Accountable Blog: Managing Insurance Renewals
The end of the year is a busy time for CFOs and Controllers. In addition to finishing up their CPE requirements for the year, those working in industry are also haggling with department heads [...]
Genuine Learning Blog: Chapter 4, Conceptual Framework: Elements
The FASB has issued an update to the definition of key elements in the Concept Statements. The definitions of an asset, liability, revenue and expenses have all received an update. This blog will discuss [...]
Label Doesn’t Determine Rental Self-Employment Tax Exclusion and 4 more topics! Nichols’ Tax Update, Issue 22-1
Nichols' Tax Update, Issue 22-1 Label Doesn’t Determine Rental Self-Employment Tax Exclusion In a legal memorandum, the IRS concluded that the definition of rental activity from section 469 doesn’t control the real estate rental [...]
This week on Accountable, Bringing Students Back to the Accounting Field, with Dr. Scott Dell, CPA
This week on Accountable: Bringing Students Back to the Accounting Field, with Dr. Scott Dell, CPA In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed and in-demand educator [...]
Insurance Company Seeks Rescission of Malpractice Policies and 6 more topics! Nichols’ Tax Update, Issue 21-51
Nichols' Tax Update, Issue 21-51 IRS Announces Standard Mileage Rates for 2022 The IRS has announced the optional standard mileage rates used in computing the deductible costs paid or incurred after December 31, 2021, [...]
Genuine Learning Blog: Information System Services Ethics Update
The Professional Ethics Executive Committee (PEEC) of the AICPA has postponed the implementation of the Information System Services Interpretation an additional year. In addition, PEEC has also provided a new practice aid. The interpretation will [...]
From the IRS: Important Pre-Filing Season Information
Submitted by the IRS With preparations for the next tax season starting, please note the IRS will be sending out two letters to taxpayers in January: Letter 6419 - Advance Child Tax Credit Payments [...]
Treasury, IRS Set Filing Season Kickoff for January 24
Submitted by Lynn Nichols, CPA The tax return filing season is set to begin in two weeks, but Treasury and the IRS are under no illusions that it’s going to go smoothly. The individual [...]
Evolving Remote Workforce Brings Uncertainty, Practitioners Say and 9 more topics! Nichols’ Tax Update, Issue 21-50
Nichols' Tax Update, Issue 21-50 Fact Sheet Updates FAQs on Recovery Rebate Credit The IRS has issued a fact sheet (FS-2021-17) updating its list of frequently asked questions on the 2020 recovery rebate credit. [...]
Genuine Learning Blog: 2021 A&A Year in Review
Happy New Year! Let's wrap up 2021 with a review of all things accounting and auditing! 2021 saw a flurry of activity from the AICPA, FASB and GASB. We'll review the final and proposed [...]
Guidance Implements Termination of Employee Retention Credit and 4 more topics! Nichols’ Tax Update, Issue 21-49
Nichols' Tax Update, Issue 21-49 IRS Advises on Calculating Imputed Underpayments of Partnerships In emailed advice, the IRS advised on whether adjustments to partnership-related items are included in the calculation of the partnership’s imputed [...]
Approved: IL21-31: Extended Tax Relief
Earlier this week, the SC Department of Revenue approved and issued Information Letter 21-31: Extended Tax Relief – Nexus and Income Tax Withholding Requirements for Employers with Workers Temporarily Working Remotely as a Result [...]
Clarification Regarding Federal Tax Deductions on IPF Contributions
It is SCACPA’s goal to provide outstanding service and content to support your professional growth. We wanted to offer clarification regarding some information that was provided during the Scholarship Recognition Luncheon. The South Carolina [...]
Partnership Denied Deduction for Conservation Easement and 4 more topics! Nichols’ Tax Update, Issue 21-48
IRS Will Not Acquiesce in Mayo ClinicHolding on UBIT In an action on decision (AOD 2021-04, 2021-47 IRB 725), the IRS has announced that it will not acquiesce in an Eighth Circuit decision invalidating the [...]
Genuine Learning Blog: FASB Announces 2022 Research Agenda
FASB announced its updated research agenda based off of initial discussions of the earlier 2021 Invitation to Comment. The ITC was an agenda consultation project to hear from stakeholders what their thoughts were on [...]
SCACPA Happenings: December 16 | SCACPA Connect, License Renewal, Knowledge Hub
SEE WHAT’S HAPPENING IN YOUR ASSOCIATION: EXPLORE SCACPA CONNECT As year-end and tax season approach, dial into the number one online resource for finding answers and building community with SC CPAs. Make sure [...]
Genuine Learning Blog: ASU 2021-10
FASB has issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This much awaited ASU addresses disclosures for profit entities about the types of government assistance as well as the [...]
Genuine Learning Blog: ASU 2021-09
FASB issued ASU 2021-09, Discount Rate for Lessees That Are Not Public Business Entities. The much-anticipated changes to permit the use of the private company alternative without having to elect it for all leases [...]
IRS Clarifies Accounting and Reporting of Forgiven PPP Loans and 7 more topics! Nichols’ Tax Update, Issue 21-47
Updates Near for Fixing Obsolete Professional Conduct Rules Treasury is reviewing draft revisions to Circular 230 that are said to provide changes for unenforceable provisions and clarify sections that were deemed outdated or confusing. [...]
Genuine Learning Blog: Temporary Policy Statement Related to the USERRA
The AICPA's Professional Ethics Executive Committee (PEEC) has issued a Temporary Policy Statement Related to the Uniformed Services Employment and Reemployment Rights Act(USERRA) and parallel state statutes. They are providing an exception to the [...]