Leases: As we assisted our clients through the implementation of the new lease accounting standard (which became effective as of Jan. 1, 2022 for calendar year-end entities), questions arose surrounding related party leases. Similar questions were brought to the attention of the Financial Accounting Standards Board (“FASB”) by various stakeholders. Two lease accounting provisions were…

In our February newsletter, we discussed changes coming to audits of employee benefit plans as a result of the American Institute of Certified Public Accounts (AICPA) issuing Statement on Auditing Standards (SAS) No. 136 – Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to Employee Retirement Income and Security Act…

This is part three of our four-part series on strategic alliances. In this article, we’ll go over the importance of establishing clear governance rules when entering into a strategic alliance. As noted in part one, strategic alliances are usually intended to be open-ended. Over time, markets, technologies and overall strategies of alliance partners are likely…

On June 15, SC Bill 1087 was introduced to the state House of Representatives, passing unanimously through the House of Representatives and the Senate in the following two days. This amendment was introduced as the “Comprehensive Tax Cut of 2022” due to the large number of changes to reduce the taxation of both individuals and…