Posts from September 2011.

The IRS announced an important settlement program on September 21, 2011 where the IRS will now give many employers substantial tax relief for treating employees as "independent contractors". Details of the settlement program were provided in Announcement 2011-64, which will officially be published in the Internal Revenue Bulletin 2011-41, to be issued October 11, 2011.

Whether a worker is performing services as an employee or independent contractor depends on the facts and circumstances and is generally determined under a multiple factor common law test focusing on whether the ...

On August 15, 2011, the South Carolina Supreme Court ruled in Clarendon County v. TYKAT, Inc. (Op. 270252011, WL 3568536) that Section 12-37-950 of the Code of Laws of South Carolina, 1976, as amended (the "Code"), subjected a leasehold interest in real estate to property taxation where the property was otherwise exempt from such taxation in the hands of the owner. The court's ruling in TYKAT affirmed the ruling of the South Carolina Administrative Law Court (the "ALC") below finding that TYKAT, Inc. ("TYKAT") was liable to Clarendon County for property taxes on the value of TYKAT's ...

In a case that will have far reaching implications for many estate and financial planners, the South Carolina Supreme Court reversed the South Carolina Administrative Law Court and concluded that real property owned by a single member limited liability company may qualify for favorable property treatment as a legal residenceCFRE, LLC v. Greenville County Assessor, Opinion No. 27032 (SC Supreme Court filed August 29, 2011).

In order to put this opinion in perspective, a brief review of South Carolina income and property taxation is helpful. Turning first to the income tax, South ...

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