SCDOR Tax Legislative Update for 2023
The South Carolina Department of Revenue’s Information Letter #23-11 provides an overview of tax law changes enacted during the 2023 legislative session in South Carolina. The main updates include: Income Taxes Property Taxes Sales and Use Taxes Miscellaneous The letter also lists all new and re-enacted temporary budget provisos impacting taxes in South Carolina for …
From SCDOR: South Carolina Updates to Maximum Sales & Use Tax (Max Tax)
The South Carolina Department of Revenue (SCDOR) has announced changes concerning the state’s Maximum Sales & Use Tax (Max Tax). Here are the key takeaways: For comprehensive details about Max Tax and its updates, consult Revenue Ruling 23-3 or visit dor.sc.gov/maxtax. Stay updated and ensure compliance with these changes if they apply to your business.
Fall Fest Presents: ESG with Walda Wildman
By Walda Wildman, CPA All kinds of big companies are playing up their compliance with ESG standards. However, those companies haven’t had any codified standards to use in preparing those reports. As a result, it’s not been easy to compare the reports or to know if they have real meaning. That changed last June when …
From the IRS: IRS Orders Immediate Stop to New Employee Retention Credit Processing
To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims; concerns from tax pros, aggressive marketing to ineligible applicants highlights unacceptable risk to businesses and the tax system Moratorium on processing of new claims through year’s end will allow IRS to add more safeguards to …
Fall Fest Presents: SECURE 2.0 with Karen Davis
By Karen Davis, EA, MBA, PhD The “Setting Every Community Up for Retirement Enhancement Act of 2020” (SECURE Act) made two significant retirement plan changes starting in 2020 – increasing the age for required minimum distributions from 70½ to 72, and creating a 10-year distribution rule for most beneficiaries. A second major piece of retirement …