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
7/21/2021
/ Biden Administration ,
Capital Gains Tax ,
Carried Interest Tax Rates ,
Corporate Taxes ,
Enforcement Actions ,
Federal Funding ,
Income Taxes ,
IRS ,
Legislative Agendas ,
Like Kind Exchanges ,
Net Investment Income ,
Regulatory Agenda ,
Section 1031 Exchange ,
Tax Planning ,
Tax Rates ,
Tax Reform
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
3/31/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Planning ,
Tax Relief ,
Time Extensions
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
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 late payment penalties or...more
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
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
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
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
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
8/15/2018
/ Aggregation Rules ,
Beneficiaries ,
Business Income ,
Business Ownership ,
C-Corporation ,
Estate Planning ,
Federal Taxes ,
Income Taxes ,
IRS ,
Partnerships ,
Pass-Through Entities ,
Professional Employer Organization ,
Proposed Regulation ,
S-Corporation ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Returns ,
Threshold Requirements ,
Trusts ,
W-2 ,
Wage and Hour
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. 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