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, www.irs.gov. The IRS issued a related Announcement IR-2018-164, and which ...
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 ...
Generally, an employer is required to deduct and withhold Federal Insurance Contribution Act taxes ("FICA"), Federal Unemployment Tax Act taxes ("FUTA"), and income tax withholding from its employee's wages and is separately liable for the employer's share of FICA and FUTA. However, in some cases, an employer will use a third party to perform some or all of the employer's federal employment tax withholding, reporting, and payment obligations.
Common third-party payer arrangements include: a payroll service provider ("PSP"), a reporting agent ("RA"), a professional employer ...
The Supreme Court issued its opinion in South Dakota v. Wayfair, Inc. on June 21, 2018. The closely followed case involved a South Dakota law that required certain out-of-state sellers who sold more than $100,000 of goods or services to South Dakota customers, or engaged in 200 or more separate transactions with South Dakota customers, to collect sales tax. South Dakota enacted the law to provide a basis to challenge the physical presence rule. The physical presence rule precludes a state from requiring an out-of-state seller to collect sales tax if the seller does not have a physical ...
Where a business does not pay its federal employment and/or unemployment taxes, and continues in operation, the IRS will utilize administrative measures, including tax liens and levies, to collect the unpaid taxes. Administrative measures alone, however, may often not prevent a business from operating and also paying its back taxes. In these instances, the IRS has increasingly gone to the courts, and is now more frequently requesting injunctive relief against these businesses in order to prevent the business from operating and where it may further accrue federal ...
The IRS has the power to seize or “levy” assets, banks accounts, wages and other assets and income of an individual or business to satisfy delinquent taxes. However, the IRS will sometimes levy the wrong assets or income; that is, it will seize assets or income belonging to someone other than the person or business that owes the tax. This happens.
When the IRS wrongfully seizes or levies the assets or income of a person or business that does not owe the tax, this person/business can file a claim for wrongful levy with the IRS and also can sue the IRS civilly to prevent the levy or to have the ...