Recent Posts
- South Carolina Supreme Court Rejects Challenge to Sales and Use Tax Exemptions…For Now
- Accounting Firm Members Held Personally Liable For Client’s Unpaid Federal Employment Taxes
- South Carolina Property Owners Can Now Challenge Property Tax Valuations Where They Did Not Own Property In The Prior Year
- IRS Modifies and Temporarily Expands Worker Voluntary Classification Settlement Program
- IRS Announces New Procedures for U.S. Citizens Residing Overseas Who Have Not Filed Tax Returns and Reported Income
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Posts by Author: Erik P. Doerring
Accounting Firm Members Held Personally Liable For Client’s Unpaid Federal Employment Taxes
A federal district court has ruled that the members of an accounting firm were each personally liable for the trust fund potion of the unpaid federal employment taxes of their client. Buddy Light Accounting & Tax Services provided accounting and … finish reading Accounting Firm Members Held Personally Liable For Client’s Unpaid Federal Employment Taxes
Posted in Employment Tax
Tagged Accounting, Employment, Federal Employment, Liable, Tax
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South Carolina Property Owners Can Now Challenge Property Tax Valuations Where They Did Not Own Property In The Prior Year
In what can only be considered a “game-changer” for South Carolina property owners, the South Carolina Court of Appeals in Taylor v. Aiken County Assessor, ___ S.E.2d ___, 2013 WL 1223185 (S.C. Ct. App., March 27, 2013) has recently ruled … finish reading South Carolina Property Owners Can Now Challenge Property Tax Valuations Where They Did Not Own Property In The Prior Year
Posted in Property Tax
Tagged property tax, South Carolina Administrative Law Court (ALC), tax practitioners, Taylor v. Aiken County Assessor
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IRS Announces New 2012 IRS Foreign Bank Account Voluntary Disclosure Program
The IRS recently announced the reopening of its successful Offshore Voluntary Disclosure Program (OVDP) effective January 9, 2012. The IRS also announced that its two prior foreign bank account disclosure initiatives, in 2009 and 2011, have brought in more than … finish reading IRS Announces New 2012 IRS Foreign Bank Account Voluntary Disclosure Program
IRS Announces Settlement Program for Employers Using Independent Contractors Who Should Be Classified as Employees
The IRS announced an important settlement program on September 21, 2011 where the IRS will now give many employers substantial tax relief for treating employees as “independent contractors”. Details of the settlement program were provided in Announcement 2011-64, which will … finish reading IRS Announces Settlement Program for Employers Using Independent Contractors Who Should Be Classified as Employees
Posted in Employment Tax
Tagged independent contractor, IRS, VCSP, voluntary classification settlement program
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South Carolina Department of Revenue Announces Reduction in Sales Tax Rate for Durable Medical Equipment
The South Carolina Department of Revenue issued a notice, effective July 1, 2011, that the rate for sales of certain durable medical equipment and related supplies will be reduced from 5.5% to 3.5%. This rate reduction is pursuant to a … finish reading South Carolina Department of Revenue Announces Reduction in Sales Tax Rate for Durable Medical Equipment
Posted in Sales Tax
Tagged durable medical equipment, rate reduction, sales and use taxes, SCDOR
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IRS Increases Mileage Rate to 55.5 Cents per Mile
IR-2011-69, June 23, 2011 — Starting July 1, the standard mileage rate for business miles driven is increased to 55.5 cents per mile.
Posted in Federal Tax
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IRS Electronic Tax Administration Advisory Committee (ETAAC) Delivers Report to Congress
IR-2011-68, June 15, 2011 — The Electronic Tax Administration Advisory Committee released its 2011 Annual Report to Congress.
Posted in Federal Tax
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Spring 2011 Statistics of Income Bulletin Now Available
IR-2011-67, June 14, 2011 — The IRS released the spring 2011 issue of the Statistics of Income Bulletin.
IRS Identifies Organizations that Have Lost Tax-Exempt Status; Announces Special Steps to Help Revoked Organizations
IR-2011-63, June 8, 2011–– The IRS announced that approximately 275,000 organizations have automatically lost their tax-exempt status because they did not file legally required annual reports for three consecutive years.
South Carolina Legislature Passes Important Point of Sale Property Tax Reform
Under current South Carolina law, counties must revalue real property every five years. The value of real property may not be increased more than 15% when revalued by the county, unless an assessable transfer of interest (“ATI”) occurs, which includes … finish reading South Carolina Legislature Passes Important Point of Sale Property Tax Reform
Posted in Property Tax
Tagged assessable transfer of interest, property tax, real property
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South Carolina Department of Revenue Invites Comments from Small Business Community
The “South Carolina Small Business Regulatory Flexibility Act of 2004″ requires the South Carolina Department of Revenue (DOR) to review its regulations every five years to ensure that regulations do not place any unnecessary burdens on small businesses. Another provision … finish reading South Carolina Department of Revenue Invites Comments from Small Business Community
IRS Releases Guidance on Taxability of TCAP Funds
When the financial markets deteriorated in the second half of 2008, so did the market for Low Income Housing Tax Credits (LIHTC). Funds and individuals who typically acquired interests in LIHTC transactions had no profits or taxable income, and no … finish reading IRS Releases Guidance on Taxability of TCAP Funds
Posted in Federal Tax
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IRS Announces New Foreign Account Voluntary Disclosure Program
On February 8, 2011 IRS Commissioner Doug Shulman announced the details of a new voluntary disclosure program that’s designed to get people with foreign accounts back into the U.S. tax system. The IRS implemented a similar voluntary disclosure program in … finish reading IRS Announces New Foreign Account Voluntary Disclosure Program
Posted in Federal Tax
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What TRAC Should Mean To You
During its 2009 session, the General Assembly created the TAX REALIGNMENT COMMISSION (“TRAC”) for the purpose of conducting a comprehensive study of South Carolina’s tax system. TRAC consists of eleven members, ten of whom were appointed by legislative leaders with … finish reading What TRAC Should Mean To You
