Summary of Proposed 2021 Federal Tax Law Changes
President Biden has proposed major changes to the Federal tax laws, some of which are sought to be effective earlier in 2021 (i.e., we are…
Tax Law Insights
South Carolina Department of Revenue Announces Temporary Relief For State Tax Nexus and Employer Tax Withholding Requirements
Due to unprecedented temporary closings of offices and businesses and stay-at-home orders issued across the United States during the Coronavirus (COVID-19) pandemic, many businesses have…
South Carolina Joins Other States and Adopts Federal State and Local Tax Deduction Cap Workaround
The State of South Carolina has now adopted legislation allowing “pass through” entities to elect each year to be taxed at the entity level on…
Cigarette “Buydown” Payments to Retailers Excluded from South Carolina Sales Taxes
Tobacco manufacturers and distributors have long made refund/rebate payments to retailers for the retailer’s purchase of cigarettes and other tobacco products from the manufacturer, provided…
COBRA Without the Bite
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (“ARPA”). The ARPA mandated several important changes for both employers and…
PPP Loan Application Date Extended by Congress
President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31,…
Releasing the Pressure Valve for Single Employer Pension Plans under American Rescue Plan Act
On March 11, 2021, President Biden signed into the law the American Rescue Plan Act (“ARPA”) containing $1.9 trillion in financial stimulus. Though not highly…
American Rescue Plan Extends Employee Retention Credit
Prior to the passage of The American Rescue Plan Act of 2021 on March 11, 2021 (the “Rescue Act”) the employee retention credit, as amended…
Time is Running Out to Apply For a PPP Loan
The second PPP loan program is due to expire March 31, 2021. Many eligible businesses have still not applied. President Biden announced changes to the…
South Carolina May Join Other States to Provide State and Local Tax Cap Workaround
The Tax Cuts and Jobs Act of 2017 (TCJA) imposed a $10,000 cap on the federal deduction for state and local taxes for tax years…