SCACPA Blog

SCACPA Blog2020-04-23T19:01:13-04:00

Galasso Learning Solutions: Second Quarter 2020 In Review

Let’s review the standards issued and proposed by GASB, FASB and the AICPA during 2020’s second quarter. While it was a slower quarter, GASB finalized quite a few final standards. It also issued exposure drafts [...]

DOR Extends Tax Relief Until Oct. 15 for Persons, Businesses Affected by April’s Severe Weather

The SCDOR and IRS are offering tax relief for victims of the April 2020 tornadoes, severe storms and flooding that impacted nine South Carolina counties, it was announced Friday, June 26. The impacted counties are [...]

Meet the SCACPA Student Members Who are Winners of the $5,000 AICPA /SCACPA Minority Scholarship

SCACPA is proud to announce three winners of our 2020 AICPA/SCACPA Minority Scholarship Award! Each of these SCACPA Student Members was awarded $5,000. Jessica Outlaw of South Carolina State University Kenisha Robinson of Winthrop [...]

All Through June, SCACPA Has More Than 65 Hours of Livestream CPE for B&I, Government, Nonprofit, Ethics and More

Note: For your convenience, you can download a PDF with SCACPA's entire month of June CPE itinerary, complete with course information and links to register for the courses here. Thanks to all our attendees [...]

View From the Dome: $1.2B in Federal CARES Act Funding is Authorized

By Copper Dome Strategies Friday, June 26, 2020 The General Assembly returned to Columbia and adopted a plan to appropriate the federal CARES Act funds. Results have been tabulated for the primary election run-off races [...]

Galasso Learning Solutions: OMB Allows Some Coronavirus-Related Flexibilities to Expire

The Office of Management and Budget has issued an updated memo addressing coronavirus-related flexibilities provided under prior OMB Memos. Many of the flexibilities offered in the earlier memos have been rescinded. The memo does permit [...]

Three Bauknight Pietras & Stormer CPAs Share Their ‘How I Work – From Home’ Stories With SCACPA

Longtime SCACPA members know that a regular feature of the Association’s quarterly magazine is “How I Work.” In every issue of South Carolina CPA Report, we strive to showcase the different tools of their [...]

View From the Dome: Senate Finance Committee’s Plan for CARES Act Funds Includes $500M for Unemployment Trust Fund

By Copper Dome Strategies Friday, June 19, 2020 The Senate Finance Committee met and adopted a plan to appropriate the federal CARES Act funds. House and Senate committees met to draft legislation for limited liability [...]

Are You Up to Date on COVID-Related Auditing Delays? Here’s a Recap

We can understand if you feel overwhelmed by the rapid rate of adjustments and delays to standards over the past few months. That’s why SCACPA thanks Galasso Learning Solutions for teaming up to recap [...]

During Dues Renewal Season, Here Are Reminders About Using Your 40-Hour CPE Bank

Dues renewal time has arrived for SCACPA's 2020-21 membership year! The All-Inclusive Membership annual dues at the Fellow level remains at $799. We always take into account feedback of members, and All-Inclusive dues have [...]

Galasso Learning Solutions: GASB Proposes Application Guidance on CARES Act

GASB has issued an exposure draft, “Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and Coronavirus Diseases,” to address questions relating to the [...]

View From the Dome: Gov. McMaster Recommends Disbursal of $1.9B Coronavirus Relief Fund in Two Phases

By Copper Dome Strategies Friday, June 12, 2020 Primary elections occurred this past Tuesday. Gov. Henry McMaster provided his recommendations to the General Assembly this week for the expenditure of the CARES Act funds. [...]

Results and Headlines from the South Carolina June 9 Primary Elections 

Here are the results and some context for South Carolina's Primary Elections on June 9, courtesy of Copper Dome Strategies: Federal Races U.S. Senator Lindsey Graham easily defeats his three primary GOP primary opponents. He [...]

Galasso Learning Solutions: SAS 141 and COVID-related delays

Amendment to the Effective Date of SAS Nos. 134 Through 140. Issued in May 2020, but it did not go through the Exposure Draft process. What questions do you have? Send your questions to melisa@galassolearningsolutions.com [...]

Galasso Learning Solutions: ASU 2020-05 and COVID-related delays

Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities Issued June 2020 What questions do you have? Send your questions to melisa@galassolearningsolutions.com Tune in to the Galasso Learning [...]

Galasso Learning Solutions: Revisions to the Uniform Accountancy Act’s Model Rules

The National Association of State Boards of Accountancy (NASBA) has proposed revisions to the Uniform Accountancy Act (UAA) Model Rules. The AICPA has already approved CPA Evolution and thus changes are now needed to the [...]

President Enacts ‘Paycheck Protection Program Flexibility Act of 2020,’ Gives More Flexibility to Borrowers

President Donald Trump on Friday signed the “Paycheck Protection Program Flexibility Act of 2020,” after the Senate had late Wednesday night passed the House bill that creates more flexibility for borrowers using PPP funds. [...]

View From the Dome: House COVID-19 Liability Protection Committee Weighs Burdens of Potential Lawsuits for Struggling Businesses

By Copper Dome Strategies Friday, June 5, 2020 Several legislative committees met this past week to discuss actions needed to assist in the economic recovery. Both the House and Senate announced plans to return to [...]