Posts from July 2018.

As extension season awaits us in less than three months, there are many taxpayers who will discover that they have fallen victim to identity theft. The IRS has recently clarified measures to take if you happen to fall into that category, which should not be taken lightly.

The most common way of discovering that you have fallen victim to identity theft occurs upon electronically filing your tax return.

Taxpayers attempting to file a tax return that the IRS rejects because another return under the taxpayer’s Social Security number has already been filed are likely victims of identity ...

South Carolina imposes a sales tax on the retail sale of tangible personal property in the state. South Carolina also charges a separate and related "use tax" on retail purchases of tangible personal property outside of South Carolina, which is then brought into South Carolina for "use, storage, or consumption". Many South Carolinians may be aware of our state's sales tax, but are unaware, or simply do not understand, the state's companion "use tax". The South Carolina Department of Revenue, in SC Revenue Ruling #18-9, issued June 1, 2018 (and effective July 1, 2018), has now provided ...

With increasing employee health costs, many employers are adopting or expanding their health wellness programs. In the retirement plan area, some employers are also adopting programs to assist their employees with managing their finances and planning for retirement (sometimes referred to as "financial wellness programs"). This article is limited to health wellness programs and such programs will herein be referred to as "wellness programs".

A wellness program is broadly defined as any program of health promotion or disease prevention. Wellness programs encompass a wide ...

Following the Supreme Court's landmark decision in South Dakota v. Wayfair, Inc., the Director of the South Carolina Department of Revenue, Hartley Powell, announced that SCDOR will begin requiring remote sellers to collect sales tax. South Carolina law previously authorized imposition of sales and use tax on all retailers, but DOR has not administratively enforced the law because of constitutional nexus restrictions under Quill Corp. v. North Dakota. With the Supreme Court's decision in Wayfair, SCDOR will now administratively apply the same thresholds adopted by the State of ...

South Carolina has some of the highest business property taxes in the Southeast. The state generally taxes land, buildings, machinery and equipment, and furniture and fixtures, but does not tax inventory, pollution control equipment, intellectual property, and other assets.

To reduce the effect of its high business property tax rates, and to make the state a more competitive environment for business, South Carolina offers a property tax incentive and tax savings for manufacturers, and certain other businesses, investing at least $2.5 million over a five year period in the state ...

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