The AICPA has issued a proposal to update key terminology and certain ethics interpretations to better align with changes made by the SEC. The AICPA issued a temporary enforcement [...]
Governmental Accounting Standards Board (GASB) has issued GASB Statement 98 renaming the Comprehensive Annual Report to the Annual Comprehensive Financial Report. The standard eliminates an unintended consequence when the acronym [...]
Nichols' Tax Update, Issue 21-41 Economic Nexus . . . Remote Seller in South Carolina At ‘Press time” only three states, Alaska, Montana, and Oregon had NOT enacted some [...]
The AICPA has issued a proposal to make updates to the Peer Review standards. The changes are primarily formatting to make the standards more user friendly. There are a [...]
SEE WHAT’S HAPPENING IN YOUR ASSOCIATION: WHAT IS CPA EVOLUTION AND HOW DOES IT AFFECT YOU? Join SCACPA CEO Chris Jenkins & Tim Baker from the University of [...]
Each year businesses, organizations, and even government entities are required by state law to report unclaimed property to the State Treasurer’s Office by Nov 1. Whether your clients ask [...]
Nichols Tax Update 21-40 IRS Announces Extension of Replacement Period for Sold Livestock The IRS has announced (IR-2021-193) that farmers and ranchers who previously were forced to sell livestock [...]
This week's GLS blog addresses the final standards that were issued by the AICPA, FASB and GASB in the third quarter of 2021. While it was a light quarter [...]
The following content is brought to you by the SCDOR: The South Carolina Department of Revenue (SCDOR) announces several updates to its Withholding process that will greatly benefit tax [...]
Divorce-Related Property Transfers Are Tax Free The IRS ruled that an annuity payment arrangement includes nontaxable transfers between former spouses that are incident to divorce under section 1041 and [...]
The AICPA's Professional Ethics Executive Committee (PEEC) has issued a proposal to revise the rules around unpaid fees. The current rules use a one year period with no considerations [...]
Amount Paid for Psychotherapy Excludable From Settlement Income The Tax Court, in a summary opinion, held that an individual could not exclude from income half of the $55,000 in [...]
The AICPA has issued a proposed ethics interpretation to help CPAs understand to what extent they can assist clients with implementing new accounting standards. The proposal identifies certain items [...]
SCACPA announces the launch of its Video Archive as part of its new CPA Resources Center. Have you ever wanted to hit "rewind" on a technology session or suffered [...]
SCACPA is working with the AICPA to recruit CPAs from all areas of the profession to be a part of a critical phase of CPA Exam practice analysis research. [...]
The DOL Employee Benefit Security Administration (EBSA) Office of the Chief Accountant (OCA) is planning to conduct a study to assess the quality of audit work performed by independent [...]
FASB has issued a proposed ASU addressing the accounting for investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale of those [...]
The Department of Labor, Licensing and Regulation (LLR) is seeking members for several of its boards. There is a strong interest from the Governor to have CPAs fill those [...]
Nichols Tax Update Issue 21-36 Memo Provides Guidance on Partnership Election Revocation Requests The IRS Large Business and International Division and the IRS Small Business/Self-Employed Division have issued a [...]
Nichols Tax Update Issue 21-35 Fact Sheet Lays Out Information on Advance Child Tax Credit The IRS has issued a fact sheet (FS-2021-11) on how to use the advance [...]
This week on Accountable: Mental Wellness in the Workplace, with Nikissia Craig, LCSW, CCTP In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed [...]
This week's blog addresses part 2 of the IFR4NPO Consultation Paper. The second part of the paper focuses on NFP Specific Financial Reporting Issues. The project is looking for [...]
Nichols’ Tax Update Podcast: Issue 21-34 Aunt Entitled to Child Tax Credits, Dependency Deductions The Tax Court, in a summary opinion, held that an individual is entitled to dependency [...]
The SCACPA leadership convened last week to discuss how the Association should continue to promote and protect the CPA profession in [...]
The AICPA is in the process of updating the CPA exam and is looking for CPAs to give them feedback as to whether their plan meets the needs of [...]
Did you have someone help guide your professional development? An experienced advisor can change a career, and a life, with their insight. SCACPA is seeking mentors to help guide [...]
To enhance our grassroots Advocacy effectiveness, we are building a community of members to develop and maintain relationships with South Carolina legislators. One of the major benefits of SCACPA [...]
Nichols’ Tax Update Podcast: Issue 21-33 IRS Offers Safe Harbor for Employers Using Retention Credit New IRS guidance will allow employers to exclude some items from their gross receipts to [...]
The AICPA has provided a Fraud Risk Framework document to help CPAs and their clients visual the types of fraud in 3 major sectors. The one pagers help put [...]
The AICPA Auditing Standards Board has proposed the most significant changes regarding quality management since 2006 with three new interrelated quality management standards which will impact CPA firms at both [...]