Due to the COVID-19 pandemic, many employers have furloughed some or all of their workforce in South Carolina. Furloughed employees may now be entitled to receive unemployment benefits, and enhanced by $600 per week by the...more
On April 13, 2020, the South Carolina Department of Revenue issued SC Information Letter #20-8 with updated guidance concerning COVID-19 related filing and payment extensions. This guidance provides...more
The IRS issued Notice 2020-23 on April 9, 2020 and announced that the deadline for making estimated tax payments for the second quarter 2020, due June 15, 2020, has been extended to July 15, 2020. This notice supplements...more
March 25, 2020 – The IRS announced a major suspension of many “tax compliance” dates and tax collection measures. Published in IRS Information Release 2020-59 as the “People First Initiative”, the IRS announced that it is...more
3/30/2020
/ Enforcement Actions ,
Federal Debt Collection ,
Federal Taxes ,
Income Taxes ,
Installment Agreements ,
IRS ,
Offers in Compromise ,
Statute of Limitations ,
Tax Appeals ,
Tax Audits ,
Tax Liability ,
Tax Returns
On March 17, 2020, the South Carolina Department of Revenue announced, through SC Information Letter #20-3, that all South Carolina tax filing and payment deadlines starting on April 1, 2020 were extended to June 1, 2020. ...more
3/25/2020
/ Coronavirus/COVID-19 ,
Filing Deadlines ,
Income Taxes ,
IRS ,
State Taxes ,
Tax Liability ,
Tax Penalties ,
Tax Planning ,
Tax Relief ,
Tax Returns ,
Time Extensions
The IRS announced today that it has temporarily closed all Taxpayer Assistance Centers and discontinued face-to-face service throughout the country until further notice. The IRS also announced that it is continuing to process...more
In what is appearing to be a fairly fluid situation with the United States Treasury Department and the IRS, Treasury Secretary Steven Mnuchin announced, via Twitter, that not only tax payments but also the filing of...more
In response to the COVID-19 Coronavirus pandemic, Treasury Secretary Steven Mnuchin announced Tuesday that Americans will have until July 15th to pay their 2019 federal income taxes – and without late payment penalties or...more
In response to the COVID-19 Coronavirus pandemic, Treasury Secretary Steven Mnuchin announced Tuesday that Americans will have until July 15th to pay their 2019 federal income taxes—and without penalties or interest. No...more
In response to the COVID-19 Coronavirus pandemic, Treasury Secretary Steven Mnuchin announced Tuesday that Americans will have until July 15th to pay their 2019 federal income taxes – and without late payment penalties or...more
The South Carolina Department of Revenue (SCDOR or DOR) recently issued a draft of long-awaiting guidance overhauling DOR’s administrative practices concerning disputed tax audits, refunds, license revocations, and other...more
2/10/2020
/ Comment Period ,
Department of Revenue ,
Draft Guidance ,
Income Taxes ,
Public Comment ,
Revenue Procedures ,
State Taxes ,
Tax Audits ,
Tax Liability ,
Tax Litigation ,
Tax Refunds ,
Tax Returns
The South Carolina Department of Revenue (DOR) has issued a proposed Revenue Ruling which will have a significant impact on South Carolina tobacco retailers, if finalized in its present form. The proposed Revenue Ruling, to...more
1/27/2020
/ Cost of Goods Sold (COGS) ,
Department of Revenue ,
Income Taxes ,
Manufacturers ,
Public Comment ,
Rebates ,
Refunds ,
Retailers ,
Revenue Rulings ,
Sales Tax ,
Tobacco
The South Carolina Department of Employment and Workforce (SCDEW) administers the South Carolina unemployment benefit program for state residents, and which is funded by a state-wide unemployment tax on employee wages....more
The Fixing America’s Surface Transportation (FAST) Act, signed into law December 4, 2015, created new Internal Revenue Code § 7345 which requires the IRS to notify the United States State Department when an individual is...more
8/29/2019
/ Back Taxes ,
Delinquency Status ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Internal Revenue Code (IRC) ,
International Travel ,
IRS ,
Passports ,
Tax Debt ,
Tax Liability ,
Tax Planning ,
Travelers
President Trump signed the “Taxpayer First Act”, H.R. 3151, into law on July 1, 2019. The Taxpayer First Act may be one of the most significant “taxpayer rights” laws since the adoption of the Internal Revenue Service...more
