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
The IRS has issued Proposed Regulations now under the new Section 199A 20% profit deduction for pass-through entities. The Proposed Regulations provide important guidance on the definition of “Qualified Business Income” –...more
8/21/2018
/ Beneficiaries ,
Business Income ,
Business Ownership ,
Business Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Partnerships ,
Pass-Through Entities ,
Proposed Regulation ,
S-Corporation ,
Sole Proprietorship ,
Tax Deductions
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
The Internal Revenue Service yesterday issued its much-anticipated Proposed Regulations on the new Section 199A 20% deduction for owners of pass-through business entities. This important deduction was created under the 2017...more
8/9/2018
/ Business Income ,
Business Ownership ,
Business Taxes ,
Comment Period ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
Partnerships ,
Pass-Through Entities ,
Proposed Regulation ,
Public Comment ,
S-Corporation ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning
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
South Carolina imposes a sales tax on the retail sale of tangible personal property in the state. South Carolina also charges a separate and related “use tax” on retail purchases of tangible personal property outside of South...more
South Carolina has some of the highest business property taxes in the Southeast. The state generally taxes land, buildings, machinery and equipment, and furniture and fixtures, but does not tax inventory, pollution control...more
7/3/2018
/ Business Taxes ,
Commercial Property Owners ,
Economic Development ,
In-Lieu Fees ,
Investment Management ,
Manufacturers ,
Property Tax ,
State Taxes ,
Tax Credits ,
Tax Incentives ,
Tax Liability ,
Tax Planning ,
Tax Rates
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
On April 11, 2018, the South Carolina House of Representatives passed House Bill 3684, which will allow the South Carolina Department of Revenue (SCDOR or DOR) to centralize state tax lien filings. State tax lien filings are...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
Under the Tax Cuts and Jobs Act, Congress is now offering a new 20% deduction for “pass-through” businesses – i.e. businesses that are not corporations. With the corporate tax rate being reduced under the new law to a flat...more
2/13/2018
/ Beneficiaries ,
Business Income ,
Business Ownership ,
Business Taxes ,
C-Corporation ,
Capital Gains ,
Compensation ,
Corporate Taxes ,
Employment Tax ,
FICA Taxes ,
FUTA ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
New Legislation ,
Partnerships ,
Pass-Through Entities ,
S-Corporation ,
Shareholders ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
Wage and Hour
The new 20% deduction for “pass-through” business owners under the Tax Cuts and Jobs Act is raising many questions from owners of real estate-related businesses. Can these owners qualify for this important deduction, and...more
1/16/2018
/ Business Assets ,
Business Income ,
Business Ownership ,
Business Taxes ,
Income Taxes ,
Limited Liability Company (LLC) ,
New Legislation ,
Partnerships ,
Pass-Through Entities ,
Property Owners ,
Qualifying Income ,
Real Estate Market ,
S-Corporation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Reform ,
Trump Administration
Aside from corporate tax reductions, one of the most important aspects of the new Tax Cuts and Jobs Act beginning this year is the new 20% deduction for “pass-thru” businesses – i.e. businesses that are not corporations. With...more
1/8/2018
/ Beneficiaries ,
Brick-and-Mortar Stores ,
Business Income ,
Business Ownership ,
Commercial Real Estate Market ,
Corporate Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
New Legislation ,
Partnerships ,
Pass-Through Entities ,
S-Corporation ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Rates ,
Trump Administration ,
Trusts ,
W-2 ,
Wage and Hour
President Trump signed into law a major overhaul of the US tax system. The corporate tax rates have changed from a system of graduated tax rates up to 35% to a flat tax on corporate profits of 21%. The alternative minimum tax...more
12/27/2017
/ Alternative Minimum Tax ,
Business Profits ,
Business Taxes ,
C-Corporation ,
Corporate Taxes ,
Employment Tax ,
Income Taxes ,
IRS ,
Mortgage Interest ,
New Legislation ,
Pass-Through Entities ,
Personal Exemptions ,
Personal Services ,
Shareholders ,
Small Business ,
Standard Deduction ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
Congress has passed a major overhaul of the US tax system. The measure passed 224 to 201 in the House and 51-48 in the Senate, largely along party lines. The tax bill is now on its way to the President, and the President is...more
12/22/2017
/ Business Taxes ,
Corporate Taxes ,
Estate Tax ,
Income Taxes ,
New Legislation ,
Personal Exemptions ,
Standard Deduction ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
Section 530 Relief -
Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as employees. This is a major audit area for the...more
12/20/2017
/ 1099s ,
Employer Liability Issues ,
Employment Tax ,
Federal Taxes ,
Income Taxes ,
Independent Contractors ,
Internal Revenue Code (IRC) ,
IRS ,
Misclassification ,
Tax Audits ,
Tax Liability ,
Tax Penalties ,
Tax Relief ,
W-2
IRS Voluntary Worker Classification Settlement Program -
Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as employees....more
12/8/2017
/ 1099s ,
Closing Arguments ,
Employment Tax ,
Federal Taxes ,
Income Taxes ,
Independent Contractors ,
IRS ,
Misclassification ,
Tax Audits ,
Tax Liability ,
Tax Penalties ,
VCSP
South Carolina assesses a recording fee on deeds to real property. The South Carolina deed recording fee is imposed for “the privilege of recording a deed,” and is based on the transfer of real property from one person or...more
IRS Form SS-8 Determinations of Employee Status -
Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as “employees.” This...more
11/30/2017
/ 1099s ,
Determination Letter ,
Employer Liability Issues ,
Employment Tax ,
Federal Taxes ,
Independent Contractors ,
IRS ,
Misclassification ,
Tax Audits ,
Tax Liability ,
W-2
Employers that pay wages and other forms of compensation to their employees must comply with federal tax return filing and payment/deposit requirement. Employers that receive services from non-employee contractors and which...more
11/22/2017
/ 1099s ,
Employment Tax ,
Federal Taxes ,
Filing Requirements ,
Form 941 ,
Form W-9 ,
Interest Payments ,
IRS ,
Tax Penalties ,
W-2 ,
W-3 ,
W-4 ,
Withholding Tax
Employers that pay wages and other forms of compensation to their employees must comply with federal tax return filing and payment/deposit requirement. Employers that receive services from non-employee contractors and make...more
11/10/2017
/ 1099s ,
Employment Tax ,
Federal Taxes ,
Filing Requirements ,
Form 941 ,
FUTA ,
Independent Contractors ,
IRS ,
W-2 ,
W-3 ,
Wage and Hour
The IRS investigates criminal violations of federal tax laws, including tax evasion, tax fraud, and not filing tax returns. Many people do not realize that simply not filing a tax return when it is due is a crime under...more
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