Taxes

Tax law and rules for compliance can change and require the practitioner to know the change in order to provide the best service to a client. The monthly “Nugget” includes information on court decisions and IRS rulings that our experts know should be shared with the client who is depending on you to avoid trouble, and to take advantage of opportunities for reducing the tax bill. Discussion Leaders: E. Lynn Nichols and Bill Strickland

Many of our clients are getting paid with employer stock or they may be able to purchase their employer stock at a discount. We need to advise our clients on the different tax aspects of these employer stock plans. When you are knowledgeable on this, you will get referrals from employees of these companies. Discussion Leader: Larry Pon

Not just automobiles, but RVs, Boats, Motorcycles, and even some mobile homes present the same tax accounting issues. Inventory accounting methods, income from financing and insurance, extended warranty, `floor-plan’ interest, valuation of used units, recording profit (or loss !!!) from a `trade-in’ . . . . all require attention to the income tax effects of vehicle valuation. Discussion Leader: E. Lynn Nichols

Accounting for costs and revenues associated with a construction contract requires more than the usual “Is it deductible?” or “How much of the funds we received should be recognized as income? In this period?” Answering both of those questions will require the tax accountant to know “With what contract an item is associated. Understanding contract terms, limits, special conditions, starting date, ending (penalty date), and more, involves special rules in addition to “regular determination of income.” Discussion Leader: Lynn Nichols

This program focuses on preparation of Form 990 for tax-exempt entities and the most commonly applicable Schedules. Included is some discussion of Forms 990EZ, 990-N and 990-T. Discussion Leaders: Ian Redpath and Shannon Jemiolo

The Interest Charge – Domestic International Sales Corporation (IC-DISC) will reduce federal income tax on your export sales and increase your after-tax cash flow. You will gain an understanding of the sales and services that will qualify for the IC-DISC and the shareholder value you will add with an IC-DISC. Discussion Leader: Paul Ferreira

A Cost Segregation Study dissects the construction cost or purchase price of real property that would normally depreciate over a long period and reallocates costs into shorter tax lives of 5, 7 or 15 years. This introductory course will provide background information, depreciation rules, and how a cost segregation study is performed. Discussion Leader: Winston Shurtz

This course will cover the fundamentals of the Research and Development (R&D) Tax Credit.

Topics include history and recent developments, project qualifications, calculating the benefits, the chronology of a typical project, and common issues. Each year hundreds of companies are taking advantage of the credit to increase their bottom line. It’s time to learn how you can benefit!

This session will walk you through the qualifications for the South Carolina New Jobs Tax Credit, the benefits it can offer, and how to take advantage of this incentive. We will also break down all the rumors and false information about the ERC so you can protect your clients from being scammed, and we will walk through the actual qualifications for this credit. Discussion Leader: Darren Miller

This course provides an overview of retirement changes brought about by SECURE 2.0 signed into law at the end of 2022. All practitioners preparing individual returns and those representing small businesses who may have or want to implement retirement plans will undoubtedly have questions raised by clients this tax season. This program will benefit both by answering many of the questions practitioners will encounter. Discussion Leaders: Lynn Nichols and Ian Redpath