May 2, 2023
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Despite the reduction in the penalty for missing required minimum distributions (RMDs) in the new SECURE 2.0 law, it looks like you will still be able […]
March 10, 2023
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Beginning with tax year 2022, all military retirement pay is exempt from South Carolina Individual Income Tax. This exemption does not include any earned income cap. South […]
February 7, 2023
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2022 Child Tax Credit Changes Be aware that all of the 2021 expansions are gone, with the rules reverting back to those that were in place […]
January 25, 2023
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The Internal Revenue Service issued 2023 optional standard mileage rates used to calculate deductible costs of operating an automobile for business, charitable, medical or moving purposes. […]
December 15, 2022
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The South Carolina Department of Revenue (SCDOR) has begun issuing 2022 Individual Income Tax rebates to eligible taxpayers. The rebate amount is based on an individual’s 2021 tax […]
September 26, 2022
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The Internal Revenue Service announced Wednesday that it will wipe out late fees for taxpayers who struggled to file their tax returns on time during the […]
July 6, 2022
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The IRS announced recently announced that the optional standard mileage rate is increasing by 4 cents per mile for the last six months of 2022. Effective […]
May 31, 2022
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A Roth IRA is a special retirement account that allows participants to receive tax-free income in retirement. There are no age restrictions; therefore, a child can […]
February 21, 2022
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Form 1099-K tracks payments you’ve received through a payment settlement entity, or PSE. That includes tracking payments made via: Credit cards Online payment services like PayPal […]
January 24, 2022
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The Internal Revenue Service has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical […]
December 8, 2021
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Please click the links below for our annual tax planning letters – and certainly let us know if you have any questions. Individual Tax Planning 2021 […]
November 2, 2021
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An increase from $142,800 for 2021, the wage base limit applies to earnings subject to the tax, known officially as the old age, survivors, and disability […]
October 18, 2021
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On September 15, the House Ways and Means Committee approved the tax provisions of the Build Back Better Act (BBBA), the legislation intended to implement President […]
August 3, 2021
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Are your children heading back to college campuses this fall? It may cost you more than it did for remote learning, but at least the tax […]
July 12, 2021
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Recently, there were important changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was […]
June 29, 2021
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Most of you are aware of the basic rules for claiming children on your tax return. However, for your 2021 tax year only, the American Rescue Plan […]
March 29, 2021
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The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be […]
February 15, 2021
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The optional standard mileage rates for business use of a vehicle will decrease in 2021, after increasing slightly last year, the IRS announced. For business use of […]
January 15, 2021
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Reminders W-2’s and 1099’s must be sent to employees and contractors no later than January 31, 2020. Also, 4th quarter payroll reports are due […]
December 30, 2020
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For those of you with PPP Loans, now is the time most of you can apply for forgiveness. Please be aware that, as of now, the […]
November 30, 2020
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The IRS recently issued the 2021 annual inflation adjustments for many tax provisions, These adjusted amounts will be used to prepare tax year 2021 returns in […]
October 6, 2020
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Don’t forget that Congress included a provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which is intended to provide some relief for charitable […]
September 6, 2020
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Here are some dos and don’ts for taxpayers who receive one:
August 27, 2020
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Did you know all businesses are required to submit an unclaimed property report to the State Treasurer’s Office by November 1 each year? If you didn’t, […]
July 6, 2020
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The Internal Revenue Service today announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity […]
June 26, 2020
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As part of its response to the coronavirus pandemic, the IRS announced that it is permitting increased flexibility for midyear elections under a Sec. 125 cafeteria […]
May 2, 2020
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Second Quarter Estimates Most of you know by now that the Treasury extended the tax filing and payment deadline to July 15, 2020. The IRS subsequently made clear […]
March 18, 2020
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U.S. Treasury Secretary Steven Mnuchin announced early on Tuesday, March 17, 2020, that the IRS will let many Americans off the hook with regard to taxes […]
February 13, 2020
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Congress passed new tax legislation around the holidays this past year. Called the SECURE Act, it stands for Setting Every Community Up for Retirement Enhancement Act […]
January 15, 2020
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Beginning on 1/1/20, the standard mileage rates for cars, vans, pickups, and panel trucks will be 57.5 cents per mile for business miles, 17 cents per […]
December 16, 2019
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Nason Accounting is looking for some temporary help to assist our office manager with processing tax returns during our busy time this spring.
November 5, 2019
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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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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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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
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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
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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
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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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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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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
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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
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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
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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
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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
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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
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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
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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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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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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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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
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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
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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
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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
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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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October 3, 2017
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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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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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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
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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
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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
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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
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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
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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
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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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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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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
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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
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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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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
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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
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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
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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
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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
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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
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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
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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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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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The Internal Revenue Service has released the 2015 inflation-adjusted deduction limitations for annual contributions to a health savings account.
November 25, 2014
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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
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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
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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
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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
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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 […]