The Tax Cuts and Jobs Act of 2017 (TCJA) imposed a $10,000 cap on the federal deduction for state and local taxes for tax years 2018-2025. While corporations are not subject to the cap, business owners who pay state and...more
Each municipality and county in South Carolina (a taxing jurisdiction) is authorized to impose a business license tax based on the gross income of a business that operates within its borders. Businesses operating in South...more
South Carolina enacted a state low income housing tax credit on May 14, 2020...
The South Carolina State Housing Finance and Development Authority (SC Housing) is required to issue an eligibility statement in order for a...more
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides individuals with a stimulus payment of $1,200 per adult, plus $500 for each qualifying child age 16 and under (subject to phase-outs for higher...more
The South Carolina General Assembly passed the Workforce and Senior Affordable Housing Act on May 12, 2020, and the Act was signed into law by the Governor on May 14, 2020. The Act is effective for qualified projects placed...more
The COVID-19 or Coronavirus has disrupted demand in many industries and is wreaking havoc on budgets and cash flow projections. On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or Act),...more
3/31/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Employee Retention ,
Excise Tax ,
Income Taxes ,
Net Operating Losses ,
Payroll Taxes ,
Relief Measures ,
Required Minimum Distributions ,
Retirement ,
Tax Credits ,
Tax Deductions ,
Tax Planning ,
Tax Relief ,
Wage and Hour
The South Carolina Department of Revenue (DOR) has issued a proposed Revenue Ruling which will have a significant impact on South Carolina tobacco retailers, if finalized in its present form. The proposed Revenue Ruling, to...more
1/27/2020
/ Cost of Goods Sold (COGS) ,
Department of Revenue ,
Income Taxes ,
Manufacturers ,
Public Comment ,
Rebates ,
Refunds ,
Retailers ,
Revenue Rulings ,
Sales Tax ,
Tobacco
South Carolina imposes sales tax on retail sales of tangible personal property. South Carolina generally does not impose a sales tax on intangible property, however, certain intangible property is deemed to be tangible...more
Spouses who file a joint income tax return are both jointly and severally liable for the taxes associated with the return, both federally and at the state level. If the joint tax liability is not paid, or additional tax is...more
On March 27, 2019, the Senate Finance Committee launched an investigation into the abuse of syndicated conservation easement transactions. The transactions being investigated involve promoters selling interests in tracts of...more
4/1/2019
/ Appraisal ,
Charitable Deductions ,
Conservation Easements ,
Federal Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investors ,
IRS ,
Real Estate Transactions ,
Senate Finance Committee ,
Syndication ,
Tax Benefits ,
Tax Deductions
South Carolina imposes a number of civil tax penalties that are similar to those imposed under the Internal Revenue Code (the “Code”). South Carolina’s civil tax penalties, while similar in some respects, are not the same as...more
2/11/2019
/ Books & Records ,
Department of Revenue ,
Failure To Pay ,
Failure-to-File ,
Filing Requirements ,
Good Faith ,
Income Taxes ,
Interest Payments ,
Reasonable Cause Defense ,
State Taxes ,
Tax Debt ,
Tax Fraud ,
Tax Penalties ,
Tax Planning
South Carolina counties and municipalities are authorized to impose business license taxes on the “gross income” of a business. On August 8, 2018 the South Carolina Supreme Court issued a major decision, Todd Olds v. City of...more
There were several notable state tax opinions issued by the South Carolina Administrative Law Court, Court of Appeals, and Supreme Court in the 1st quarter of 2018. A number of tax cases are also pending before the Court of...more
5/3/2018
/ 501(c)(3) ,
Administrative Law Judge (ALJ) ,
Appeals ,
Attorney's Fees ,
But For Causation ,
Charitable Organizations ,
Charter Schools ,
Contractors ,
Department of Revenue ,
Good Cause ,
Hospitals ,
Income Taxes ,
IRS ,
Local Taxes ,
Misallocation of Funds ,
Multistate Corporations ,
Notice of Appeal ,
Personal Property ,
Petition for Writ of Certiorari ,
Property Tax ,
Public Schools ,
Remand ,
Retail Sales ,
Retailers ,
Retroactive Taxes ,
Sales & Use Tax ,
Sales Tax ,
SC Supreme Court ,
State and Local Government ,
Tangible Property ,
Tax Assessment ,
Tax Audits ,
Tax Court ,
Tax Exemptions ,
Tax Legislation ,
Tax Liability ,
Tax Liens ,
Tax Litigation ,
Tax Penalties ,
Tax Refunds
There are 12.9 million acres of commercial forestland in South Carolina. More than half of the forestland is family-owned, and 82% of private owners live on the land. The state also has about 25,000 farms, which encompass 4.9...more
The South Carolina Department of Revenue (the “Department” or “DOR”) files tax liens when a taxpayer fails to timely pay his or her state tax liability. The Department files a tax lien in order to establish its priority to a...more
The South Carolina Department of Revenue (SCDOR) released its annual tax legislative update on October 10, 2016 in SC Information Letter #16-11. The guidance provides a summary of significant changes in tax and regulatory...more
Residents of South Carolina are required to file an income tax return, even if they do not earn income in the state. A resident is an individual who is “domiciled” in South Carolina. South Carolina law does not define...more