Tax

IRS Clarifies Accounting and Reporting of Forgiven PPP Loans and 7 more topics! Nichols’ Tax Update, Issue 21-47

By |2021-12-20T10:46:16-05:00December 10th, 2021|Educate, Regulatory, Tax|

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 [...]

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SCDOR MyDORWAY Feature for CPAs

By |2021-11-16T14:47:36-05:00November 16th, 2021|Tax|

Did you know that the SCDOR's MyDORWAY site has a way for you to access your clients' accounts for business personal property, manufacturing property, and utility property taxes. There [...]

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Opportunity to Build New Skills!

By |2021-11-16T14:20:05-05:00November 16th, 2021|Membership, Tax|

The SCACPA Tax Team has openings for CPAs to assist with research, write and edit educational material, and speak on focused topics. If you (or someone in your organization) [...]

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IRS Announces Pension Plan Limits for 2022 and 4 more topics! Nichols’ Tax Update, Issue 21-45

By |2021-11-22T11:01:47-05:00November 15th, 2021|Educate, Featured, Regulatory, Tax|

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 [...]

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IRS Cracking Down on Crypto Noncompliance and 6 more topics! Nichols’ Tax Update, Issue 21-44

By |2021-11-15T15:57:41-05:00November 9th, 2021|Educate, Regulatory, Tax|

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 [...]

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IRS Announces New FAQ Process With Penalty Protection and 5 more topics! Nichols’ Tax Update, Issue 21-43

By |2021-11-09T11:04:24-05:00November 2nd, 2021|Regulatory, Tax|

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 [...]

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Extension Granted to File Election After Ownership Change and 2 more topics! Nichols’ Tax Update Issue 21-42

By |2021-11-02T09:36:31-04:00October 26th, 2021|Regulatory, Tax|

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.  [...]

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Temporary Regs Implement IDR Requirements in Surprise Billing Law and 3 more topics! Nichols Tax Update 21-40

By |2021-10-19T15:51:17-04:00October 12th, 2021|Educate, Regulatory, Tax|

Nichols Tax Update 21-40 IRS Announces Extension of Replacement Period for Sold Livestock The IRS has announced (IR-2021-193) that farmers and ranchers who previously were forced to sell livestock [...]

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From SCDOR: Batch Withholding Program

By |2021-10-06T11:43:53-04:00October 6th, 2021|Tax|

The following content is brought to you by the SCDOR: The South Carolina Department of Revenue (SCDOR) announces several updates to its Withholding process that will greatly benefit tax [...]

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Life Insurance Proceeds Included in Company’s Estate Tax Valuation and 6 more topics! Nichols Tax Update Issue 21-39

By |2021-10-19T15:52:01-04:00October 5th, 2021|Educate, Regulatory, Tax|

Divorce-Related Property Transfers Are Tax Free The IRS ruled that an annuity payment arrangement includes nontaxable transfers between former spouses that are incident to divorce under section 1041 and [...]

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IRS Revises Audit Technique Guide on Not-for-Profit Activities and 6 more topics! Nichols Tax Update Issue 21-38

By |2021-10-05T15:06:34-04:00September 28th, 2021|Regulatory, Tax|

Amount Paid for Psychotherapy Excludable From Settlement Income The Tax Court, in a summary opinion, held that an individual could not exclude from income half of the $55,000 in [...]

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Memo Provides Guidance on Partnership Election Revocation Requests and 5 more topics! Nichols Tax Update Issue 21-36

By |2021-10-05T15:08:10-04:00September 14th, 2021|Regulatory, Tax|

Nichols Tax Update Issue 21-36 Memo Provides Guidance on Partnership Election Revocation Requests The IRS Large Business and International Division and the IRS Small Business/Self-Employed Division have issued a [...]

