With just five weeks left in the legislative session, both the Senate and House worked well into the evening on Wednesday. The Senate passed energy generation legislation, while the House passed legislation banning DEI programs. The much-touted income tax reduction plan was placed on hold for the time being. Legislation restructuring the state’s behavioral health …
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 …
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 …
On November 14, 2024, the FASB issued an Invitation to Comment (ITC) on Financial Key Performance Indicators (KPIs) for Business Entities …
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, …
The FASB has proposed updates to Interim Reporting (Topic 270) to improve clarity and ensure users understand when and how the guidance applies …
From Gray to Green: New Proposed Standards for Environmental Credits …
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 …
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 …
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 …
© Copyright 2024 South Carolina Association of CPAs | All Rights Reserved