May 2, 2023


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

SC Exempts Military Retirement

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

2022 Child Tax Credit

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

2023 Mileage Rates

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

Rebates Now Being Issued by SC

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

IRS Will Wipe Away $1.2 Billion in Late Fees From Pandemic

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

Standard Mileage Rate to Increase for Last Half of 2022

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

Why you should consider opening a Roth IRA for your kids

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

2022 Form 1099-K

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

2022 Mileage Rates

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

Tax Planning 2021

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
dollar bills

Social Security wage base, COLA set for 2022

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

Build Back Better Act

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

Back-to-School College Tax Breaks for 2021

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
child tax credit

More Child Tax Credit Info

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

New Child Tax Credit Benefits for 2021

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

Tax Filing Extended to May 17

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
Men driving red convertible

New Mileage Rates for 2021

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


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
loan forgiveness

PPP Loan Forgiveness

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

The Inflation Adjusted Thresholds for Various Tax Levels Announced

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

2020 Charitable Donations

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
Time for taxes

What taxpayers should do if they get a letter or notice from the IRS

Here are some dos and don’ts for taxpayers who receive one:
August 27, 2020
commercial property

Unclaimed Property Reporting Requirements

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

IRS Announces Rollover Relief for Required Minimum Distributions

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

IRS Allows Midyear Changes to Health Coverage

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

IRS News

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

U.S. Tax Filing Deadline Extended Due to COVID-19

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
laptop and files

Tax Implications of the SECURE Act

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

New Mileage Rates Announced for 2020!

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
empty office space

Temp Help Wanted

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

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
SC State Flag

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
business meeting

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
protect taxpayer data

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
classic car

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

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

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
close-up of tire treads

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
a man pulls folded ten dollar bills out of his leather wallet

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
a wooden block shaped like a house next to three stacks of quarters

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
BoomerBust Green 101617FINALwithlink-1

Don’t miss our Business Freedom Workshop on Nov. 8

October 3, 2017
retirees on the beach

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
ransomware warning graphic that says your personal files are encrypted

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
a doctor in a white lab coat prepares a shot

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
woman with red fingernails holding pen while pressing buttons on calculator

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

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
man talking on the phone

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!

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
line of military officers

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 […]