Personal Tax Liability as a Responsible Party in South Carolina
South Carolina employers are required to withhold income taxes from employee wages, and to pay these withheld taxes to the South Carolina Department of Revenue…
Tax Law Insights
South Carolina Considers Tax Amnesty
A bill is pending in the South Carolina General Assembly to statutorily allow the South Carolina Department of Revenue to offer an amnesty program to…
The South Carolina Supreme Court Determines When an Alternative Allocation and Apportionment Formula Can be Used
The income of a multi-state business subject to tax in South Carolina is ordinarily determined by allocating certain income to South Carolina and apportioning the…
South Carolina Department of Revenue Issues Guidance Regarding the Tax Treatment for Married Same-Sex Couples
On December 2, 2014, the South Carolina Department of Revenue issued S.C. Temporary Revenue Ruling No. 14-8 and No. 14-9 regarding the income and property…
Same Sex Couples May Now File Married Income Tax Returns in South Carolina
Robert is a veteran tax return preparer of 20 years, who walks into his office on February 2, 2015 to begin a busy income tax…
Same-Sex Marriages In South Carolina: Tax Implications of Condon V. Haley
In Colleen Therese Condon and Ann Nichols Bleckley v. Nimrata (Nikki) Randhawa Haley, et al., Civil Action No. 2:14-4010-RMG (November 12, 2014), the United States District Court…
South Carolina Department of Revenue Holding Meetings on Alternative Allocation and Apportionment Methods
A business that conducts business partly within and partly outside of South Carolina is subject to South Carolina income tax on income which reasonably represents…
US Tax Court Rejects IRS Market Method Valuation and Utilizes Subdivision Development Method to Value Conservation Easement
The United States Tax Court recently determined the value of a conservation easement using a subdivision development method in the case of Schmidt v. Commissioner,…
IRS Makes Substantial Changes To Foreign Bank Account Offshore Voluntary Disclosure Program; New Opportunities and Penalties to Consider
On June 18, 2014, IRS Commissioner John Koskinen announced important modifications to the IRS 2012 Offshore Voluntary Disclosure Program (OVDP), including the expansion of the…
Supreme Court Finds Severance Payments Subject to FICA in Quality Stores
Writing for an 8-0 majority, with Justice Kagan abstaining, Justice Anthony Kennedy handed down the Supreme Court's ruling in the closely-watched United States v. Quality…