not taxing unemployment benefits ($60 million is the latest estimate). The bill is expected to get second read Thursday and third read Friday, which would put it on track to be signed into law next Tuesday or Wednesday (May 11-12).
SCACPA will provide more information as developments become available. You can track the progress of the Conformity bill of H.4017 here: https://ecs.page.link/ocNYC. You can also log in to Connect for updates and discussion: https://ecs.page.link/FRgBC. Stay tuned to Connect and SCACPA social media!
TRENDING THIS WEEK:
DUES RENEWAL for 2021-22 is OPEN! Your membership is vital to SCACPA’s ability to vocalize your needs and protect your interests. 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.
STUDENTS: The deadline to apply for thewide variety of SCACPA scholarships is May 31. SCACPA wants to make sure as many accounting students as possible can find financial help along the way through college. These awards are intended for juniors, seniors and graduate students. Scholarship amounts usually range from $500 to $2,500. Don’t delay, start on the path today!
COVID Vaccination Reminder: All South Carolinians aged 16 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: THREE MORE WEEKS!
There’s a brand-new format for Spring Splash this May and June. Registration is open for you to 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. Check out a list of more than 60 livestream sessions:
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 know how to 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.
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.
At the Board of Accountancy meeting on April 27, they heard presentations from NASBA representatives who discussed “Remote Testing Pilot and Acceptance of Scores” and “Board Relations and NASBA Services.” The BOA unanimously voted to take part in a pilot test initiative concerning remote testing, making South Carolina the 46th state to pledge to be part of the program. Stay tuned to SCACPA for details of this upcoming experiment in testing.
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.
The first quarter edition of the SC Board of Accountancy’s newsletter, SC BOArd News, is available with 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. Congratulations to all 177 new licensees of October 2019-September 2020 listed who would have received their certificates at the Spring 2020 and Fall 2020 New CPA Oath Ceremonies.
Your legislators are in session now, but staying in touch with them is something to consider year-round. Here are tips on how to start a conversation. If you’re unsure of who represents you, check out the Find Your Legislators search engine.
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, Lynn Nichols.
Interested in contributing 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.
The Q1 issue of South Carolina CPA Report has been mailed, and we hope you are enjoying this issue devoted to our Advocacy work. Click here for a PDF sneak peek.
As tax season continues, 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.
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. This week’s guest is 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.
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.
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 more details and to find the form to register, please 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.)
Maximize your savings on UPS shipping with SCACPA! Member discounts have increased to 50% on Domestic Next Day/Deferred and 30% on Ground Commercial/Residential. Find out how to open an account here.