Beneficial Ownership Information
By Ian Redpath, JD, LLM This article originally appeared in the Summer 2023 edition of the South Carolina CPA Report. The beneficial ownership information (“BOI”) reporting provisions were part [...]
By Ian Redpath, JD, LLM This article originally appeared in the Summer 2023 edition of the South Carolina CPA Report. The beneficial ownership information (“BOI”) reporting provisions were part [...]
From the IRS IRS announces withdrawal process for Employee Retention Credit claims; special initiative aimed at helping businesses concerned about an ineligible claim amid aggressive marketing As part of [...]
By Karen Davis, EA, MBA, PhD The “Setting Every Community Up for Retirement Enhancement Act of 2020” (SECURE Act) made two significant retirement plan changes starting in 2020 – [...]
Updated 9/8/2023 On Wednesday, September 6, the Internal Revenue Service (IRS) announced an extension in tax filing and payment deadlines for individuals and businesses affected by the Idalia storm [...]
What you need to know: If you live in South Carolina and work from home for an out-of-state employer, South Carolina Income Taxes will be withheld from your paycheck, [...]
The South Carolina Department of Revenue (SCDOR) has launched an enhanced online Business Tax Application to simplify the registration process for new businesses in the state. The updated application [...]
South Carolina Startups Could Save an Extra $250,000 Per Year, up to $2.5MM Submitted by Margaret Krajcer JD, Vice President and General Counsel of Tax Credits Group On August [...]
Updated 10/10/2022 We just received news from the SC Department of Revenue regarding its response to Hurricane Ian. This announcement aligns the deadline extensions the IRS announced last week [...]
Submitted by the South Carolina Department of Revenue More than 240,000 employees work in the state’s agribusiness industry, which includes 25,000 farms as well as food producers and timber-related [...]
Submitted by the South Carolina Department of Revenue Hundreds of South Carolina’s top delinquent taxpayers paid the state more than $8.5 million in 2021 after their debts were published [...]
Submitted by the South Carolina Department of Revenue Even before the pandemic, a majority of U.S. households had a hobby that involved making a product, from artwork and furniture [...]
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 [...]
Submitted by the South Carolina Department of Revenue South Carolina’s 2022 Tax Free Weekend is August 5-7, and the South Carolina Department of Revenue (SCDOR) wants to help retailers [...]
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 [...]
Submitted by the South Carolina Department of Revenue If your clients have a tax bill and are worried they can't pay, the SCDOR wants them to know they have [...]
Yesterday, the South Carolina Department of Revenue Policy Division released a public draft of Revenue Ruling 22-x: Employer Wage Withholding Requirements. According to the SCDOR, the purpose of this [...]
Submitted by South Carolina Department of Revenue No matter who your clients are, the South Carolina Department of Revenue (SCDOR) has tax tips to help guide taxpayers wherever they [...]
Submitted by the South Carolina Department of Revenue If you have clients who buy or sell exempt agricultural products, learn more about the SCATE card. In February, the South [...]
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 [...]
Submitted by Margaret Krajcer, JD, vice president and general counsel of Tax Credits Group. TCG is a Cleveland-based firm specializing in federal and state R&D tax credits and the [...]
Submitted by the SC Department of Revenue If your work as a tax professional involves helping clients file Individual Income Tax returns, you’re probably finding that each day is [...]
Submitted by the South Carolina Department of Revenue Did you know that during the month of January, the SCDOR distributes approximately 70% of its Business Personal Property (BPP) filing [...]
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 [...]
Submitted by the IRS With preparations for the next tax season starting, please note the IRS will be sending out two letters to taxpayers in January: Letter 6419 - [...]
Submitted by Lynn Nichols, CPA The tax return filing season is set to begin in two weeks, but Treasury and the IRS are under no illusions that it’s going [...]
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 [...]
It is SCACPA’s goal to provide outstanding service and content to support your professional growth. We wanted to offer clarification regarding some information that was provided during the Scholarship [...]
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 [...]