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SCACPA Blog2018-04-27T14:34:20-04:00

View from the Dome: Legislation on Board of Accountancy Takes Effect Immediately

View from the Dome – May 17, 2019 By Copper Dome Strategies, LLC Although the General Assembly adjourned Sine Die on May 9, a Joint Resolution to allow work to continue past the mandatory Sine Die deadline was [...]

Governor Signs Bill that Amends BOA Laws for Reciprocity, Open Hearings

Final approval for a bill that amends some key operating procedures for the South Carolina Board of Accountancy was given by the Senate on Thursday, May 9, the final day of the 2019 legislative session.   UPDATE: Gov. Henry McMaster [...]

Melisa Galasso Auditing Blog: Proposed Accounting Standards Codification in Response to SEC Simplification Initiative

https://www.youtube.com/watch?v=myeE5SNt5qk FASB has issued an Exposure Draft for Disclosure Improvements on Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The proposed amendments are intended to clarify or improve disclosure and presentation requirements of [...]

View from the Dome: Legislative Session Ends, But General Assembly Will Return for Unfinished Business on State Budget

View from the Dome – May 10, 2019 By Copper Dome Strategies, LLC   The General Assembly adjourned Sine Die on Thursday, May 9, at 5 p.m. after a flurry of last-week-of-session activities in both chambers, including passing legislation aimed at bringing to South [...]

Melisa Galasso Auditing Blog: Definition of Direct Care of Collection Items

https://www.youtube.com/watch?v=NKVUS0CLVfM   In March 2019, the FASB issued an Accounting Standards Update (ASU) changing the definition of a collection to allow proceeds of a sale of a collection item to be used for the “direct care” of existing [...]

Pair of New Auditing Standards are Issued with SAS Nos. 134 and 135

The AICPA’s Auditing Standards Board issued a pair of new auditing standards on Wednesday, May 8:  SAS No. 134: Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements   SAS No. 135: Omnibus Statement on Auditing [...]

SCACPA Partner Wins Prestigious Rising Star Award

SCACPA partner Melisa Galasso received the Charlotte Chapter of the National Association of Women Business Owners’ Rising Star of the Year Award on Tuesday, May 7, in Charlotte, North Carolina.  The NAWBO award is presented to a member who has [...]

DOR Releases Information Letter Concerning New ‘Marketplace Facilitator’ Law Effective April 26

The South Carolina Department of Revenue issued an advisory opinion in the form of “Information Letter 19-14: Marketplace Facilitator” on Tuesday, May 7. It informs persons operating as a marketplace facilitator who sell tangible personal property in or into South Carolina [...]

SCACPA Testifies to House Legislative Oversight Committee on Strengthening BOA’s Resources, Communications and Guidance

As the House Legislative Oversight Committee continues its overview of the LLR, members of the South Carolina Association of CPAs visited the Blatt Building to offer testimony on Wednesday, May 8. Members such as [...]

Spring Splash is Just Around the Corner! Register Today!

In just one week, CPAs from across the state and beyond will gather together in Charleston, S.C., for an event that will be long-remembered: SCACPA’s Spring Splash 2019.   As a participant at this exciting event, [...]

View from the Dome: Public Hearings Promised in Coming Months for New Sales Tax Bill

View from the Dome – May 3, 2019 By Copper Dome Strategies, LLC  The debate on the potential sale of state-owned utility Santee Cooper again dominated the time on the Senate floor this week. The House spent [...]

Sales Tax Bill Based on TRAC’s Ideas, Including a Tax on Services, is Referred to Ways and Means Committee

The South Carolina House Tax Policy Review Committee introduced its sales tax proposal on Thursday, May 2. It was read for the first time and referred to the Ways and Means Committee.   Bill H. 4532 (Reps. [...]

‘Exceptional SC’ Leader Provides CPAs with Updates on His SALT Talks with OMB, IRS, and Charity’s Plans for Expansion

The SCACPA Advocacy Team is taking this opportunity to share details from a letter that Chad Connelly, the Executive Director of the charity Exceptional SC, sent on Monday, April 29, to South Carolina CPAs [...]

In 2019 Legislative Session, SCACPA Advocacy Worked Closely on Conformity Achievement, Interaction with Legislators

SCACPA advocacy expanded in many avenues in 2019. As South Carolina’s 2019 legislative session nears its May 9 adjournment date, the SCACPA Advocacy Team can point to work to how it aligned its efforts [...]

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