South Carolina General Assembly
113th Session, 1999-2000

Download This Bill in Microsoft Word format

Bill 571


                    Current Status

Bill Number:                      571
Ratification Number:              301
Act Number:                       274
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  19990304
Primary Sponsor:                  Giese
All Sponsors:                     Giese
Drafted Document Number:          l:\council\bills\psd\7212ac99.doc
Date Bill Passed both Bodies:     20000504
Date of Last Amendment:           20000315
Governor's Action:                S
Date of Governor's Action:        20000519
Subject:                          Accountants, public certified; agents 
                                  practicing before IRS to use title 
                                  "EA", requirements for licensure


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
------  20000606  Act No. A274
------  20000519  Signed by Governor
------  20000516  Ratified R301
House   20000504  Read third time, enrolled for
                  ratification
House   20000503  Read second time
House   20000503  Request for debate withdrawn
                  by Representative                              Leach
                                                                 Cato
House   20000426  Request for debate by Representative           Cato
                                                                 Leach
                                                                 Tripp
                                                                 Kirsh
                                                                 Knotts
                                                                 Koon
House   20000419  Committee report: Favorable            26 HLCI
House   20000317  Introduced, read first time,           26 HLCI
                  referred to Committee
Senate  20000316  Read third time, sent to House
------  20000316  Scrivener's error corrected
Senate  20000315  Read second time, notice of
                  general amendments
Senate  20000315  Amended
Senate  20000314  Committee report: Favorable with       12 SLCI
                  amendment
Senate  19990304  Introduced, read first time,           12 SLCI
                  referred to Committee


              Versions of This Bill
Revised on March 14, 2000 - Word format
Revised on March 15, 2000 - Word format
Revised on March 16, 2000 - Word format
Revised on April 19, 2000 - Word format

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A274, R301, S571)

AN ACT TO AMEND SECTION 40-2-50, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE USE OF TITLES, DESIGNATIONS, AND ABBREVIATIONS RELATIVE TO CERTIFIED PUBLIC ACCOUNTANTS, SO AS TO AUTHORIZE ENROLLED AGENTS OR ACTUARIES PRACTICING BEFORE THE INTERNAL REVENUE SERVICE TO USE THE ABBREVIATION "EA"; AND TO AMEND SECTIONS 40-2-40, 40-2-190, AND 40-2-560 SO AS TO CONFORM CERTAIN REQUIREMENTS FOR REGISTRATION, CERTIFICATION, LICENSURE, AND FORMS OF PRACTICE FOR PUBLIC ACCOUNTANTS AND ACCOUNTING PRACTITIONERS TO THOSE REQUIREMENTS FOR CERTIFIED PUBLIC ACCOUNTANTS.

Be it enacted by the General Assembly of the State of South Carolina:

Accountant abbreviation authorized

SECTION 1. Section 40-2-50(E) of the 1976 Code, as added by Act 453 of 1996, is amended by adding at the end:

"A person admitted to practice before the Internal Revenue Service as an enrolled agent or an enrolled actuary may use the abbreviation 'EA'."

Requirements to be designated as a "partnership" revised

SECTION 2. Section 40-2-40 of the 1976 Code, as added by Act 453 of 1996, is amended to read:

"Section 40-2-40. It is unlawful for a person to hold himself out as a public accountant or to use the title 'public accountant' or the designation 'PA' in this State unless the person has obtained a license as a public accountant from the South Carolina Board of Accountancy as provided in this article. It is unlawful for a partnership to hold itself out as a partnership of public accountants unless it is registered as a partnership by the South Carolina Board of Accountancy and:

(1) at least one general partner is a certified public accountant or a public accountant of this State in good standing;

(2) each resident manager in charge of an office of the firm in this State is a certified public accountant or a public accountant of this State in good standing.

Application for registration must be made upon the affidavit of a general partner of the partnership who is a public accountant of this State in good standing. The board shall determine whether the applicant is eligible for the license. A partnership which is registered may use the words 'public accountants' or the designation 'PAs' in connection with its partnership name. Notification must be given the board, within one month, after the admission to or withdrawal of a partner from a registered partnership."

Supervision of CPA candidates work experience

SECTION 3. Item (1) of the fourth unnumbered paragraph of Section 40-2-190 of the 1976 Code, as added by Act 453 of 1996, is amended to read:

"(1) two years of accounting experience in public, governmental, or private employment under the direct supervision and review of a certified public accountant or public accountant licensed to practice accounting in some state or territory of the United States or the District of Columbia;"

Partnership criteria to whom permits must be issued, revised

SECTION 4. Section 40-2-560(B)(2) of the 1976 Code, as added by Act 453 of 1996, is amended to read:

"(2) Partnerships, without payment of a permit fee, which meet the following standards:

(a) At least one general partner must be an accounting practitioner of this State in good standing.

(b) Each partner must be lawfully engaged in the practice, as defined in Section 40-2-510, in some state of the United States.

(c) Each resident manager in charge of an office must be an accounting practitioner of this State in good standing."

Time effective

SECTION 5. This act takes effect upon approval by the Governor.

Ratified the 16th day of May, 2000.

Approved the 19th day of May, 2000.

__________


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