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 [...]
Understanding IRS CAF Numbers and “Pending Review” Status
CAF (Centralized Authorization File) numbers are vital for tax practitioners, enabling them to represent taxpayers before the IRS. However, these numbers can sometimes be placed in "pending review" status [...]
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 [...]
From the IRS: Transcript Delivery Service Authorization Change
Submitted by the IRS As part of the IRS’ effort to continue combatting identity theft and protecting taxpayers’ personal information, we’re making changes that will impact how tax professionals [...]
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 [...]
From the IRS: Withdrawal Process for ERC Claims, Webinar Opportunity & More
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 [...]
Fall Fest Presents: SECURE 2.0 with Karen Davis
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 – [...]
IRS & SCDOR Extend Tax Relief for All 46 South Carolina Counties Following Idalia
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 [...]
From SCDOR: Tax Tips for Remote Workers & Their Employers
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, [...]
SCDOR Launches Enhanced Online Business Tax Application
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 [...]
New IRA Act Bolsters R&D Tax Credit for Early-Stage Companies
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 [...]
Disaster Relief: Updates Regarding Hurricane Ian
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 [...]
From SCDOR: Help Your Agribusiness Clients with These Tax Tips & Reminders
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 [...]
From SCDOR: State’s Top Delinquent Taxpayers paid $8.5M to State in 2021
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 [...]
From SCDOR: Is Your Client’s Hobby a Business? Tips to Help You Find Out
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 [...]
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 [...]
SCDOR: Help Your Clients Plan for Tax Free Weekend
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 [...]
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 [...]
From SCDOR: What to Do If Your Client Can’t Afford to Pay Their Taxes
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 [...]
SCDOR Revenue Ruling 22-x: Employer Wage Withholding Requirements
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 [...]
SCDOR Has Tax Tips for Many of Your Clients
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 [...]
SCATE Card: What You Need to Know
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 [...]
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 [...]
Claiming the Federal Research and Development Tax Credit? Don’t Overlook the State Opportunity
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 [...]
Tax season is in full swing! Here are some helpful reminders for tax professionals.
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 [...]
DYK: CPAs Can File BPP Taxes Using MyDORWAY?
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 [...]