From LLR: Renewals for CPA or AP License Now Open
Renewals for your Certified Public Accounting or Accounting Practitioner license with the South Carolina Board of Accountancy for 2024 are now open. Information to renew your license online is [...]
Renewals for your Certified Public Accounting or Accounting Practitioner license with the South Carolina Board of Accountancy for 2024 are now open. Information to renew your license online is [...]
Employers who file at least 10 W-2 or 1099 forms with South Carolina withholding are now required to submit those documents to the South Carolina Department of Revenue (SCDOR) [...]
The South Carolina Department of Revenue’s Information Letter #23-11 provides an overview of tax law changes enacted during the 2023 legislative session in South Carolina. The main updates include: [...]
The South Carolina Department of Revenue (SCDOR) has announced changes concerning the state's Maximum Sales & Use Tax (Max Tax). Here are the key takeaways: Max Tax is a [...]
The following was provided by the South Carolina Department of Employment & Workforce Development SC DEW would like to announce that employers now have an additional option to make [...]
Provided by Copper Dome Strategies, LLC The 1st regular session of the 125th South Carolina General Assembly concluded last week. Many of the priorities going into the session were [...]
In a recent announcement, the South Carolina Department of Revenue (SCDOR) has informed taxpayers and tax professionals, including CPAs, about a significant change in their refund disbursement process. Effective [...]
The following email was sent from the South Carolina Department of Labor, Licensing and Regulation on December 3, 2022. Questions regarding this renewal process and your CPA license may [...]
The following was sent to all SC CPA Licensees from the South Carolina Board of Accountancy on July 1, 2022. The Board may be contacted at Contact.Accountancy@llr.sc.gov. To support [...]
A monthly conversation about the latest tax issues and updates. What's trending this month? Be Careful About Ownership Structure to Pass Credits Through to Owner Disability Benefits Included in [...]
South Carolina CPAs received two significant legislative wins this past week. South Carolina Governor Henry McMaster (R) signed two bills into law that positively impact the CPA profession in [...]
The AICPA, SCACPA, and 51 other state CPA societies sent a letter to Assistant Treasury Secretary Lily Batchelder and IRS Commissioner Charles Rettig regarding widespread concerns on the Schedules [...]
Nichols' Tax Update, Issue 22-1 Label Doesn’t Determine Rental Self-Employment Tax Exclusion In a legal memorandum, the IRS concluded that the definition of rental activity from section 469 doesn’t [...]
Nichols' Tax Update, Issue 21-51 IRS Announces Standard Mileage Rates for 2022 The IRS has announced the optional standard mileage rates used in computing the deductible costs paid or [...]
Nichols' Tax Update, Issue 21-50 Fact Sheet Updates FAQs on Recovery Rebate Credit The IRS has issued a fact sheet (FS-2021-17) updating its list of frequently asked questions on [...]
Nichols' Tax Update, Issue 21-49 IRS Advises on Calculating Imputed Underpayments of Partnerships In emailed advice, the IRS advised on whether adjustments to partnership-related items are included in the [...]
Earlier this week, the SC Department of Revenue approved and issued Information Letter 21-31: Extended Tax Relief – Nexus and Income Tax Withholding Requirements for Employers with Workers Temporarily [...]
IRS Will Not Acquiesce in Mayo ClinicHolding on UBIT In an action on decision (AOD 2021-04, 2021-47 IRB 725), the IRS has announced that it will not acquiesce in an [...]
Updates Near for Fixing Obsolete Professional Conduct Rules Treasury is reviewing draft revisions to Circular 230 that are said to provide changes for unenforceable provisions and clarify sections that [...]
Practitioners See Need for Guidance on Controlled Group Rules Provisions of the controlled group rules have been working their way beyond qualified plans, making the code section ripe for [...]
Nichol's Tax Update, Issue 21-44 IRS Cracking Down on Crypto Noncompliance The IRS is going full steam ahead on addressing noncompliance related to cryptocurrency, and tax professionals may need [...]
Nichols’ Tax Update, Issue 21-43 IRS Announces New FAQ Process With Penalty Protection The IRS plans on releasing significant FAQs on new tax statutes in fact sheets and promises [...]
Nichols' Tax Update, Issue 21-42 Extension Granted to File Election After Ownership Change The IRS granted a taxpayer an extension to file a closing-of-the-books election after an ownership change. [...]
Nichols' Tax Update, Issue 21-41 Economic Nexus . . . Remote Seller in South Carolina At ‘Press time” only three states, Alaska, Montana, and Oregon had NOT enacted some [...]
Nichols Tax Update 21-40 IRS Announces Extension of Replacement Period for Sold Livestock The IRS has announced (IR-2021-193) that farmers and ranchers who previously were forced to sell livestock [...]
Divorce-Related Property Transfers Are Tax Free The IRS ruled that an annuity payment arrangement includes nontaxable transfers between former spouses that are incident to divorce under section 1041 and [...]
Amount Paid for Psychotherapy Excludable From Settlement Income The Tax Court, in a summary opinion, held that an individual could not exclude from income half of the $55,000 in [...]
The DOL Employee Benefit Security Administration (EBSA) Office of the Chief Accountant (OCA) is planning to conduct a study to assess the quality of audit work performed by independent [...]
The Department of Labor, Licensing and Regulation (LLR) is seeking members for several of its boards. There is a strong interest from the Governor to have CPAs fill those [...]
Nichols Tax Update Issue 21-36 Memo Provides Guidance on Partnership Election Revocation Requests The IRS Large Business and International Division and the IRS Small Business/Self-Employed Division have issued a [...]