Tobacco manufacturers and distributors have long made refund/rebate payments to retailers for the retailer’s purchase of cigarettes and other tobacco products from the manufacturer, provided the retailer reduces the price of...more
In disputed tax cases in South Carolina, the South Carolina Department of Revenue (SCDOR, DOR, or Department) will often argue that our courts should defer to SCDOR’s own interpretation of the tax laws at issue in the case....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
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 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 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
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
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
Recognizing the devastating effects of Hurricane Florence, President Trump on September 10, 2018 declared that an emergency exists in the State of South Carolina and ordered federal assistance to be available beginning...more
9/14/2018
/ Federal Taxes ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Natural Disasters ,
State of Emergency ,
Tax Liability ,
Tax Planning ,
Tax Relief ,
Tax Returns ,
Trump Administration
South Carolina imposes a sales tax on the retail sale of tangible personal property in the state. South Carolina also charges a separate and related “use tax” on retail purchases of tangible personal property outside of South...more
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
The IRS recently announced it will be shutting down its successful Offshore Voluntary Disclosure Program (OVDP) for unreported foreign bank accounts and income. The program will end September 28, 2018. Under the OVDP, first...more
3/23/2018
/ Banking Sector ,
Criminal Prosecution ,
Disclosure Requirements ,
FATCA ,
FBAR ,
Filing Requirements ,
Financial Institutions ,
Fines ,
Foreign Bank Accounts ,
Foreign Tax ,
Income Taxes ,
IRS ,
Offshore Banks ,
Offshore Funds ,
OVDP ,
Reporting Requirements ,
Tax Amnesty ,
Tax Evasion ,
Tax Liability ,
Tax Penalties ,
Tax Returns ,
U.S. Treasury ,
Voluntary Disclosure
Section 530 Relief -
Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as employees. This is a major audit area for the...more
12/20/2017
/ 1099s ,
Employer Liability Issues ,
Employment Tax ,
Federal Taxes ,
Income Taxes ,
Independent Contractors ,
Internal Revenue Code (IRC) ,
IRS ,
Misclassification ,
Tax Audits ,
Tax Liability ,
Tax Penalties ,
Tax Relief ,
W-2
IRS Voluntary Worker Classification Settlement Program -
Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as employees....more
12/8/2017
/ 1099s ,
Closing Arguments ,
Employment Tax ,
Federal Taxes ,
Income Taxes ,
Independent Contractors ,
IRS ,
Misclassification ,
Tax Audits ,
Tax Liability ,
Tax Penalties ,
VCSP
IRS Form SS-8 Determinations of Employee Status -
Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as “employees.” This...more
11/30/2017
/ 1099s ,
Determination Letter ,
Employer Liability Issues ,
Employment Tax ,
Federal Taxes ,
Independent Contractors ,
IRS ,
Misclassification ,
Tax Audits ,
Tax Liability ,
W-2
Taxpayers often have disputes with the IRS, whether through an income tax audit or as a result of actions by IRS officials to collect federal taxes. To resolve these disputes administratively within the IRS, the IRS many...more