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.
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.
High-income retirees pay more in monthly Medicare premiums, but with careful planning – and an appeal when necessary – the premiums can potentially be reduced.
The Social Security Administration recently announced their annual inflation changes to the Social Security wage base, annual wage cap, and benefit amounts that will be effective January 1, 2023. These 2023 inflation increases are the largest percentage increases since 1981 and the fourth-largest increase ever for the Social Security program.
The IRS recently warned employers to beware of advertisements and solicitations that promise tax refunds that seem too good to be true. They promise business owners lucrative tax refunds from the Employee Retention Credit through filing amended payroll tax returns.
The IRS announced its annual inflation adjustments on October 18 in Revenue Procedure 2022-38. As expected due to soaring inflation over the past year, the tax adjustments are significant this year with most adjustments increasing around 6 to 7 percent.
IRS announces new Hurricane Ian tax relief and a new February 15, 2023 tax deadline for all individuals and businesses in both North Carolina and South Carolina.
Millions of Americans will avoid paying more for healthcare next year, thanks to the Inflation Reduction Act. Employers need to be aware of potentially higher penalties related to the family glitch, and individuals can take steps to project income and avoid paying back excess tax credits.
South Carolina’s new $13.8 billion budget for the 2022-23 fiscal year includes a significant rate reduction and tax rebate checks for residents.
North Carolina’s legislature recently changed state tax laws governing employers’ ability to deduct the employee retention credit from state taxable wages and significantly expanded eligibility for a business grant program with an application deadline of June 1, 2022.
As Internet Explorer will discontinue browser security updates by August of 2021, this site is best viewed using Google Chrome, Safari or Microsoft Edge.
