SCACPA Advocacy Wins: Two Bills Signed by Gov. McMaster
South Carolina CPAs received two significant legislative wins this past week. South Carolina Governor Henry McMaster (R) signed two bills into law that positively impact the CPA profession in South Carolina. The first law [...]
Genuine Learning Blog: OMB Issues 2022 Compliance Supplement
OMB has issued its 2022 Compliance Supplement. While originally promised in April of 2022, OMB issued it on May 12th which is much better than the previous years that were issued in August. The [...]
Accountable Blog: Remote Work & Expiring COVID Restrictions
Submitted by David Peters, CPA, David Peters Financial Group As COVID restrictions are starting to come to an end, many companies are making decisions around whether to continue to let employees work from home. [...]
Genuine Learning Blog: Use of a Service Provider in the Confirmation Process
The PCAOB has issued a staff spotlight looking at some auditor considerations when using a service provider in the confirmation process. It encourages auditors to evaluate whether they have maintained control over the confirmation [...]
SCACPA Legislative Alert: S.812 Updates to the CPA Practice Act
With SCACPA member support and the efforts of volunteer leaders, South Carolina CPAs scored a major victory at the State House. On Thursday, May 5, the South Carolina House of Representatives passed Senate Bill [...]
Genuine Learning Blog: FASB ED: Reference Rate Reform
FASB has issued a proposal to amend the sunset provision in ASU 2020-04 due to the extension of LIBOR into 2024. In addition, it has proposed to expand the definition of SOFR due to [...]
Genuine Learning Blog: OMB Updates Compliance Requirements
OMB has updated the 2021 Compliance Supplement for two programs - Provider Relief Funds and Coronavirus State and Local Fiscal Recovery Funds. DHHS can removed the special test & provisions requirements for Provider Relief [...]
Genuine Learning Blog: Exposure Draft: AU-C 600 & Group Audits
The AICPA has proposed significant changes to AU-C 600 and the requirements of a group audit. Some changes are definitional, but the new standard also includes a more risk-based approach for addressing financial statements [...]
From SCDOR: What to Do If Your Client Can’t Afford to Pay Their Taxes
Submitted by the South Carolina Department of Revenue If your clients have a tax bill and are worried they can't pay, the SCDOR wants them to know they have options. First, don’t panic. Both [...]
Genuine Learning Blog: Executive Order on Digital Assets
On March 9th, President Biden issued an executive order encouraging the federal government to research and respond to the use of digital assets including cryptocurrency. It goes so far as to ask the Federal [...]
SCDOR Revenue Ruling 22-x: Employer Wage Withholding Requirements
Yesterday, the South Carolina Department of Revenue Policy Division released a public draft of Revenue Ruling 22-x: Employer Wage Withholding Requirements. According to the SCDOR, the purpose of this draft revenue ruling is to: [...]
Genuine Learning Blog: SEC Proposes ESG Reporting
The SEC has proposed new environmental, social and governance (ESG) reporting and disclosure requirements for public companies. For larger companies, it would also include an attestation requirement regarding greenhouse gas disclosures. Comments are due [...]
Genuine Learning Blog: CPA Exam Transition
As NASBA gets ready to transition the CPA exam to its new format, current students were eager to know what happens if a part they passed changes and how that would be considered for [...]
SCDOR Has Tax Tips for Many of Your Clients
Submitted by South Carolina Department of Revenue No matter who your clients are, the South Carolina Department of Revenue (SCDOR) has tax tips to help guide taxpayers wherever they might be in life. Here [...]
SCATE Card: What You Need to Know
Submitted by the South Carolina Department of Revenue If you have clients who buy or sell exempt agricultural products, learn more about the SCATE card. In February, the South Carolina Department of Revenue (SCDOR) [...]
SCACPA COO/CFO Appointed to First Steps Board of Trustees
SCACPA COO/CFO Jacque Curtin, CPA, CGMA, was recently appointed to the Board of Trustees for the South Carolina First Steps to School Readiness. Senator Thomas Alexander, President of the Senate, appointed Ms. Curtin to [...]
SCACPA Advocates for Businesses and Practitioners on Schedules K-2, K-3
The AICPA, SCACPA, and 51 other state CPA societies sent a letter to Assistant Treasury Secretary Lily Batchelder and IRS Commissioner Charles Rettig regarding widespread concerns on the Schedules K-2 and K-3 reporting. The [...]
Genuine Learning Blog: New Tools for Auditing Provider Relief Funds
The AICPA's Government Audit Quality Center has released 4 tools that can help auditors make sense of auditing provider relief funds. It addresses the unique HHS audit requirements as well as how to handle [...]
Claiming the Federal Research and Development Tax Credit? Don’t Overlook the State Opportunity
Submitted by Margaret Krajcer, JD, vice president and general counsel of Tax Credits Group. TCG is a Cleveland-based firm specializing in federal and state R&D tax credits and the Employee Retention Credit. She can [...]
This week on Accountable, How Remote Work is Affecting Taxation, with Frances Ellington, CPA
This week on Accountable, How Remote Work is Affecting Taxation, with Frances Ellington, CPA In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed and in-demand educator about the [...]