Many South Carolinians who have been furloughed or laid-off from work have received unemployment benefits from the South Carolina Department of Workforce. These benefits have been increased under the federal Coronavirus Aid,...more
The Payroll Protection Program (PPP) under the CARES Act can provide eligible businesses with a forgivable loan from the government to be used to keep and pay employees, and for certain other purposes, and to help businesses,...more
5/7/2020
/ Business Entities ,
Business Taxes ,
CARES Act ,
Federal Taxes ,
Income Taxes ,
Limited Liability Company (LLC) ,
Loan Forgiveness ,
Partnerships ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
S-Corporation ,
SBA ,
Self Employed ,
Self-Employment Tax
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
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
Congress enacted the new Section 199A 20% profit deduction for the owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain trusts. Section 199A is intended...more
10/23/2018
/ Business Income ,
Business Ownership ,
Business Taxes ,
Corporate Taxes ,
Court Reporters ,
Income Taxes ,
IRS ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
Payroll Taxes ,
Proposed Regulation ,
S-Corporation ,
Services ,
Small Business ,
Sole Proprietorship ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Tax Returns ,
Trusts
The IRS has issued Proposed Regulations now under the new Section 199A 20% profit deduction for pass-through entities. The Proposed Regulations provide important guidance on the definition of “Qualified Business Income” –...more
8/21/2018
/ Beneficiaries ,
Business Income ,
Business Ownership ,
Business Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Partnerships ,
Pass-Through Entities ,
Proposed Regulation ,
S-Corporation ,
Sole Proprietorship ,
Tax Deductions
The Internal Revenue Service yesterday issued its much-anticipated Proposed Regulations on the new Section 199A 20% deduction for owners of pass-through business entities. This important deduction was created under the 2017...more
8/9/2018
/ Business Income ,
Business Ownership ,
Business Taxes ,
Comment Period ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
Partnerships ,
Pass-Through Entities ,
Proposed Regulation ,
Public Comment ,
S-Corporation ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning
South Carolina has some of the highest business property taxes in the Southeast, particularly for manufacturers. Property for manufacturers is taxed at: (1) the fair market value of land and buildings, and the depreciated...more
7/25/2018
/ Business Taxes ,
Department of Revenue ,
Draft Guidance ,
In-Lieu Fees ,
Manufacturers ,
Property Tax ,
Property Valuation ,
State and Local Government ,
State Taxes ,
Tax Incentives ,
Tax Returns
South Carolina has some of the highest business property taxes in the Southeast. The state generally taxes land, buildings, machinery and equipment, and furniture and fixtures, but does not tax inventory, pollution control...more
7/3/2018
/ Business Taxes ,
Commercial Property Owners ,
Economic Development ,
In-Lieu Fees ,
Investment Management ,
Manufacturers ,
Property Tax ,
State Taxes ,
Tax Credits ,
Tax Incentives ,
Tax Liability ,
Tax Planning ,
Tax Rates
Where a business does not pay its federal employment and/or unemployment taxes, and continues in operation, the IRS will utilize administrative measures, including tax liens and levies, to collect the unpaid taxes....more
The IRS announced on April 17, 2018 that, due to IRS computer problems, all taxpayers are being given an extra day to file their 2017 tax returns and to pay any taxes owed (see IR-2018-100, April 17, 2018). The IRS apparently...more
Under the Tax Cuts and Jobs Act, Congress is now offering a new 20% deduction for “pass-through” businesses – i.e. businesses that are not corporations. With the corporate tax rate being reduced under the new law to a flat...more
2/13/2018
/ Beneficiaries ,
Business Income ,
Business Ownership ,
Business Taxes ,
C-Corporation ,
Capital Gains ,
Compensation ,
Corporate Taxes ,
Employment Tax ,
FICA Taxes ,
FUTA ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
New Legislation ,
Partnerships ,
Pass-Through Entities ,
S-Corporation ,
Shareholders ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
Wage and Hour
The new 20% deduction for “pass-through” business owners under the Tax Cuts and Jobs Act is raising many questions from owners of real estate-related businesses. Can these owners qualify for this important deduction, and...more
1/16/2018
/ Business Assets ,
Business Income ,
Business Ownership ,
Business Taxes ,
Income Taxes ,
Limited Liability Company (LLC) ,
New Legislation ,
Partnerships ,
Pass-Through Entities ,
Property Owners ,
Qualifying Income ,
Real Estate Market ,
S-Corporation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Reform ,
Trump Administration
President Trump signed into law a major overhaul of the US tax system. The corporate tax rates have changed from a system of graduated tax rates up to 35% to a flat tax on corporate profits of 21%. The alternative minimum tax...more
12/27/2017
/ Alternative Minimum Tax ,
Business Profits ,
Business Taxes ,
C-Corporation ,
Corporate Taxes ,
Employment Tax ,
Income Taxes ,
IRS ,
Mortgage Interest ,
New Legislation ,
Pass-Through Entities ,
Personal Exemptions ,
Personal Services ,
Shareholders ,
Small Business ,
Standard Deduction ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
Congress has passed a major overhaul of the US tax system. The measure passed 224 to 201 in the House and 51-48 in the Senate, largely along party lines. The tax bill is now on its way to the President, and the President is...more
12/22/2017
/ Business Taxes ,
Corporate Taxes ,
Estate Tax ,
Income Taxes ,
New Legislation ,
Personal Exemptions ,
Standard Deduction ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
If an individual or business owes but has not paid federal taxes, the IRS will make efforts to collect these taxes. The IRS will first send a series of notices requesting payment, but if the taxpayer does not respond to the...more
Businesses that have employees and pay wages and salaries must withhold federal employee income taxes and the employee’s share of federal employment taxes (FICA) from these wages and salaries. The employer must “match” the...more
Where an individual or business owes IRS taxes, Congress has given the IRS a tax lien against all the assets of the taxpayer. The lien covers real estate, homes, furniture, cars, investments, and nearly everything an...more
9/6/2017
/ Asset Seizure ,
Business Assets ,
Business Taxes ,
Corporate Taxes ,
Discharge Letters ,
Income Taxes ,
IRS ,
Real Estate Transactions ,
Release of Liability ,
Tax Debt ,
Tax Liens ,
Tax Penalties
Where individuals and businesses owe IRS taxes, the IRS has a settlement program where it can legally accept less than what is owed. Known as an “Offer in Compromise,” Congress has given the IRS the authority to “compromise”...more
If an individual or business owes federal taxes and does not have the current ability to pay these taxes, the IRS can consider placing the account into “currently not collectible” (CNC) status. If placed in CNC status, a...more
If an individual or business owes federal taxes and does not have the current ability to pay these taxes, the IRS can “seller-finance” and offer a payment plan with the taxpayer. The primary benefit of a payment plan is that...more
A proposal presently being discussed before the House Ways and Means Committee (where tax laws begin) addresses how small business income will be taxed. President Trump and the Republican-controlled Congress both desire...more
While South Carolina has low income taxes, and comparatively low sales taxes as well, the state makes up for this by having some of the highest business property tax rates in the Southeast. These property taxes are generally...more