Federal and South Carolina law provide income tax incentives to make it easier to save for college. Contributions made to a 529 plan (technically known...
Minimize South Carolina Income Taxes by Contributing to a 529 Plan
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Not So Fast! South Carolina’s Position on Discharging Sales and Use Taxes in Bankruptcy
South Carolina imposes a sales and complimentary use tax on the retail sale or use of tangible personal property in the state. The taxes are...
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South Carolina Tax Assessments: Think You’re in the Clear? Think Again.
South Carolina generally follows federal law for purposes of the assessment of tax, including time limits on which taxes may be assessed (statutes of limitation). ...
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Economic Development-Based Alternative Allocation or Apportionment Agreements for Companies Investing in South Carolina
South Carolina offers multi-state companies an alternative method of allocating and apportioning their income as an incentive for planning new facilities or expanding existing facilities...
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Cadillac Tax: Delayed and Deductible
Beginning in 2018, certain employers were going to be liable for a 40% federal excise tax on the value of excess benefits provided through their...
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Congress Extends Tax Deduction Benefits
The “Protecting Americans from Tax Hikes Act of 2015” (PATH), signed into law by President Obama December 18, 2015, extends and now makes permanent some...
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Vicarious Tax Exemption: Is Your “Non-Profit” At Risk of Being Taxed On its Income?
As organizations are ramping up for 2016, it is increasingly important they have their administrative ducks in a row for the year to come. This...
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South Carolina Unemployment Insurance Taxes and Penalties
South Carolina employers must pay a variety of taxes on employee payroll, including federal social security taxes (FICA and FUTA), and South Carolina employee income...
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South Carolina Property Taxes on Manufacturers
Property taxes are often the largest South Carolina tax paid by manufacturers. Property taxes are assessed annually on real and personal property owned by a...
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The Revocable Trust: Is This a Necessary Component of Your Estate Plan? (Part 3)
We have previously discussed the advantages of using a revocable trust to implement your estate plan. In this post we will discuss in greater detail...
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The South Carolina Department of Revenue
The South Carolina Department of Revenue (formerly the South Carolina Tax Commission) is the state’s tax agency. Established as the Tax Commission in 1915, SCDOR...
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South Carolina Department of Revenue Tax Payment Plans, Wage Levies, Offers in Compromise, and Currently Not Collectible Status
If a taxpayer owes South Carolina taxes, the South Carolina Department of Revenue (SCDOR) will require payment of these taxes, including any related penalties and...
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New South Carolina Tax Credit for Solar and Geothermal Property
On February 16, 2016, a new income tax credit for taxpayer’s who construct, purchase, or lease solar energy property was enacted, and is effective for...
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U.S. Supreme Court Limits Health Plan’s Reimbursement Rights
Most health plans subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), include a subrogation clause which requires a participant to...
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Allocation and Apportionment of Investment Income: Getting Your Fact(or)s Straight
The South Carolina Supreme Court recently ruled against Duke Energy Corporation (“Duke”) in Duke’s claim for a $126 million state income tax refund. The issue...
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Required Minimum Distributions: Is The Approaching April 1 Your Deadline?
Most people are familiar with the significant income tax benefits of contributing to a qualified retirement plan such as a 401(k) plan, or an individual...
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South Carolina Property Tax Returns for Manufacturers
South Carolina manufacturers are required to file an annual property tax return, Form PT-300, Property Return. The PT-300 must be filed with the South Carolina...
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McNair Tax Alert
With the IRS in the middle of tax return filing season, scammers are again calling people, impersonating IRS agents, and seeking everything from confidential tax...
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South Carolina Economic Development Incentives: Job Development Credit
South Carolina offers many statutory and discretionary incentives to promote capital investment and job creation in our state. The Job Development Credit (“JDC”) is a...
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Wait a Minute: Congress Passes Law Requiring Consistent Basis Reporting Between Estates and Beneficiaries for Estate Tax Purposes
On July 31, 2015, President Obama signed into law H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Act”)....
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