Tax News

November 5, 2019

Tax Planning Time

Many of you know that we send out tax planning letters for both businesses and individuals each year. Well, the wait is over because here they […]
October 1, 2019
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SC to Send $50 Rebates to Qualifying Taxpayers

More than 1 million qualifying taxpayers in South Carolina are expected to receive a $50 rebate check later this year from the South Carolina Department of […]
September 9, 2019
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SC Exceptional Needs Update – Businesses can do it too!

As the September 15th quarterly tax deadline approaches, the IRS has cleared the way for South Carolina businesses to support exceptional needs educational scholarships, claim a state […]
July 24, 2019

IRS Announces Health Savings Account Limits

The Internal Revenue Service announced new, higher contribution limits for health savings accounts for 2020. HSAs are the best way to save courtesy of Uncle Sam, […]
June 4, 2019
stacks of hundred dollar bills

IRS Adds New Requirement for EIN Applications

Starting May 13, an important change will affect the way it issues employer identification numbers or EINs. Only individuals with tax identification numbers – either a […]
May 14, 2019

Backup Withholding Rate Now 24%

  The Internal Revenue Service is reminding small businesses that recent tax reform legislation lowered the backup withholding tax rate to 24 percent and the withholding […]
March 13, 2019
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IRS clarifies What Taxpayers Should Do to Protect Private Data

  Taxpayers should protect their personal and financial data from criminals who continue to steal large amounts of information. Thieves use the data to file bogus […]
February 5, 2019
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New Mileage Rates for 2019

The optional standard mileage rates for business use of a vehicle will increase significantly in 2019, after increasing slightly last year, the IRS announced. For business use […]
December 20, 2018
Money

The 20% Deduction (aka Section 199A)

Section 199A deduction also known as the Qualified Business Income deduction arises from the Tax Cuts & Jobs Act of 2017. This is a significant tax […]
November 7, 2018
Money

The Inflation Adjusted Thresholds for Various Tax Levels Announced

The Social Security Administration (SSA) announced that the maximum earnings subject to the Social Security component of the FICA tax will increase from $128,400 to $132,900 […]
October 2, 2018
per diem rates increasing

New Per-Diem Rates Go into Effect

The new per-diem numbers are now out, effective October 1, 2018. These numbers are to be used for per-diem allowances paid to any employee on or after […]
September 12, 2018
a woman holds 1040 tax return papers in front of her face

Simplifying Tax Compliance for Seniors

  According to Adam Smith’s Canons of Taxation, the tax compliance function in any society needs to be convenient. This has not always been the case […]
August 23, 2018

Tax Breaks for College Expenses

If you’re a college student (or the parent of one), you should know about some key tax breaks that are available to you when you do your […]
July 11, 2018
US Supreme Court

New Supreme Court Ruling Could Affect Many Online Shoppers

The Supreme Court changed the landscape of online shopping Thursday, freeing state governments to compel retailers beyond their borders to collect sales-tax revenue from consumers and […]
June 13, 2018

HSA Contribution Limits for 2019

The IRS issued the calendar year 2019 inflation-adjusted figures for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and maximum […]
May 9, 2018
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Charitable Miles Deduction

Now that the effects of last year’s tax reform bill are being felt, the proposals to reform the reform keep rolling in. Last month, Sen. Bob […]
April 4, 2018
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Tax Payment Options

For those of you who may have to fork over some additional funds to Uncle Sam, there are several options available for making payments. If you […]
March 9, 2018
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IRS clarifies interest on home equity loans can still be deductible

In an Information Release, IRS has announced that in many cases, taxpayers can continue to deduct interest paid on home equity loans under the recently enacted […]
February 6, 2018
a computer mouse and coffee cup on top of tax paperwork

S corporation vs. C corporation in 2018

Many of you are wondering how the new tax rate changes will impact you. Obviously we can’t answer that off the top of our heads as […]
January 9, 2018
2018 Tax Changes

2018 Tax Changes

Most of you are aware that a new tax law was recently passed.  Most of the changes relate to 2018 and beyond – here are just […]
December 5, 2017
Trump tax plan 2017

Trump Tax Proposals

Both the House and Senate have passed their versions of President Trump’s tax bill, and there are many similarities, including the limiting of itemized deductions to […]
November 8, 2017
US tax changes for 2017

The Inflation Adjusted Thresholds for Various Tax Levels Announced

The Social Security Administration (SSA) announced that the maximum earnings subject to the Social Security component of the FICA tax will increase from $127,200 to $128,700 […]
October 18, 2017
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Don’t miss our Business Freedom Workshop on Nov. 8

October 3, 2017
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Getting Ready for Retirement: It’s More Than Just Money!

