Posts from December 2015.

Beginning in 2018, certain employers were going to be liable for a 40% federal excise tax on the value of excess benefits provided through their health plan. Health plans providing high cost benefits are referred to as "Cadillac" plans, and the new federal excise tax on high cost plans has come to be known as the "Cadillac tax".

On December 18, 2015, President Obama signed into law the Consolidated Appropriations Act, 2016, H.R. 2029 (the "2016 Appropriations Act"). The 2016 Appropriations Act includes the following three provisions relating to the Cadillac tax:

I. Cadillac Tax ...

South Carolina offers multi-state companies an alternative method of allocating and apportioning their income as an incentive for planning new facilities or expanding existing facilities in the State. Generally, a company that transacts or conducts business partly within and partly outside South Carolina is subject to income tax based on the portion of its business carried on in the State. The portion of a company's income carried on in South Carolina is determined by allocation and apportionment. The law requires that certain classes of income, less related expenses, be ...

South Carolina generally follows federal law for purposes of the assessment of tax, including time limits on which taxes may be assessed (statutes of limitation). The South Carolina Department of Revenue (SCDOR) generally has 36 months from the date an original return was filed or due to be filed (whichever is later) in which to assess additional taxes. S.C. Code Ann. § 12-54-85(A). An important exception concerns substantial understatements of tax, however.

For federal purposes, an extended 6-year statute of limitations exists for substantial omissions of income - where a ...

South Carolina imposes a sales and complimentary use tax on the retail sale or use of tangible personal property in the state. The taxes are assessed by the South Carolina Department of Revenue (DOR). Retailers are generally required to collect and remit the sales tax to the DOR, while purchasers are required to directly pay the use tax. There are significant exclusions and exemptions to both taxes. If a business retailer or purchaser does not pay the sales or use tax, the DOR may have the ability to make a "responsible person" assessment of the tax (including penalties and interest ...

Federal and South Carolina law provide income tax incentives to make it easier to save for college. Contributions made to a 529 plan (technically known as a "qualified tuition program" or "QTP") may be deductible for South Carolina income tax purposes. Earnings on contributions made to a 529 plan are not subject to federal or South Carolina income tax if they are used for qualified education expenses.

A 529 plan is a plan operated by a state designed to help families set aside funds for future college costs. Each state can establish its own 529 plan and plans differ from state to state. South ...

The South Carolina Economic Impact Zone Community Development Act of 1995 established an income tax credit for qualified manufacturing and production facilities. The credit is designed to encourage capital investment in the state through the formation of new businesses and the retention and expansion of existing businesses. Known as the "investment tax credit", the credit was initially limited to businesses making qualified investments in 27 designated counties in South Carolina, but has been expanded statewide.

The credit applies for qualified manufacturing and ...

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