This week on Accountable, How You Can Leverage Today’s Virtual Environment for Your Firm, with Chris Hervochon, CPA, CVA
This week on Accountable: How You Can Leverage Today's Virtual Environment for Your Firm, with Chris Hervochon, CPA, CVA In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed [...]
Extension Granted to File Election After Ownership Change and 2 more topics! Nichols’ Tax Update Issue 21-42
Nichols' Tax Update, Issue 21-42 Extension Granted to File Election After Ownership Change The IRS granted a taxpayer an extension to file a closing-of-the-books election after an ownership change. [LTR 202140007; 7/14/2021, rel. 10/8/2021] [...]
Genuine Learning Blog – SAS 145
The long awaited changes by the AICPA to Risk Assessment have been issued. SAS 145, which will be effective in 2023, updates several definitions and provides clarity on areas that had significant practice issues. With a [...]
Genuine Learning Blog – Proposed Ethics Revisions: Loans, acquisitions, and other transactions
The AICPA has issued a proposal to update key terminology and certain ethics interpretations to better align with changes made by the SEC. The AICPA issued a temporary enforcement policy earlier this year. The [...]
Genuine Learning Blog – GASB 98
Governmental Accounting Standards Board (GASB) has issued GASB Statement 98 renaming the Comprehensive Annual Report to the Annual Comprehensive Financial Report. The standard eliminates an unintended consequence when the acronym was pronounced that was similar [...]
Economic Nexus . . . Remote Seller in South Carolina and 5 more topics! Nichols’ Tax Update Issue 21-41
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 sort of economic nexus statues [...]
Genuine Learning Blog – Proposed Changes to Peer Review
The AICPA has issued a proposal to make updates to the Peer Review standards. The changes are primarily formatting to make the standards more user friendly. There are a handful of substantive changes as [...]
SCACPA HAPPENINGS: OCTOBER 11-15 | What Is CPA Evolution and How You Can Have Influence, Fall Fest, Federal Tax Update Simulcast
SEE WHAT’S HAPPENING IN YOUR ASSOCIATION: WHAT IS CPA EVOLUTION AND HOW DOES IT AFFECT YOU? Join SCACPA CEO Chris Jenkins & Tim Baker from the University of South Carolina for a 30-minute [...]
From the State Treasurer’s Office: Unclaimed Property Reports Due by November 1
Each year businesses, organizations, and even government entities are required by state law to report unclaimed property to the State Treasurer’s Office by Nov 1. Whether your clients ask you to assist with their [...]
Temporary Regs Implement IDR Requirements in Surprise Billing Law and 3 more topics! Nichols Tax Update 21-40
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 due to drought may have [...]
Genuine Learning Blog – Q3 2021 In Review
This week's GLS blog addresses the final standards that were issued by the AICPA, FASB and GASB in the third quarter of 2021. While it was a light quarter from a standard setting perspective, [...]
From SCDOR: Batch Withholding Program
The following content is brought to you by the SCDOR: The South Carolina Department of Revenue (SCDOR) announces several updates to its Withholding process that will greatly benefit tax preparers. Most importantly, the SCDOR [...]
Life Insurance Proceeds Included in Company’s Estate Tax Valuation and 6 more topics! Nichols Tax Update Issue 21-39
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 that the transfers won’t be [...]
Genuine Learning Blog – Ethics Revised Exposure draft: Unpaid Fees
The AICPA's Professional Ethics Executive Committee (PEEC) has issued a proposal to revise the rules around unpaid fees. The current rules use a one year period with no considerations of materiality. The proposal would [...]
IRS Revises Audit Technique Guide on Not-for-Profit Activities and 6 more topics! Nichols Tax Update Issue 21-38
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 settlement proceeds she received from [...]
Genuine Learning Blog – Ethics Exposure Draft: Accounting Standards Implementation Services
The AICPA has issued a proposed ethics interpretation to help CPAs understand to what extent they can assist clients with implementing new accounting standards. The proposal identifies certain items as being nonattest services for [...]
SCACPA Launches Video Archive
SCACPA announces the launch of its Video Archive as part of its new CPA Resources Center. Have you ever wanted to hit "rewind" on a technology session or suffered a hand cramp while taking [...]
SCACPA & AICPA Seek Volunteers for CPA Exam Research
SCACPA is working with the AICPA to recruit CPAs from all areas of the profession to be a part of a critical phase of CPA Exam practice analysis research. If you’re a CPA or [...]
DOL to Conduct Audit Quality Assessment of 2020 Plan Year Filings
The DOL Employee Benefit Security Administration (EBSA) Office of the Chief Accountant (OCA) is planning to conduct a study to assess the quality of audit work performed by independent qualified public accountants (IQPAs) with [...]
Genuine Learning Blog – FASB Proposal: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
FASB has issued a proposed ASU addressing the accounting for investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale of those securities. The proposal clarifies that [...]