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 provide security, similar to online banking) to mitigate double-spending, a common problem for digital currencies. Individuals install a bitcoin virtual wallet on their computer or mobile device, thereby creating a unique bitcoin address. Bitcoins exist only as a numerical and alphabetical sequence. Wallets have both a public and a private address; the public address can be given to receive bitcoins in a wallet, while the private address, also known as the private key, is necessary to spend or transfer them from the wallet.

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 proportion to ownership interests can void the S Corporation election.

Distributions to shareholders must be made in proportion to the ownership interests of the shareholders or a disproportionate distribution has occurred. For example, if an S Corporation has three shareholders owning 50%, 35% and 15% of the corporate stock, all distributions to shareholders should be in this ratio. These are distributions of profits, if the shareholders are also employees, amounts paid to them in salary are not distributions for this purpose.

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 least 95% of all donations to provide scholarship grants up to $10,000 to children with one of 13 special or “exceptional” needs to attend the independent K‐12 school of their choice. This includes children with Autism, Down Syndrome, Dyslexia, emotional disabilities, visual and hearing impairments, developmental delay, speech and language impairments, and other physical and learning disabilities. Palmetto Kids FIRST is working with independent K‐12 schools across South Carolina to provide scholarship grants starting January 2014. Donations are a “cost free” redirection of up to 60% of the donor’s 2014 South Carolina income tax. Taxpayers, especially in AMT, can actually receive net tax benefits up to 142% of their donation. Consult us at Nason Way to see how it applies to your tax situation. Donations are awarded on a first‐come, first‐served basis.

For more information:
Palmetto Kids FIRST Scholarship Program
843‐501‐1842
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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 problem local tourism leaders say has grown since the Great Recession.

The Fairness in Lodging Act, introduced by Sen. Ray Cleary and signed by Gov. Nikki Haley earlier this month, gives cities and counties more means to go after homeowners they suspect aren't collecting the required taxes by sharing info on them with the S.C. Department of Revenue, giving notice in property tax bills, assessing fines and asking "rental by owner" websites to post that the rentals must include local and state taxes.