By Allan Kunigis  Many of our clients talk to us about setting up retirement plans, contributing to retirement plans, and focusing on the monetary aspects of […]
September 5, 2017
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IRS Ransomware Scam

The Internal Revenue Service (IRS) has issued an urgent warning about a new scheme targeting taxpayers. The scheme, which IRS Commissioner John Koskinen called “a new […]
August 11, 2017
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Tax Breaks for College Expenses 2017

If you’re a college student (or the parent of one), you should know about some key tax breaks that are available to you when you do […]
July 14, 2017
Blue outline of the state of South Carolina with a while palmetto tree in the center

SC Changes at the Pump

On July 1 several tax changes will go into effect as part of the South Carolina Infrastructure and Economic Development Reform Act (“Act”) passed by the […]
June 8, 2017

REAL ID Driver’s Licenses

The S.C. Department of Motor Vehicles will begin accepting documents from South Carolinians seeking a REAL ID-compliant driver’s license or identification card. The agency stressed changing […]
May 12, 2017

Trump’s Tax Plan

Many of you have heard that President Donald Trump has proposed changes to the tax laws, some of which includes lowering the rates paid by businesses. […]
April 14, 2017

Tax Payment Options

For those of you who may have to fork over soem additional funds to Uncle Sam, there are several options available for making payments. If you […]
March 9, 2017
assorted paperwork and textbooks piled on a desk

IRS Launches New Online Tool To Assist Taxpayers

IRS Launches New Online Tool To Assist Taxpayers With Account Balances, Paying Taxes & More The Internal Revenue Service (IRS) has announced the launch of a […]
February 1, 2017
blue stethoscope on top of medical records

Changes Coming to Obamacare

On January 23, Senators Bill Cassidy, MD (R-LA), Susan Collins (R-ME), Shelley Moore Capito (R-WV), and Johnny Isakson (R-GA) released legislative text for the “Patient Freedom […]
January 4, 2017
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Small Employers Rejoice – You Can Now Reimburse For Health Insurance again!

Under the 21st Century Cures Act enacted 12/13/16, certain small employers are allowed to offer Health Reimbursement Arrangements (HRAs) to employees without also offering other health […]
December 6, 2016
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Inflation Adjustment Amounts for 2017

Recently, the IRS issued the annual inflation adjustments for 2017 for more than 50 tax provisions as well as the 2017 tax rate tables for individuals […]
November 1, 2016
woman at laptop computer with handheld calculator

2017 IRS Announcements

The IRS Announces the 2017 Social Security Wage Base, Standard Deductions, Exemption Amounts And More The Social Security Administration has announced that the wage base for […]
October 4, 2016
office-paperwork

W-2 and 1099 Filing Deadlines Compressed Next Year

The deadlines for filing the Form W-2 with the Social Security Administration and the Form 1099-MISC with the Internal Revenue Service are changing next year. Starting […]
September 13, 2016
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Protect Your Identity From IRS Scams

Each month we get a phone call or two about the IRS contacting a client and asking for money. The IRS will not call you with […]
August 9, 2016
Tax breaks for college expenses

Tax Breaks for College Expenses

Tax Breaks for College Expenses If you’re a college student (or the parent of one), you should know about some key tax breaks that are available […]
July 5, 2016
SC-Withholding-Amounts-will-Change-for-2017

SC Withholding Amounts will Change for 2017!

In January 2017, South Carolina is updating Withholding Tax tables for the first time in 25 years. This is a big change to South Carolina’s Withholding […]
June 7, 2016
New HSA Amounts for 2017

New HSA Amounts for 2017

The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and […]
May 11, 2016
What If I Can't Pay My Taxes? Here's What You Should Do!

What If I Can’t Pay My Taxes?

If you don’t have the cash to pay your taxes and are unable to borrow the money from a relative or friend, you still have a […]
April 6, 2016
What to have in place when you have college children.

Kids In College? Three Things to Have in Place Now!

Those of you with adult children in college, quite naturally, are often reluctant to think about what might happen to your kids in an emergency. But […]
March 22, 2016
Learn how to protect yourself from IRS Scammers!

