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 [...]