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After $3.5 Billion Accounting Error, South Carolina Comptroller Could Be Ousted

CPA Practice

Harris, The State (TNS) After South Carolina Comptroller General Richard Eckstrom’s office made a multibillion mistake, a panel of Senate budget writers are suggesting the Republican be removed from his position and the office stripped of several responsibilities. In South Carolina, the comptroller general is an elected office.

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South Carolina’s Top Accountant to Step Down After $3.5 Billion Error

CPA Practice

By Joseph Bustos, The State (TNS) South Carolina’s top accountant Richard Eckstrom says he will resign effective April 30 after disclosing to state lawmakers that he inflated the state’s cash balances for a decade, eventually reaching about $3.5 Larry Grooms, who led a Senate Finance Committee panel that investigated the $3.5

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The Benefits of Delayed Business Filings

CPA Practice

Timing is Everything In the complex world of small business finance and accounting, the strategic timing of business filings can be a game-changer. In addition, incorporating, of course, establishes their legal separation from the business’s liabilities sooner, which protects their personal finances from the business’s debts.

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Friday Footnotes: Fired Accountant Spills the Dirty Laundry; Scandals of Yore; Gen AI For Good | 1.26.24

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. Indeed, trust is not built on mitigating risks alone. million from the federal government.

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Last Week in Payroll: The Ides of March

ThomsonReuters

Now, let’s take a look at this past week in payroll and go over a few of the more interesting stories buzzing about in the industry. The legislation comes with another stimulus payment and a number of other provisions that are payroll-related. The first quarter of 2021 is nearly finished. Federal News. On March 11, 2021, the U.S.

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Business Scams, Everywhere, Phishing For Funds

PYMNTS

Finance departments were most vulnerable. com reported that two Nigerians had been arrested after their email scam cost a South Carolina business to the tune of $350,000. The bad apples set up shell companies that looked like official firms with whom the victims had been dealing, and linked bank accounts to those companies.

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Legal analysis: Implications of state tax exclusion of overtime wages for employers and employees

ThomsonReuters

Checkpoint Payroll Update caught up with John Wertz, tax attorney and partner at Holland & Knight’s New York office, to discuss this first-of-its-kind law. The bill is currently under review with the House Finance Committee. Alabama’s tax exclusion on overtime wages, see Payroll Guide ¶8206. Checkpoint Resources.