Posts from August 2018.

In today's digital age, we are seeing more individuals concerned about what happens to their digital assets at their death. For example, a Broadway aficionado wanting to be certain their collection of show tunes, purchased on iTunes makes it to their grandchild. Like most areas of technology, advances in digital currency and music are outpacing the legislative change, while the Courts struggle to keep up.

An increasingly popular question posed by estate planning clients is the question of who can inherit your iTunes account? The short answer is - no-one. iTunes is a service provider ...

A health wellness program is broadly defined as any program of health promotion or disease prevention. In a recent article entitled "Health Wellness Programs - An Introduction and a Resource", I reviewed certain characteristics common to health wellness programs (hereinafter referred to as "Wellness Programs"). In this article, I am going to review the classification of Wellness Programs under the Health Insurance Portability and Accountability Act ("HIPAA").

From a legal perspective, Wellness Programs are initially divided into two classes: (1) programs that are part of (or ...

The IRS has issued Proposed Regulations now under the new Section 199A 20% profit deduction for pass-through entities. The Proposed Regulations provide important guidance on the definition of "Qualified Business Income" - which is the starting point for determining the amount of the deduction.

New Section 199A, adopted by Congress under the Tax Cuts and Jobs Act (TCJA) and effective January 1, 2018, provides a 20% deduction for pass-through businesses - i.e. businesses that are not corporations. With the corporate tax rate under the TCJA being reduced to a flat 21%, the 20 ...

The Policy Division of the South Carolina Department of Revenue has issued a draft revenue ruling addressing retailers without a physical presence in South Carolina. Comments on the draft ruling are due by August 27, 2018, and a conference, if requested, will be held on August 29, 2018 at 10:00 am. Under the draft revenue ruling, South Carolina will require "remote sellers" who have "economic nexus" to collect and remit South Carolina sales and use tax on a prospective basis beginning October 1, 2018.

A remote seller is a retailer with no physical presence in South Carolina (e.g ...

On August 8th, the IRS released its much-awaited Proposed Regulations on the new Section 199A 20% profit deduction for pass-through businesses. The new deduction applies to essentially all types of businesses other than C corporations, and was created under the 2017 Tax Cuts and Jobs Act. Individuals can begin claiming the deduction on their upcoming 2018 tax returns. The Proposed Regulations issued by the IRS, and released through Announcement IR-2018-162, provide important guidance to taxpayers and tax practitioners alike on this new federal income tax deduction.

The ...

South Carolina counties and municipalities are authorized to impose business license taxes on the "gross income" of a business. On August 8, 2018 the South Carolina Supreme Court issued a major decision, Todd Olds v. City of Goose Creek, construing what constitutes gross income under a municipal business license ordinance.

In the case, a licensed realtor was in the business of flipping houses. He obtained a business license from the City of Goose Creek (the "City") and reported the gain he recognized on his flips as his gross income for business license purposes. The City determined ...

The Internal Revenue Service today issued its much-anticipated Proposed Regulations on the new Section 199A 20% deduction for owners of pass-through business entities. This important deduction was created under the 2017 Tax Cuts and Jobs Act, the most significant tax reform legislation in over 30 years.

The Proposed Regulations, embodied primarily in Proposed Treasury Regulations § 1.199A-1 through 6, were announced by the IRS in Announcement IR-2018-162, and are available through the IRS website, The IRS issued a related Announcement IR-2018-164, and which ...

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