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AICPA Seeks Quick Relief on Interruption of LIFO Inventories and 3 more topics! Nichols Tax Update Issue 21-34

By |2021-10-05T15:11:37-04:00August 31st, 2021|Regulatory, Tax|

Nichols’ Tax Update Podcast: Issue 21-34  Aunt Entitled to Child Tax Credits, Dependency Deductions The Tax Court, in a summary opinion, held that an individual is entitled to dependency [...]

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IRS Offers Safe Harbor for Employers Using Retention Credit and 5 more topics! Nichols Tax Update Issue 21-33

By |2021-10-05T15:12:27-04:00August 25th, 2021|Regulatory, Tax|

Nichols’ Tax Update Podcast: Issue 21-33  IRS Offers Safe Harbor for Employers Using Retention Credit New IRS guidance will allow employers to exclude some items from their gross receipts to [...]

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Advance Child Tax Credits Hurtling Toward 2022 ‘Train Wreck’ and 6 more topics! Nichols Tax Update 21-32

By |2021-10-05T15:13:09-04:00August 17th, 2021|Regulatory, Tax|

Nichols’ Tax Update Podcast- Issue 21-32 IRS Urges EIN Holders to Update Responsible Party Information The IRS, citing security issues, has urged (IR-2021-161) entities with employer identification numbers to [...]

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Nichols’ Tax Update Podcast: Issue 21-29, IRS Issues Fact Sheet on Child Care Tax Credit Advances, and much more!

By |2021-10-05T15:15:23-04:00July 28th, 2021|Featured, Tax, Uncategorized|

Nichols’ Tax Update Podcast: Issue 21-29, IRS Issues Fact Sheet on Child Care Tax Credit Advances, and much more!   Bank Is Immune From Liability for Complying With IRS [...]

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Nichols’ Tax Update: Issue 21-28, Christian Group That Battled IRS Receives Exemption After All, and much more!

By |2021-10-05T15:17:11-04:00July 21st, 2021|Featured, Tax|

Nichols’ Tax Update: Issue 21-28 Christian Group That Battled IRS Receives Exemption After All, and much more! Temporary Regs Implement Requirements Regarding Surprise Billing Federal agencies, including Treasury, have [...]

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Nichols’ Tax Update Podcast: Issue 21-26, Christian Group Challenges IRS on Proposed Exemption Denial, and much more!

By |2021-10-05T15:18:03-04:00July 7th, 2021|Auditing & Accounting, Membership, Tax, Uncategorized|

Nichols’ Tax Update Podcast, Issue 21-26 10 Topics this week: **** IRS Will Not Acquiesce in TriNetHolding on FICA Tip Credits In an action on decision the IRS has announced [...]

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Lynn Nichols Federal Tax Update – “Mark-to-Market election applied to holdings of single member LLC, not to holdings of the member” Plus 5 More Topics

By |2021-10-05T15:19:03-04:00June 28th, 2021|Auditing & Accounting, Featured, Membership, Tax, Uncategorized|

Welcome to the Federal Tax Update Podcast, hosted by Lynn Nichols. This is presented as a member benefit by the South Carolina Association of CPAs. It is produced to [...]

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Lynn Nichols Federal Tax Update (June 7, 2021): “Indirect Methods” is a Fancy Term for “Bank Deposits,” Among 5 Topics

By |2021-10-05T15:19:44-04:00June 7th, 2021|Educate, Featured, Regulatory, Tax|

Spring Splash Reminder! SCACPA is offering more than 60 hours of livestream learning in May and June. There’s still time to register for Lynn Nichols’ informative livestream Tax sessions: Net Operating Losses [...]

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Lynn Nichols Federal Tax Update (June 1, 2021): When Do I Have Income? An Old Question with New Twists, Among Several Topics

By |2021-06-07T09:42:13-04:00June 2nd, 2021|Educate, Governmental, Tax|

Spring Splash Reminder! SCACPA is offering more than 60 hours of livestream learning in May and June. There’s still time to register for Lynn Nichols’ informative livestream Tax sessions: Net Operating Losses [...]

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