Many businesses are purchased in South Carolina every year. Many of these same businesses, however, have high worker unemployment claims, and are paying high South Carolina Unemployment Insurance taxes to the state to fund these claims.
South Carolina pays unemployment benefits to people that are out of work. The state funds these benefits through a special tax on employers in the state - the South Carolina Unemployment Insurance Tax, or "UI Tax." The more unemployment claims that are filed with the state and related to an employer, the higher the employer's UI Tax rate will be.
Where a ...
While South Carolina has low income taxes, and comparatively low sales taxes as well, the state makes up for this by having some of the highest business property tax rates in the Southeast. These property taxes are generally levied on the land, buildings and personal property (excluding inventory) of a business in the state.
South Carolina law does authorize its counties, which bill and collect the state's property taxes, to enter into property tax incentive arrangements with businesses, which can reduce property taxes. These property tax incentive arrangements generally require ...
On May 23, 2016 the South Carolina Textiles Communities Revitalization Act was amended to remove a fifty percent cap applicable to the income tax credit provided by the Act. L. 2016, H5009. This taxpayer-friendly amendment enhances the value of the credit by accelerating the time period for claiming the credit. The amendment applies to credits claimed for income tax year 2016, regardless of when the credit was earned.
The South Carolina Textiles Communities Revitalization Act provides financial incentives for the rehabilitation, renovation, and redevelopment of abandoned ...
On May 4, 2016, the IRS announced that it would begin accepting applications for the voluntary certification of professional employer organizations ("PEOs") beginning July 1, 2016. PEOs are also commonly referred to as employee leasing companies. While the requirements of the certification program may be of interest to the PEO, the designation of a PEO as a certified professional employer organization ("CPEO") should be of major interest to the employers utilizing the CPEO. This blog will review the beneficial tax treatment resulting from a PEO's certification as a CPEO.
Under ...