IRS Electronic Tax Administration Advisory Committee (ETAAC) Delivers Report to Congress
The Electronic Tax Administration Advisory Committee released its 2011 Annual Report to Congress.
Tax Law Insights
Innocent Spouses Seeking Equitable Relief Must File Claim Within Two Years
When spouses file a joint income tax return each is jointly and severally liable not only for the reported tax liability, but also for any…
Spring 2011 Statistics of Income Bulletin Now Available
IR-2011-67, June 14, 2011 - The IRS released the spring 2011 issue of the Statistics of Income Bulletin.
IRS Identifies Organizations that Have Lost Tax-Exempt Status; Announces Special Steps to Help Revoked Organizations
IR-2011-63, June 8, 2011-- The IRS announced that approximately 275,000 organizations have automatically lost their tax-exempt status because they did not file legally required annual…
South Carolina Legislature Passes Important Point of Sale Property Tax Reform
Under current South Carolina law, counties must revalue real property every five years. The value of real property generally may not be increased more than…
South Carolina Department of Revenue Invites Comments from Small Business Community
The "South Carolina Small Business Regulatory Flexibility Act of 2004" requires the South Carolina Department of Revenue (DOR) to review its regulations every five years…
IRS Releases Guidance on Taxability of TCAP Funds
When the financial markets deteriorated in the second half of 2008, so did the market for Low Income Housing Tax Credits (LIHTC). Funds and individuals…
IRS Announces New Foreign Account Voluntary Disclosure Program
On February 8, 2011 IRS Commissioner Doug Shulman announced the details of a new voluntary disclosure program that's designed to get people with foreign accounts…
What TRAC Should Mean To You
During its 2009 session, the General Assembly created the TAX REALIGNMENT COMMISSION ("TRAC") for the purpose of conducting a comprehensive study of South Carolina's tax…