Posts from September 2018.

The Policy Division of the South Carolina Department of Revenue has issued a final revenue ruling, SC Revenue Ruling #18-14, addressing retailers without a physical presence in South Carolina. The ruling comes on the heels of the United States Supreme Court decision in South Dakota v. Wayfair, Inc., 585 U.S. ___, 138 S. Ct. 2080 (2018), which found that retailers without a physical presence in a state can be required to collect and remit sales and use tax. The Department of Revenue has also posted a series of frequently asked questions to its website.

Prior to issuing SC Revenue Ruling ...

Changes have been made to the income tax withholding tables and estimated tax rates as a result of the new Tax Cuts and Jobs Act.  Taxpayers should pay extra attention now to their tax withholdings and estimated tax payments in order to avoid penalties.

Taxpayers can generally avoid underwithholding/estimated tax penalties if they:

      1. Pay 90% of the current year liability, or
      2. Pay 100% of the prior year liability.

However, If a taxpayer’s adjusted gross income for the prior year was more than $150,000, the taxpayer must then have withholdings or estimated tax payments for the current year ...

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