Family limited partnerships have long been a valuable tool of the estate planner. Although historically recognized as providing estate tax planning benefits through the discounted...
Family Limited Partnerships: Estate Tax Benefits and More
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South Carolina Form 2848, Power of Attorney and Declaration of Representative: Differences Between the State and Federal Forms
South Carolina requires submission of a Form SC2848, Power of Attorney and Declaration of Representative, in order for an attorney, CPA, or enrolled agent to...
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Holding Assets in Trust for the Next Generation
Over the past few years, we have seen a dramatic increase in the number of clients interested in holding assets in trust for their children....
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Are You a Resident of South Carolina?
Residents of South Carolina are required to file an income tax return, even if they do not earn income in the state. A resident is...
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IRS Proposes New Rules Designed to Restrict Valuation Discounts in Family Transfers
Partnerships and LLCs are common choices of entity for family-owned businesses, due to their flexibility and the many uses to which they can be put...
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Notice Requirements for Social Welfare Organizations
Section 501(c)(4) of the Internal Revenue Code (“IRC”) exempts from the federal income tax certain nonprofit corporations that are operated exclusively for the promotion of...
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IRS Tax Payment Plans: IRS Considering Increased Payment Limits and Longer Payback Periods for Easier “Streamlined” Payment Plans
Over the course of the next year, the Internal Revenue Service (IRS) is testing new eligibility criteria for its “streamlined” payment agreements, with the goal...
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IRS To Begin Private Debt Collection Program in Spring 2017
On September 26, 2016, the IRS announced its plans for the private collection of certain federal tax debts beginning next spring. The announcement identified the...
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Prohibited Transactions for Retirement Plans
A recent case reminds us that people need to be careful when dealing with their retirement plans, particularly if those accounts are used as investment...
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Many South Carolina Tax Law Changes in 2016; Overall Tax Structure to be Reviewed in 2017
The South Carolina Department of Revenue (SCDOR) released its annual tax legislative update on October 10, 2016 in SC Information Letter #16-11. The guidance provides...
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The End of an Era: IRS Ends In-Person Settlement Conferences
Taxpayers often have disputes with the IRS, whether through an income tax audit or as a result of actions by IRS officials to collect federal...
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What Do All These IRS Collection Letters Mean?
When someone owes the IRS taxes, as a result of not paying the tax shown as due on a tax return or where the IRS...
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South Carolina State Tax Liens
The South Carolina Department of Revenue (the “Department” or “DOR”) files tax liens when a taxpayer fails to timely pay his or her state tax...
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South Carolina Department of Revenue Audit Appeals
Once the South Carolina Department of Revenue (SCDOR) completes an audit of a taxpayer, if there are any proposed adjustments and additional taxes SCDOR seeks,...
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IRS Appeals Chief Clarifies New Settlement Conference Rules
The IRS recently announced that as of October it will no longer offer in-person or “face-to-face” settlement conferences with its Appeals Officers, except in a...
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IRS Announces Additional Procedure for Accepting Late Retirement Plan Rollovers
The Internal Revenue Code (IRC) provides that distributions from certain retirement arrangements (e.g., qualified retirement plans, individual retirement accounts (IRAs), §403(a) annuity plans, §403(b) tax-sheltered...
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South Carolina Court of Appeals, in Montgomery v. Spartanburg County Assessor, Reverses Prior Administrative Law Court Order Regarding Property Taxation of Tree Farm
The South Carolina Court of Appeals’ recent opinion in Montgomery v. Spartanburg County Assessor provides an interesting discussion of the definition of “fair market value...
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South Carolina Economic Development Incentives for Warehouse and Distribution Operations
South Carolina offers a wide variety of economic development incentives to businesses seeking to locate or expand in the state. This incentive array focuses on...
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South Carolina Department of Revenue Issues Property Tax Guidance for Fiscal Year Manufacturers
The South Carolina Department of Revenue (the “Department” or “DOR”) issued SC Revenue Ruling #16-12 on December 16, 2016. The ruling provides guidance to manufacturers...
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IRS Rules That Syndicated Conservation Easements With Inflated Appraisals Are Listed Transactions
In Notice 2017-10, the IRS has determined that certain conservation easements are now “listed transactions” for purposes of federal tax reporting. “Syndicated” conservation easements are...
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