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 [...]
Understanding the Basics Behind the Employee Retention Credit (Part 2)
Margaret Krajcer, JD, is vice president and general counsel of Tax Credits Group, a Cleveland-based firm specializing in federal and state R&D tax credits and the Employee Retention Credit. She can be reached at [...]
This week on Accountable, How CPAs Can Avoid Burnout, with Frank Castillo, CPA
This week on Accountable: How CPAs Can Avoid Burnout, with Frank Castillo, CPA In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed and in-demand educator about the financial [...]
Genuine Learning Blog: Disclosure Framework— Proposed Changes to Interim Disclosure Requirements
The FASB has issued an exposure draft as part of its Disclosure Framework project to update the disclosure requirements for interim reporting. The proposal follows ASU 2018-13 and 2018-14 in updating disclosures using the [...]
Understanding the Basics Behind the Employee Retention Credit (Part 1)
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 [...]
Genuine Learning Blog: SEFA Reporting for Provider Relief Funds
The AICPA has issued a Technical Q&A to address questions surrounding reporting on the SEFA when the amount reported does not tie back to the financial statements due to DHHS's requirement to report based [...]
SCDOR MyDORWAY Feature for CPAs
Did you know that the SCDOR's MyDORWAY site has a way for you to access your clients' accounts for business personal property, manufacturing property, and utility property taxes. There is a video tutorial available [...]
Opportunity to Build New Skills!
The SCACPA Tax Team has openings for CPAs to assist with research, write and edit educational material, and speak on focused topics. If you (or someone in your organization) have a strong interest in [...]
IRS Announces Pension Plan Limits for 2022 and 4 more topics! Nichols’ Tax Update, Issue 21-45
Practitioners See Need for Guidance on Controlled Group Rules Provisions of the controlled group rules have been working their way beyond qualified plans, making the code section ripe for guidance, according to some tax [...]
Genuine Learning Blog: ASB Survey on Auditing LCEs
The AICPA's Auditing Standards Board (ASB) is interested in hearing from auditors who perform audits of less complex entities (LCEs). They want to know your thoughts on what the ASB can do to make GAAS [...]
Gov. Henry McMaster and S.C. Department of Employment and Workforce Executive Director Dan Ellzey Announce Tax Rate Cuts as the UI Trust Fund Remains Strong
Governor Henry McMaster and S.C. Department of Employment and Workforce (DEW) Executive Director Dan Ellzey today announced South Carolina’s unemployment insurance tax rates for employers will decrease or remain unchanged for 2022. In 2020, [...]