The South Carolina Department of Revenue (“DOR”, “SCDOR”, the “Department”) recently issued SC Information Letter #20-22 in which it released a series of helpful “Information Guides” concerning updated and specific...more
8/13/2020
/ Administrative Appeals ,
Department of Revenue ,
Income Taxes ,
Information Letters ,
New Guidance ,
Property Tax ,
State Taxes ,
Tax Appeals ,
Tax Assessment ,
Tax Exemptions ,
Tax Returns
On April 13, 2020, the South Carolina Department of Revenue issued SC Information Letter #20-8 with updated guidance concerning COVID-19 related filing and payment extensions. This guidance provides...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 penalties or interest. No...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
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
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
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
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
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
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
The United States has a voluntary tax reporting system. Once a tax return is filed, however, the IRS will seek to verify that filed tax returns comply with the tax laws. To achieve this, an IRS audit (“examination”) must take...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
The United States has a voluntary income tax reporting system. U.S. citizens, permanent residents, and businesses here must annually file income tax returns with the IRS, reporting their “worldwide income”, deductions, and...more
8/10/2017
/ 1099s ,
Filing Requirements ,
Income Taxes ,
IRS ,
Tax Amnesty ,
Tax Debt ,
Tax Evasion ,
Tax Penalties ,
Tax Returns ,
Voluntary Disclosure ,
W-4
Many individuals and businesses owe taxes to the IRS, or they have not filed their tax returns or both. While the IRS may be the most powerful creditor in the world, there are solutions. This is Part I of a series addressing...more
If an individual or business owes unpaid income taxes to the IRS, or to a state, federal bankruptcy laws may provide relief for some, if not all, of these taxes. Generally applicable to “older” federal and state income taxes,...more
4/7/2017
/ Commercial Bankruptcy ,
Consumer Bankruptcy ,
Corporate Taxes ,
Creditors ,
Dischargeable Debts ,
Interest Accrual ,
Penalties ,
Tax Debt ,
Tax Liens ,
Tax Returns ,
Unsecured Debt
All U.S. citizens and permanent residents are required to annually file a U.S. income tax return reporting their worldwide income from all sources. Additionally, U.S. citizens and permanent who have an interest in or...more