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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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) [...]
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 [...]
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 [...]
New Technology Benefits from SCACPA & VC3: See What’s Waiting for You!
Today, CPA firms cannot avoid investments in technology to succeed in today’s marketplace—no matter how large or small the firm. SCACPA aims to provide CPAs with solutions and is excited [...]
This week on Accountable, How You Can Start-Up Your Start-Up, with Advance CPE CEO John Larkin
This week on Accountable: How You Can Start-Up Your Start-Up, with Advance CPE CEO John Larkin In addition to being a SCACPA advisor on B&I topics, David Peters is [...]
IRS Cracking Down on Crypto Noncompliance and 6 more topics! Nichols’ Tax Update, Issue 21-44
Nichol's Tax Update, Issue 21-44 IRS Cracking Down on Crypto Noncompliance The IRS is going full steam ahead on addressing noncompliance related to cryptocurrency, and tax professionals may need [...]
Genuine Learning Blog: SSARS Proposal – QM
The AICPA's Accounting & Review Services Committee (ARSC) has issued an exposure draft titled Quality Management for an Engagement Performed In Accordance with SSARS. As the AICPA has already [...]
SCACPA Happenings: Nov. 1-5 | NEW CPA OATH CEREMONY, FALL FEST, CPA RESOURCE HUB, BOA MEETING & MORE!
SEE WHAT’S HAPPENING IN YOUR ASSOCIATION: DO YOU HAVE A RECENTLY LICENSED CPA AT YOUR COMPANY? Returning to tradition, SCACPA and the SC Board of Accountancy will recognize [...]
SCACPA & SC Board of Accountancy Cooperate to Achieve Clarity, Remove Roadblocks to Licensure
SCACPA participated in the recent meeting of the SC Board of Accountancy on October 26. During the meeting, members of the SC Board of Accountancy and SCACPA CEO Chris [...]
Genuine Learning Blog – ASU 2021-08
Today Financial Accounting Standards Board (FASB) issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. It addresses how to account for contract assets recognized [...]
Genuine Learning Blog – ASU 2021-07
The Financial Accounting Standards Board (FASB) has issued another private company alternative, ASU 2021-07, Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards. This is a [...]
IRS Announces New FAQ Process With Penalty Protection and 5 more topics! Nichols’ Tax Update, Issue 21-43
Nichols’ Tax Update, Issue 21-43 IRS Announces New FAQ Process With Penalty Protection The IRS plans on releasing significant FAQs on new tax statutes in fact sheets and promises [...]
This week on Accountable, How You Can Leverage Today’s Virtual Environment for Your Firm, with Chris Hervochon, CPA, CVA
This week on Accountable: How You Can Leverage Today's Virtual Environment for Your Firm, with Chris Hervochon, CPA, CVA In addition to being a SCACPA advisor on B&I topics, [...]
Extension Granted to File Election After Ownership Change and 2 more topics! Nichols’ Tax Update Issue 21-42
Nichols' Tax Update, Issue 21-42 Extension Granted to File Election After Ownership Change The IRS granted a taxpayer an extension to file a closing-of-the-books election after an ownership change. [...]
Genuine Learning Blog – SAS 145
The long awaited changes by the AICPA to Risk Assessment have been issued. SAS 145, which will be effective in 2023, updates several definitions and provides clarity on areas that had [...]