IRS Provides Tax Relief and Extension for South Carolina and Florida Taxpayers Impacted by Hurricane Idalia
IRS announces new Hurricane Idalia tax relief and a new February 15, 2024 tax deadline for all individuals and businesses in South Carolina.
IRS to Go Paperless Starting in 2024
A more tech-savvy IRS? That’s the plan, and it’s happening soon. In the 2024 tax filing season, taxpayers will have the option to go entirely paperless with the IRS.
Deadlines for Claiming the Employee Retention Credit (and It’s Not July 31, 2023)
The deadline for claiming the Employee Retention Credit (ERC) is getting closer. If you are an eligible business or nonprofit organization, you still have time to determine your eligibility and file your claim. That time, however, will run out soon with strict filing deadlines coming up in 2024 and 2025.
FTC Issues Consumer Alert on Franchising Myths for Potential Investors
The FTC recently issued a consumer alert on the five most troubling myths about investing in a new franchise. Potential franchise investors should consider these myths when evaluating potential investments.
Bipartisan House Bill Seeks to Streamline Individual Tax Return Extension Requests and Payments
By Charles Dean Smith, Jr., CPA | Bipartisan proposed legislation would prevent individual taxpayers from incurring federal penalties for failing to accurately calculate estimated payments for current-year tax liability when requesting tax filing extension
Did You Get a Surprise Tax Bill in 2022? It’s Time to Review Your Withholdings
If you had a surprise tax bill this past filing season, it may be an opportune time to review your paycheck withholdings and estimated tax payment requirements by using the free IRS tax withholding estimator. Changes to income tax withholding amounts on Form W-2s or 1099s can be made at any point during the year by filing an updated Form W-4.
New Rules for Electric Vehicle Tax Credit
New battery sourcing requirements for electric vehicles took effect after April 18, 2023. This change means that far fewer vehicles qualify for the full $7,500 Clean Vehicle Tax Credit.
Employee Retention Credit Fraud Remains a Top Risk
The IRS has warned taxpayers about pandemic relief fraud before. Employee retention credit fraud is now so widespread that the IRS added it to its annual list of Dirty Dozen tax scams.
IRS Significantly Expands Mandatory e-Filing Requirements for Business Income Tax and Informational Returns Starting in 2024
The Internal Revenue Service (IRS) issued significant final regulations requiring most businesses to begin electronically filing certain kinds of business income tax and informational returns starting in 2024 for any returns first due after January 1, 2024.
New IRS Guidance on the Taxability of Special State Tax Payments Paid in 2022
The Internal Revenue Service recently issued guidance clarifying the federal taxability of special one-time tax rebates and refunds issued by 21 states in 2022, including South Carolina and Virginia.