Posts from April 2018.

On April 11, 2018, the South Carolina House of Representatives passed House Bill 3684, which will allow the South Carolina Department of Revenue (SCDOR or DOR) to centralize state tax lien filings. State tax lien filings are currently filed with local county recording offices throughout the state. The new bill, if adopted by the South Carolina General Assembly, would simplify the state tax lien filing process by implementing a centralized system of filing and indexing tax liens, and which would also accessible to the public online through the Internet. State tax liens would no longer ...

The IRS recently announced that, beginning this month, the tax agency will be assigning certain unpaid tax accounts to private collection agencies.   The IRS will retain and continue to collect most unpaid taxes.    The IRS has identified certain tax accounts, however, that it will assign over to these newly-designed private collection firms for collection.  The accounts to be assigned to the private collection firms involve taxpayers who have not paid their taxes for many years and who should be well-aware of their unpaid taxes.

The private collection firms will be authorized to contact ...

Section 403(b) of the Internal Revenue Code of 1986, as amended (the "Code") authorizes a type of retirement plan that can be sponsored by certain tax exempt organizations (e.g., a Code Section 501(c)(3) organization, including a church), certain educational organizations (as described in Code Section 170(b)(1)(a)(ii), including colleges), and certain state or local governmental organizations. In many cases, a 403(b) plan's assets are held in either annuity contracts or custodial accounts (with participant direction of the investments) which may limit the plan sponsor's ...

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