Blog
The SCALE Method for CECL: A Streamlined Approach to Expected Credit Losses
by: Dave Bodiford, CPA The Current Expected Credit Loss (“CECL”) standard significantly altered the way financial institutions estimate loan losses. CECL replaced the traditional incurred loss model, emphasizing a forward-looking approach that accounts for expected future losses over the life of a loan. Although the CECL standard affected all businesses using generally accepted accounting principles…
Avoiding the Scavenger Hunt for Your Estate
By: Bill West, CPA – Tax Member of Scott and Company CPAs There are three certainties in life: death, taxes (which explains my career choice), and no rule applies all the time in English. (This last item is compliments of my 7th grade English teacher, Mrs. Mullinax.) This article is about the first event in…
Employee Spotlight – Mike Aponte
1. Where did you go to college? University of South Carolina 2. What year did you join Scott and Company? I joined as an intern in January 2018 and was hired full-time in the firm’s Assurance and Advisory practice in December 2018 3. Why did you choose Scott and Company? I was drawn to the…
The Benefits of Starting a Roth IRA for Your Child
In 2019, Forbes estimated the net worth of Peter Thiel, co-founder of PayPal, at $2.3 billion. What Forbes did not report is that, apart from the $2.3 billion, Thiel had more than $5 billion in his retirement account. Notably, the retirement account had substantial growth that was tax-free, as it was a Roth IRA. This…
Major Tax Sunset on the Horizon
Article Highlights: Back in late 2017, Congress passed the Tax Cuts & Jobs Act of 2017 (TCJA) which made enormous changes to income tax laws as outlined below. However, most of the provisions of TCJA were only temporary changes that will expire after 2025. During the Covid pandemic, Congress made other tax law changes that will also…
Safeguarding Your IRS Payments: Defending Against Check Washing Fraud
In an era where financial scams are becoming increasingly sophisticated, protecting your IRS payments demands more awareness than it once did. Check washing fraud, a technique where thieves steal checks from the mail, erase crucial information, and manipulate the payee and amount, has seen a resurgence. Understanding exactly how this crime is committed is essential…
Tax Savings Tips
by: Bill West, CPA – Member, Tax and Advisory Services People often ask me what they should do to save on taxes. My response is it depends on what you are doing and how you make your income. Today, I am going to review a few tax saving opportunities that, if you are in the…
Year-End Tax Planning Opportunities Are Here
Article Highlights: Blog: Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2022 2023 and 2023 2024. Here are last-minute tax issues you might consider: INDIVIDUAL PLANNING OPPORTUNITIES Not Needing…
Employee Spotlight – Allison Davis
2. What year did you join Scott and Company? 3. Why did you choose Scott and Company? 4. Give summary of background work experience and tell about your current responsibilities at the firm, especially if you have a unique responsibility(s). 5. What do you enjoy most about living in Columbia? 6. Where is your favorite place to go and why?…
Two Great Midlands Accounting Firms Come Together: J.W. Hunt and Company Joins Scott and Company
Scott and Company LLC is pleased to announce that J.W. Hunt and Company joined Scott and Company, LLC effective October 1, 2023. Two great Columbia, South Carolina full-service certified public accounting firms, with a rich history in the Midlands, come together to increase their depth of expertise and better serve their clients. The firm will…