March 7, 2025
Published by nasonaccountin on March 7, 2025
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How do you want your social media pages, smartphone photos and computer files handled after you die? While property and money distribution are usually at the […]
January 13, 2025
Published by nasonaccountin on January 13, 2025
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What is the ATI Exemption? South Carolina law provides for a property tax exemption to certain real estate investors in the year following a sale and […]
December 4, 2024
Published by nasonaccountin on December 4, 2024
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Tax Planning Time It’s that time of year – everyone wants to know what they can do to lower their taxes for 2024. If you fall […]
September 3, 2024
Published by nasonaccountin on September 3, 2024
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The Internal Revenue Service announced tax relief for individuals and businesses in four states affected by Hurricane Debby. Affected taxpayers in South Carolina, North Carolina, Florida […]
July 17, 2024
Published by nasonaccountin on July 17, 2024
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The SECURE Act 2.0 signed at the end of 2022 has a goal of strengthening the retirement system while encouraging Americans to better prepare for retirement. […]
June 18, 2024
Published by nasonaccountin on June 18, 2024
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Navient, a large owner of private student loan debt, has created, but not publicized, a program that allows borrowers to apply to have their loans forgiven. […]
January 2, 2024
Published by nasonaccountin on January 2, 2024
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The Internal Revenue Service issued 2024 optional standard mileage rates used to calculate deductible costs of operating an automobile for business, charitable, medical or moving purposes. […]
January 2, 2024
Published by nasonaccountin on January 2, 2024
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I’m sure most of you are already aware of this new requirement, but just a reminder that beginning on January 1, 2024, domestic and foreign reporting […]
November 17, 2023
Published by nasonaccountin on November 17, 2023
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As the year winds down, many of you look toward clothing and household item donations as a means to give back and optimize tax deductions. Recent […]
October 5, 2023
Published by nasonaccountin on October 5, 2023
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Both the SECURE 1.0 Act of 2019 and the SECURE 2.0 Act of 2022 introduced several changes that affect Required Minimum Distributions (RMDs). Many of these […]
August 30, 2023
Published by nasonaccountin on August 30, 2023
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Every parent needs a signed power of attorney before they kiss their teen goodbye. A power of attorney, or POA, is a legal document every parent should have […]
August 30, 2023
Published by nasonaccountin on August 30, 2023
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Welcome Back to Football Season It’s fall ya’ll! And time for football – yay! Here’s hoping your team has a great year – and wins every […]
May 2, 2023
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on September 6, 2020
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Here are some dos and don’ts for taxpayers who receive one:
August 27, 2020
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on October 18, 2017
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October 3, 2017
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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
Published by nasonaccountin on 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 […]