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Current Status Bill Number:View additional legislative information at the LPITS web site.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20000504 Read third time, enrolled for ratification House 20000503 Read second time House 20000503 Request for debate withdrawn by Representative Leach Cato House 20000426 Request for debate by Representative Cato Leach Tripp Kirsh Knotts Koon House 20000419 Committee report: Favorable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
(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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