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
The Employee Retention Credit, as originally enacted on March 27, 2020 by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is a refundable tax credit against certain employment taxes equal to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
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
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 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
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
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