BPS News & Events

June 30, 2022

Employee Benefit Plan Audits

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…

June 30, 2022

Making Strategic Alliances Work: Clear Governance Rules

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…

June 30, 2022

Details and Impact of SC Bill 1087

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…

June 30, 2022

Legislative Update: Manufacturers’ property taxes go down!

On June 15, the SC General Assembly passed legislation to lower the assessment ratio for manufacturers from 10.5% to 6% to provide property tax relief to manufacturers. The lowering of the ratio affects a company’s property tax liability which is calculated as follows: Property Value * Assessment Ratio * Local Millage Rate. The assessment ratio…

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