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Summary of Proposed 2021 Federal Tax Law Changes

President Biden has proposed major changes to the Federal tax laws, some of which are sought to be effective earlier in 2021 (i.e., we are already operating under these changes, if they later become adopted), as compared to...more

PPP Loan Application Date Extended by Congress

President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021 to May 31, 2021.  The new law gives qualifying businesses and...more

IRS Extends Payment Date For Second Quarter Estimated Taxes

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

South Carolina Further Extends 2019 Income Tax Filing and Payment Due Dates

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

IRS Announces Office Closures

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

3/23/2020  /  IRS , Office Closures , Tax Planning

Treasury Secretary Announces “Tax Day” To Now Be Extended to July 15th

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

IRS Extends 2019 Income Tax Payment Deadline – But Not Date for Filing 2019 Federal Income Tax Returns

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

IRS Extends 2019 Income Tax Payment Deadline – States Soon to Follow

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

South Carolina Department of Employment and Workforce Announces Major Tax Cut for South Carolina Employers

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

I’m Seeking to Renew or Obtain a U.S. Passport to Travel Abroad but I owe IRS Taxes – What do I do?

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

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

Hurricane Florence: Federal and South Carolina Tax Return Filings and Payments

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

New IRS Proposed 199A Regulations Provide Guidance on 20% Profit Pass-Through Deduction

On August 8th, the IRS released its much-awaited Proposed Regulations on the new Section 199A 20% profit deduction for pass-through businesses. The new deduction applies to essentially all types of businesses other than C...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 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

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