The Employee Retention Credit, as originally enacted on March 27, 2020 by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is a refundable tax credit against certain employment taxes equal to 50% of the...more
3/3/2021
/ CARES Act ,
Coronavirus/COVID-19 ,
Employee Retention ,
Infectious Diseases ,
IRS ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA Lending Programs ,
Tax Credits ,
Tax Planning ,
Tax Relief
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
The Bipartisan Budget Act of 2015 enacted sweeping changes to the federal audit regime for entities taxed as partnerships. The new audit rules became effective for tax years beginning on or after January 1, 2018.
For tax...more
The Tax Court recently issued a full T.C. opinion which will impact a tremendous number of conservation easement donations. In Pine Mountain Preserve, LLLP v. Commissioner, 151 T.C. 4 (2018) the Tax Court found a reservation...more
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
Taxpayers who disagree with a proposed tax assessment issued by the South Carolina Department of Revenue (SCDOR or DOR) may or may not be able reach an agreement at the administrative level. When taxpayers and SCDOR cannot...more
5/2/2018
/ Administrative Law Judge (ALJ) ,
Appeals ,
Bonds ,
Contested Proceedings ,
Department of Revenue ,
Interest Rates ,
IRS ,
Judicial Review ,
Overpayment ,
State Taxes ,
Tax Assessment ,
Tax Debt ,
Tax Liens ,
Tax Penalties
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