A landowner inherited a family timber tract located in Charleston County originally purchased by their grandfather as a timber investment property in 1936. Since that initial purchase, the family, through three (3)...more
Effective January 1, 2021, rollback taxes on real property converted from agricultural use to some other use will be imposed in the year of change in use and the three (3) preceding years.
Prior law required rollback taxes...more
The sale of real property and certain other transactions in South Carolina subjects the real property to a reassessment for ad valorem property tax purposes (an “assessable transfer”). This reassessment of real property can...more
On August 23, 2018 the Internal Revenue Service issued Proposed Regulations regarding the $10,000 cap on the deductibility of state and local taxes imposed under the Bipartisan Budget Act of 2018 (Code Section 164(b)(6))....more
Todd Olds owns and operates a commercial real estate company, Prime Properties of Charleston, LLC, which does business in Goose Creek, South Carolina. The City of Goose Creek imposes a business license tax on every person...more
A federal tax lien attaches to all real and personal property of a taxpayer at the time an assessment is made by the Internal Revenue Service and continues until the liability is paid or becomes unenforceable by reason of a...more
Haynsworth Sinkler Boyd recently hosted our annual Corporate Law for Accountants Seminars across South Carolina. These complimentary seminars covered three main topics: (1) operating agreements, (2) employment law and (3)...more
1/26/2018
/ CPAs ,
Department of Labor (DOL) ,
EEO-1 ,
Federal Contractors ,
Independent Contractors ,
Limited Liability Company (LLC) ,
Local Taxes ,
Misclassification ,
Operating Agreements ,
Partnerships ,
State Taxes ,
Tax Exemptions
For tax years beginning after December 31, 2017, a new centralized audit regime for partnerships and LLCs will take effect. Currently, audit adjustments made by the Internal Revenue Service for partnerships (LLCs) are made at...more
On August 28, 2017 the South Carolina Department of Revenue published Rev Rule #17-5, which updated Rev Rule #15-3 (the “Rev Rul”).
The Rev Rul deals with the application of the deed recording fee on real estate...more