Tax

SC DOR Revises its Revenue Ruling on Sales and Use Tax Economic Nexus Standard

By |2018-09-20T16:39:59+00:00September 20th, 2018|Auditing & Accounting, Business & Industry, Governmental, Legislative/Advocacy, Regulatory, Tax|

The South Carolina Department of Revenue has announced an advisory opinion that updates SC Revenue Ruling #09-9 concerning when a retailer must remit a local jurisdiction’s Sales and Use Tax. [...]

In Letter to S.C. Congressional Delegation, Gov. McMaster Requests Help for Federal Support, Individual Assistance for Florence Recovery

By |2018-09-20T16:11:16+00:00September 20th, 2018|Auditing & Accounting, Business & Industry, Featured, Governmental, Legislative/Advocacy, Regulatory, Tax|

Gov. Henry McMaster sent a letter to South Carolina’s congressional delegation on Thursday, requesting their continued support for his request for Federal disaster assistance for an expected $1.2 billion in [...]

SEC Offers Regulatory Relief for Florence

By |2018-09-20T16:08:54+00:00September 20th, 2018|Auditing & Accounting, Business & Industry, Governmental, Legislative/Advocacy, Regulatory, Tax, Technology|

The Securities and Exchange Commission announced Wednesday that it is providing regulatory relief to accountants, transfer agents, municipal advisors, publicly traded companies, investment companies, and others affected by Hurricane Florence where [...]

SC DOR to Offer Case-By-Case Tax Relief for Hurricane Florence

By |2018-09-19T10:20:04+00:00September 19th, 2018|Auditing & Accounting, Business & Industry, Featured, Governmental, Legislative/Advocacy, Regulatory, Tax, Technology|

The South Carolina Department of Revenue announced on Tuesday that it will work on a case-by-case basis to waive any penalties assessed for taxpayers who cannot meet state filing [...]

SC DOR Issues Advisory Opinion for Remote Sellers and Sets Economic Nexus Standard of $100,000

By |2018-09-19T09:55:08+00:00September 19th, 2018|Auditing & Accounting, Business & Industry, Featured, Governmental, Tax, Technology|

The SC Department of Revenue has approved and issued its Advisory Opinion, Revenue Ruling 18-14: Retailers Without a Physical Presence (“Remote Sellers”) – Economic Nexus, on Tuesday, Sept. 18. It [...]

Tax Conformity Arrangement Moves Forward from Senate Finance Subcommittee

By |2018-09-18T15:42:35+00:00September 18th, 2018|Auditing & Accounting, Business & Industry, Featured, Governmental, Legislative/Advocacy, Regulatory, Tax|

The push to enact Tax Conformity in South Carolina passed a significant milestone as the Senate Finance Subcommittee on Conformity unanimously adopted an amendment to a House bill on [...]

IRS Reminder: Beware of Disaster Scammers During Florence Recovery

By |2018-09-18T11:37:08+00:00September 18th, 2018|Auditing & Accounting, Governmental, Legislative/Advocacy, Tax, Technology|

The IRS is reminding taxpayers that criminals and scammers try to take advantage of the generosity of taxpayers who want to help victims of major disasters, such as Hurricane [...]

SCACPA Urges IRS to Consider Paths for Tax Deadline Extensions for Those Under Mandatory Evacuation Orders

By |2018-09-18T12:11:01+00:00September 18th, 2018|Business & Industry, Featured, Governmental, Legislative/Advocacy, Tax|

South Carolina’s road to recovery from Hurricane and Tropical Storm Florence will be long, but SCACPA has been hard at work to secure assistance and relief for the state’s [...]

SCACPA Watches for State, Federal Responses to Tax Deadline Disaster Extension Requests

By |2018-09-13T12:15:54+00:00September 13th, 2018|Business & Industry, Featured, Governmental, Legislative/Advocacy, Regulatory, Tax|

With mandatory evacuations along the South Carolina coast underway in anticipation of Hurricane Florence, SCACPA reached out early in the week to the SC DOR and the Governor’s Office to [...]

IRS has Taxpayer Assistance Plans as Hurricane Florence Approaches

By |2018-09-13T10:29:04+00:00September 10th, 2018|Business & Industry, Governmental, Membership, Tax|

As Hurricane Florence advances, SCACPA is sharing the following preparedness advice from the IRS. In the coming days, South Carolina is projected to be affected by severe storms, flooding and [...]