Prevent Estate and Inheritance Issues

Prevent Estate and Inheritance Issues One of the local estate planning attorneys was telling me about a recent case he was involved in. In this case, […]
February 12, 2016

Overtime Rule Implementation Delayed

A final Labor Department rule expanding overtime eligibility probably won’t come until late next year, Solicitor of Labor Patricia Smith revealed at a panel discussion. The […]
January 15, 2016
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Veterans May be Able to Save on Property Tax!

If you are a veteran and are totally and permanently disabled from a service connected disability, you may qualify for real and/or personal property tax exemptions. […]
December 15, 2015

Gifts and the Tax Consequences

Many taxpayers believe they can gift money or property and there will be no tax issues associated with doing so – after all, it’s a gift. […]
November 13, 2015

Digital Estate Planning

Whether you think of our connected world as a benefit or as a time waster, there’s no escaping the complex red tape associated with providing access […]
October 16, 2015

Kids? In the Family Business? YES!

For many of you, hiring the kids to work in the family business might not sound all that appealing initially, (teens, especially your own can be […]
September 18, 2015

College Prep Includes Legal issues

It’s a good idea for you to get a power of attorney, a health care proxy and a will for children who are heading off to […]
August 21, 2015

Recent Tax Developments

The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and […]
July 24, 2015

Help Friends and Family Enroll in Medicare

Mistakes in enrolling for Medicare can be costly. If you fail to pay for Medicare Part B on time, you will wind up paying the late […]
June 26, 2015
Learn how to protect yourself from IRS Scammers!

IRS Scams Continue

Aggressive, threatening phone calls from criminals impersonating IRS agents continue to top the IRS’ list of “Dirty Dozen” scams. In the scam, criminals alter caller ID […]
May 29, 2015

Paying for a License to Watch TV? In the UK – Yes, yes you do!

by Kelly Erb Many of you may know that the BBC has temporarily dropped “Top Gear” from the line-up after presenter Jeremy Clarkson had, according to […]
May 29, 2015

The NFL will No Longer be a Tax-Exempt Organization

Late last week, the National Football League (NFL) announced that it would voluntarily give up its tax exempt status. Most folks are surprised to find out […]
April 24, 2015

Are You Really You?

The Internal Revenue Service (IRS) is ramping up efforts to thwart identity theft. As part of those efforts, IRS is reminding taxpayers who receive requests from […]
March 27, 2015

The Seven Deadly Sins of the Self-Employed (at Tax Time)

It is a statistical fact: Self-employed individuals are much more likely to get audited than regular employees. So we are sharing what we consider to be […]
February 23, 2015

How Long Do I Keep Tax Records?

Now that you have all of this great information about tax credits, deductions and other tax breaks, (since you’ve been reading our newsletter all year) you’re […]
January 30, 2015

Tips for Taxpayers who owe the IRS

For taxpayers who owe taxes with their tax returns, the IRS has provided ten tips about how to pay: Taxpayers should never send cash. If taxpayers […]
January 2, 2015

IRS Releases HSA Deduction Limitations for 2015

The Internal Revenue Service has released the 2015 inflation-adjusted deduction limitations for annual contributions to a health savings account.
November 25, 2014

Protecting You and Your Business from Fraud

Here are some important reminders to help protect you and your business from accounting fraud. These seem easy (and easy to ignore) but implementing these practices […]
October 31, 2014

Digital Currencies have Tax Consequences

Digital currency, or e-currency, is an electronic medium of exchange of which bitcoin has become the most widely circulated. Bitcoins use cryptography (mathematically created proofs to […]
September 26, 2014

Disproportionate Distributions in an S Corporation

Owners of an S Corporation needs to carefully monitor distributions to shareholders to be certain that there are no disproportionate distributions. Failure to make distributions in […]
August 29, 2014

Vacation Rentals by Owners subject to Accommodation Taxes

South Carolina has a new law aiming to crack down on homeowners who rent their properties to tourists but don’t collect accommodations and sales taxes, a […]
July 7, 2014

SC Tax Credit Supports Special Needs Children

On June 25th, 2013, Governor Haley signed into law the EDUCATIONAL CREDIT FOR EXCEPTIONAL NEEDS CHILDREN (also called Proviso 1.85). Palmetto Kids FIRST will allocate at […]