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Remember that You Must Pay South Carolina (and Federal) Income Taxes on Unemployment Benefits Received by the State

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

S Corporation Owners Get Less than Partnership Owners and Self-Employed Individuals under Payroll Protection Program

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

Section 199A – The Decision to Aggregate

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

The New Section 199a 20% Profit Deduction For Pass-Thru Business Owners: Does It Apply To Rental Real Estate Activities?

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

The New Section 199a 20% Profit Deduction For Pass-Thru Business Owners: Employee Leasing May Help

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

The New Section 199A 20% Profit Deduction for Pass-Through Businesses: A Case Study: Court Reporters

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

New IRS §199A Proposed Regulations Provide Guidance On “Qualified Business Income”: What Income is “In” and What Income is “Out”...

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

IRS Issues New Proposed Regulations on Section 199A 20% Deduction for Pass-Through Businesses

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

South Carolina Department of Revenue Issues Draft Guidance for New Manufacturer Property Tax Valuation Discount

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

South Carolina Property Tax for New and Expanding Manufacturers: The Fee-In-Lieu of Tax Versus the Special Source Revenue Credit

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

Not Paying Your Federal Employment Taxes? The IRS Power to Seek a Federal Court Injunction Against Businesses and Their Owners

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

IRS Computer Problems Give Taxpayers Extra Day to File 2017 Tax Returns and to Pay Taxes

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

The New 20% Pass-Through Deduction: Can Real Estate Owners Claim It?

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

President Signs New Tax Law: The Return of Corporations for Small Businesses?

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

Congress Passes Historic New Tax Law

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

The IRS is Garnishing My Wages or Taking My Bank Account: What Do I Do? Collection Due Process Relief (Part 9)

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

My Business Owes IRS Employment Taxes: What Do You Do? IRS Employment Taxes and “Trust fund Recovery Penalty” (Part 7)

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

The IRS Has a Lien Against Me: What Do You Do? Tax Lien Release and Discharge (Part 6)

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

You Owe IRS Taxes: What Do You Do? The Offer in Compromise (Part 5)

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

Currently Not Collectible Taxes: What Do You Do? (Part 4)

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

Tax Payment Plans: What Do You Do? (Part 3)

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

House Discusses How to Tax Small Businesses

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

South Carolina Property Tax Incentives: The Special Source Revenue Credit

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

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