With the adoption by Congress of the 2018 Farm Bill, and which decriminalized the cultivation and growing of industrial hemp and related products, states now, including South Carolina, have adopted and expanded programs...more
7/29/2019
/ Agricultural Sector ,
Cannabidiol (CBD) oil ,
Criminal Liability ,
Decriminalization of Marijuana ,
Department of Agriculture ,
Hemp ,
License Fees ,
Marijuana ,
Marijuana Cultivation ,
Marijuana Related Businesses ,
State Taxes
Under the 2017 Tax Cuts and Jobs Act, Congress enacted the new Section 199A 20% profit deduction for owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain...more
7/2/2019
/ Aggregation Rules ,
Business Taxes ,
Corporate Taxes ,
Income Taxes ,
IRS ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
Qualified Business Income ,
S-Corporation ,
Section 199A ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Returns
Many employers began to receive notices from the IRS in 2018 proposing the assessment of a payment against the employer for the tax years 2015 and 2016 under Section 4980H of the Internal Revenue Code. The issuance of these...more
4/15/2019
/ Applicable Large Employers (ALE) ,
Code Sections 4980H ,
Employer Group Health Plans ,
Employment Tax ,
Health Insurance ,
Internal Revenue Code (IRC) ,
IRS ,
Shared Responsibility Rule ,
Tax Assessment ,
Tax Credits ,
Tax Penalties
Under the 2017 Tax Cuts and Jobs Act, Congress enacted a new Section 199A 20% profit deduction for owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain...more
3/7/2019
/ Assisted Living Facilities (ALFs) ,
Business Ownership ,
Final Rules ,
Health Care Providers ,
Income Taxes ,
IRS ,
Pass-Through Entities ,
S-Corporation ,
Section 199A ,
Skilled Nursing Facility ,
Small Business ,
Sole Proprietorship ,
Specified Service Trade Or Business (SSTB) ,
Tax Cuts and Jobs Act ,
Tax Deductions
Under the 2017 Tax Cuts and Jobs Act, Congress enacted a new Section 199A 20% profit deduction for owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain...more
2/28/2019
/ Business Ownership ,
Business Profits ,
Business Taxes ,
Income Taxes ,
IRS ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
Real Estate Companies ,
Rental Income ,
Rental Property ,
S-Corporation ,
Safe Harbors ,
Section 199A ,
Small Business ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning
Under the 2017 Tax Cuts and Jobs Act, Congress enacted a new Section 199A 20% profit deduction for owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain...more
2/19/2019
/ Business Ownership ,
Business Profits ,
Business Taxes ,
Income Taxes ,
IRS ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
Qualified Business Income ,
S-Corporation ,
Section 199A ,
Small Business ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Wage and Hour
On January 18, 2019, Treasury and the IRS issued final regulations for the new Section 199A 20% profit deduction for pass-thru businesses adopted under the 2017 Tax Cuts and Jobs Acts. The new regulations are eagerly...more
1/22/2019
/ Business Income ,
Business Profits ,
Dividends ,
Final Rules ,
Income Taxes ,
Investment Companies ,
IRS ,
New Guidance ,
New Regulations ,
Partnerships ,
Pass-Through Entities ,
Proposed Regulation ,
Publicly-Traded Companies ,
REIT ,
Rental Income ,
Rental Property ,
Revenue Procedures ,
S-Corporation ,
Safe Harbors ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Trusts ,
W-2
A bedrock of IRS administrative practice has been the voluntary disclosure. Where an individual or business has not filed tax returns or believes they may have criminal tax exposure for prior actions, IRS procedures have...more
Individuals who are the unfortunate subjects of federal criminal tax prosecution face prison terms, probation, fines, restrictions on travel and other punishment. Conviction of felony tax offenses results in certain...more
Businesses that have employees must pay wages and salaries to their employees, and the employer must collect federal employee income taxes and the employee’s share of social security (FICA) from these wages and salaries, add...more
10/29/2018
/ Criminal Prosecution ,
Department of Justice (DOJ) ,
Employer Liability Issues ,
Employment Tax ,
Enforcement Actions ,
Federal Taxes ,
FICA Taxes ,
Form 941 ,
Income Taxes ,
IRS ,
Social Security Taxes ,
Tax Debt ,
Tax Liability ,
Wage and Hour