Posts from March 2016.

On July 31, 2015, President Obama signed into law H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the "Act"). The Act now requires personal representatives/executors of an estate and other persons who are required to file Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return; Form 706-NA, United States Estate (and Generation-Skipping Transfer) Tax Return Estate of nonresident not a citizen of the United States; or Form 706-A, United States Additional Estate Tax Return, to report the final estate tax value of ...

South Carolina offers many statutory and discretionary incentives to promote capital investment and job creation in our state. The Job Development Credit ("JDC") is a discretionary credit, applied through and approved by the South Carolina Coordinating Council for Economic Development ("Council"), which is available to a new or expanding business making capital investment and creating new jobs in the state.

The JDC will reduce a business's state employee withholding tax liability (refundable only to the extent of withholding actually paid) as reimbursement of the cost of ...

South Carolina manufacturers are required to file an annual property tax return. The PT-300 must be filed with the South Carolina Department of Revenue ("Department" or "DOR") by the last day of the fourth month following the close of a taxpayer's accounting year (no extension is available). For example, calendar year taxpayers must file Form PT-300 by April 30th.

The Form PT-300 reports all property owned as of the close of the taxpayer's accounting year. There are ten different schedules that may need to be filed with the PT-300. The schedules report property subject to regular ...

Most people are familiar with the significant income tax benefits of contributing to a qualified retirement plan such as a 401(k) plan, or an individual retirement accounts (IRA). One advantage of these types of arrangements is the taxpayer has significant flexibility and control on the timing of the receipt of income from the qualified retirement plan or IRA. However, this flexibility is not unlimited and Congress has enacted very specific rules that require annual distributions from these plans.

Unless certain limited exceptions apply, annual distributions must begin by April ...

The South Carolina Supreme Court recently ruled against Duke Energy Corporation (“Duke”) in Duke’s claim for a $126 million state income tax refund.  The issue came down to whether gross receipts from Duke’s sales of short-term investments should be included in the apportionment fraction used by South Carolina to divide income among South Carolina and other states in which Duke operates.  The South Carolina Supreme Court’s opinion is important because it can pose significant hurdles to businesses with multi-state operations that have planned with investment income to ...

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