View From the Dome | June 14, 2024
Provided by Copper Dome Strategies, LLC The Conference Committee on the state budget met this week but did not adopt a Conference Report. Primary elections were held on Tuesday [...]
View From the Dome | May 31, 2024
Provided by Copper Dome Strategies, LLC The Conference Committee on the state budget met and organized this week. The General Assembly will return beginning next week to deal with [...]
View From the Dome | May 24, 2024
Provided by Copper Dome Strategies, LLC State economists met this week and increased the revenue estimate adding more funds to the state budget. Governor Henry McMaster signed a number [...]
View From the Dome | May 10, 2024
Provided by Copper Dome Strategies, LLC The 125th General Assembly adjourned Sine Die yesterday at 5:00 pm after a flurry of last week activity. The second year of the [...]
View From the Dome | May 3, 2024
Provided by Copper Dome Strategies, LLC As the clock is ticking on the 125th General Assembly, the Senate was busy debating House bills this week while the House was [...]
View From the Dome | April 19, 2024
Provided by Copper Dome Strategies, LLC Judicial elections were held on Wednesday. There were numerous subcommittee and committee meetings as the clock is beginning to wind down on the [...]
View From the Dome | March 30, 2024
Provided by Copper Dome Strategies, LLC Two-thirds of the eighteen-week legislative session has been completed, and just six weeks remain before the May 9 adjournment. Both chambers were busy [...]
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 [...]
From SCDOR: Changes to Mandatory Minimum Requirement for Employers Uploading W-2s
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) [...]
SCDOR Tax Legislative Update for 2023
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: [...]
From SCDOR: South Carolina Updates to Maximum Sales & Use Tax (Max Tax)
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 [...]
From SCDEW: New Electronic Payment Method for Claimant Wage Garnishments
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 [...]
Rearview from the Dome
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 [...]
SCDOR To Stop Issuing Debit Cards for Refunds
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 [...]
From LLR: Licence Renewal Notice
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 [...]
From SC BOA: Ethics CPE Requirement for 2022 Calendar Year
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 [...]
Tax to the Max | June 23 – IRS Push with Form 7203 For S Corp Basis Reporting
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 [...]
SCACPA Advocacy Wins: Two Bills Signed by Gov. McMaster
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 [...]
SCACPA Advocates for Businesses and Practitioners on Schedules K-2, K-3
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 [...]
Label Doesn’t Determine Rental Self-Employment Tax Exclusion and 4 more topics! Nichols’ Tax Update, Issue 22-1
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 [...]
Insurance Company Seeks Rescission of Malpractice Policies and 6 more topics! Nichols’ Tax Update, Issue 21-51
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 [...]
Evolving Remote Workforce Brings Uncertainty, Practitioners Say and 9 more topics! Nichols’ Tax Update, Issue 21-50
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 [...]
Guidance Implements Termination of Employee Retention Credit and 4 more topics! Nichols’ Tax Update, Issue 21-49
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 [...]
Approved: IL21-31: Extended Tax Relief
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 [...]
Partnership Denied Deduction for Conservation Easement and 4 more topics! Nichols’ Tax Update, Issue 21-48
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 [...]
IRS Clarifies Accounting and Reporting of Forgiven PPP Loans and 7 more topics! Nichols’ Tax Update, Issue 21-47
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 [...]
IRS Announces Pension Plan Limits for 2022 and 4 more topics! Nichols’ Tax Update, Issue 21-45
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 [...]
IRS Cracking Down on Crypto Noncompliance and 6 more topics! Nichols’ Tax Update, Issue 21-44
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 [...]
IRS Announces New FAQ Process With Penalty Protection and 5 more topics! Nichols’ Tax Update, Issue 21-43
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 [...]
Extension Granted to File Election After Ownership Change and 2 more topics! Nichols’ Tax Update Issue 21-42
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. [...]