Genuine Learning Blog: 2025 AICPA Regional Council & UAA Exposure Draft
In this week’s blog, we take a closer look at the UAA Exposure Draft and the recent AICPA Regional Council Meeting …
South Carolina Lawmakers Propose Flat 3.99% Income Tax Rate
At a press conference on March 25, state legislative leadership including Speaker of the South Carolina House of Representatives Murrell Smith, Senate President Thomas Alexander, Senate Finance Chairman Harvey Peeler, House Ways and Means Chairman Bruce Bannister, and Americans for Tax Reform President Grover Norquist, joined Governor Henry McMaster to announce proposed state income tax …
FinCEN Issues Interim Final Rule Removing Requirement for U.S. Companies and U.S. Persons to Report BOI
In a March 21 release, FinCEN announced its issuance of an interim final rule (IFR) that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. The IFR aligns with the March 2 U.S. Department of the Treasury announcement suspending enforcement of the …
Genuine Learning Blog: FASB Issues ITC on KPIs
On November 14, 2024, the FASB issued an Invitation to Comment (ITC) on Financial Key Performance Indicators (KPIs) for Business Entities …
View from the Dome March 21, 2025
Week ten is now complete, with just eight more weeks remaining in the legislative session. The House was on furlough this week, as it usually is the week following passage of the state budget, although several subcommittees and committees met. The Senate continued debate on tort reform On Wednesday, a subcommittee of the House Agriculture, …
Genuine Learning Blog: Proposed ASU on Interim Reporting (Topic 270)
The FASB has proposed updates to Interim Reporting (Topic 270) to improve clarity and ensure users understand when and how the guidance applies …
Genuine Learning Blog: Proposed ASU on Environmental Credits (Topic 818)
From Gray to Green: New Proposed Standards for Environmental Credits …
View from the Dome March 14, 2025
The House passed its version of the state budget just after midnight on Tuesday and went home for the week. The Senate continues to work on tort reform legislation. This week, the Senate adopted S. 176 (Senator Climer) regarding regulations for Certified Public Accountants (CPA) and Public Accountants. The bill modernizes the CPA Practice Act, removes barriers …
View from the Dome March 7, 2025
Tort reform legislation took center stage in both the Senate and House this week. The House passed regulatory relief legislation and the Chief Justice of the Supreme Court addressed a Joint Session. On Wednesday, a subcommittee of the House Labor, Commerce and Industry Committee adopted H. 3946 (Reps. McCabe, Herbkersman, Hardee, Atkinson and others) relating to exemptions …
IRS Strives to Maintain Tax Season Service Levels Amid Conflicting Reports
On March 7, Mark Koziel, CPA, CGMA, President and CEO of the AICPA, issued a statement addressing conflicting reports about the state of the IRS. “With the volatility of the present environment and rapidly changing events, it is important to reconcile fact from fiction for taxpayers and their advisors,” Koziel said. Koziel noted that the …