Preparedness Steps in Advance Of Hurricane Florence

By |2018-09-13T10:29:55+00:00September 10th, 2018|Business & Industry, Featured, Governmental, Legislative/Advocacy, Membership, Tax|

The South Carolina Association of CPAs wants our members to be aware we are monitoring weather forecasts for Hurricane Florence and its possible effects on SCACPA functions and emergency [...]

SCACPA Presents: A Free 8-Hour Comprehensive 199A Update Course on Sept. 20

By |2018-08-23T14:52:09+00:00August 23rd, 2018|Auditing & Accounting, Business & Industry, Featured, Governmental, Legislative/Advocacy, Membership, Regulatory, Tax|

COURSE TITLE: “Complete Coverage of 199A Regulations” REGISTER NOW: SMTX59 – In-Person | LITX59 – Livestream Lynn Nichols, CPA, host of SCACPA’s Federal Tax Update Podcast and presenter for [...]

Member Benefit Alert: SCACPA Partners with Surgent On-Demand Self-Study CPE

By |2018-08-21T16:21:08+00:00August 21st, 2018|Auditing & Accounting, Business & Industry, Featured, Governmental, Legislative/Advocacy, Membership, Partners, Public Relations, Regulatory, Tax, Technology|

SCACPA members who know they can depend on the Association for all-around CPE excellence now have an incredible opportunity to get specialized knowledge for their precise career needs. The [...]

SCACPA Treasurer Newhouse Testifies to Senate Finance Subcommittee on Need for Tax Conformity

By |2018-08-15T19:25:42+00:00August 15th, 2018|Auditing & Accounting, Business & Industry, Featured, Governmental, Legislative/Advocacy, Membership, Regulatory, Tax|

Note: Read a summary about the Senate Finance Subcommittee on Conformity’s initial Aug. 8 meeting here. The Senate Finance Subcommittee on Conformity met for the second time on Wednesday morning, [...]

S.C. Tax Team’s Lynn Nichols Examines IRS Proposed Regulations on IRC Sec. 199A (Qualified Business Income Deduction)

By |2018-08-23T14:59:06+00:00August 14th, 2018|Auditing & Accounting, Business & Industry, Featured, Governmental, Legislative/Advocacy, Regulatory, Tax|

The IRS’s proposed regulations to explain and interpret Code Section 199A stemming from the Tax Cuts and Jobs Act were released on Wednesday, Aug. 8. Lynn Nichols, of the [...]

SC DOR Seeks Public Comments on Guidance Drafts for Remote Sellers, Marketplace Operators and Marketplace Users

By |2018-08-13T18:39:38+00:00August 13th, 2018|Featured, Regulatory, Tax, Technology|

In the wake of the U.S. Supreme Court’s recent decision in South Dakota v. Wayfair, Inc., the South Carolina Department of Revenue has released three Public Drafts for public comment [...]

SCACPA Continues to Push for Results in Summer Conformity Talks

By |2018-08-15T19:27:57+00:00August 9th, 2018|Business & Industry, Featured, Governmental, Legislative/Advocacy, Regulatory, Tax|

Note: Read about the Aug. 15 second meeting of the Senate Finance Subcommittee on Conformity that featured testimony from SCACPA Board Member and Treasurer Ken Newhouse here. The first [...]

Technical Corrections Would Help These 3 TCJA Provisions

By |2018-08-02T17:09:44+00:00August 2nd, 2018|Auditing & Accounting, Business & Industry, Governmental, Regulatory, Tax|

By Thomas McCormick, CPA | SCACPA Member Since 2013 As time has passed since the enactment of the 2017 Tax Cuts and Jobs Act, tax professionals have noted mistakes in [...]

S. C.’s Sales Tax Holiday Weekend is Fri., Aug. 3-Sun., Aug. 5

By |2018-07-30T15:20:19+00:00July 30th, 2018|Auditing & Accounting, Business & Industry, Governmental, Tax|

South Carolina’s annual Sales Tax Holiday begins at 12:01 a.m. on Friday, Aug. 3 and continues until midnight of Sunday, Aug. 5. A list of dozens of items, including back-to-school [...]

Succession Planning for CPA Firms Leads to ‘Merger Frenzy’

By |2018-07-23T14:42:50+00:00July 23rd, 2018|Auditing & Accounting, Business & Industry, Tax, Technology|

Owners and partners of smaller-sized CPA firms who are nearing retirement age often face two options on how to pass along their practice: a) make themselves attractive to be bought [...]