January 2, 2024

2024 Mileage Rates

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. […]
October 5, 2023

Retirement Plan Changes

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

Extended 1040 Returns

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 […]
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 […]
February 21, 2022
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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
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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 […]
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 […]
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 […]
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
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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
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Reminder

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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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 […]
October 6, 2020
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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 […]
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 […]
February 13, 2020
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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 […]
December 16, 2019
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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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
July 14, 2017
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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 […]
February 1, 2017
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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 […]
November 1, 2016
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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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]