SCDOR MyDORWAY Feature for CPAs
Did you know that the SCDOR's MyDORWAY site has a way for you to access your clients' accounts for business personal property, manufacturing property, and utility property taxes. There [...]
Opportunity to Build New Skills!
The SCACPA Tax Team has openings for CPAs to assist with research, write and edit educational material, and speak on focused topics. If you (or someone in your organization) [...]
IRS Announces Pension Plan Limits for 2022 and 4 more topics! Nichols’ Tax Update, Issue 21-45
Practitioners See Need for Guidance on Controlled Group Rules Provisions of the controlled group rules have been working their way beyond qualified plans, making the code section ripe for [...]
IRS Cracking Down on Crypto Noncompliance and 6 more topics! Nichols’ Tax Update, Issue 21-44
Nichol's Tax Update, Issue 21-44 IRS Cracking Down on Crypto Noncompliance The IRS is going full steam ahead on addressing noncompliance related to cryptocurrency, and tax professionals may need [...]
IRS Announces New FAQ Process With Penalty Protection and 5 more topics! Nichols’ Tax Update, Issue 21-43
Nichols’ Tax Update, Issue 21-43 IRS Announces New FAQ Process With Penalty Protection The IRS plans on releasing significant FAQs on new tax statutes in fact sheets and promises [...]
Extension Granted to File Election After Ownership Change and 2 more topics! Nichols’ Tax Update Issue 21-42
Nichols' Tax Update, Issue 21-42 Extension Granted to File Election After Ownership Change The IRS granted a taxpayer an extension to file a closing-of-the-books election after an ownership change. [...]
Economic Nexus . . . Remote Seller in South Carolina and 5 more topics! Nichols’ Tax Update Issue 21-41
Nichols' Tax Update, Issue 21-41 Economic Nexus . . . Remote Seller in South Carolina At ‘Press time” only three states, Alaska, Montana, and Oregon had NOT enacted some [...]
From the State Treasurer’s Office: Unclaimed Property Reports Due by November 1
Each year businesses, organizations, and even government entities are required by state law to report unclaimed property to the State Treasurer’s Office by Nov 1. Whether your clients ask [...]
Temporary Regs Implement IDR Requirements in Surprise Billing Law and 3 more topics! Nichols Tax Update 21-40
Nichols Tax Update 21-40 IRS Announces Extension of Replacement Period for Sold Livestock The IRS has announced (IR-2021-193) that farmers and ranchers who previously were forced to sell livestock [...]
From SCDOR: Batch Withholding Program
The following content is brought to you by the SCDOR: The South Carolina Department of Revenue (SCDOR) announces several updates to its Withholding process that will greatly benefit tax [...]
Life Insurance Proceeds Included in Company’s Estate Tax Valuation and 6 more topics! Nichols Tax Update Issue 21-39
Divorce-Related Property Transfers Are Tax Free The IRS ruled that an annuity payment arrangement includes nontaxable transfers between former spouses that are incident to divorce under section 1041 and [...]
IRS Revises Audit Technique Guide on Not-for-Profit Activities and 6 more topics! Nichols Tax Update Issue 21-38
Amount Paid for Psychotherapy Excludable From Settlement Income The Tax Court, in a summary opinion, held that an individual could not exclude from income half of the $55,000 in [...]
Memo Provides Guidance on Partnership Election Revocation Requests and 5 more topics! Nichols Tax Update Issue 21-36
Nichols Tax Update Issue 21-36 Memo Provides Guidance on Partnership Election Revocation Requests The IRS Large Business and International Division and the IRS Small Business/Self-Employed Division have issued a [...]
IRS Revises Audit Technique Guide on Property Foreclosures and 6 more topics! Nichols Tax Update Issue 21-35
Nichols Tax Update Issue 21-35 Fact Sheet Lays Out Information on Advance Child Tax Credit The IRS has issued a fact sheet (FS-2021-11) on how to use the advance [...]
AICPA Seeks Quick Relief on Interruption of LIFO Inventories and 3 more topics! Nichols Tax Update Issue 21-34
Nichols’ Tax Update Podcast: Issue 21-34 Aunt Entitled to Child Tax Credits, Dependency Deductions The Tax Court, in a summary opinion, held that an individual is entitled to dependency [...]
IRS Offers Safe Harbor for Employers Using Retention Credit and 5 more topics! Nichols Tax Update Issue 21-33
Nichols’ Tax Update Podcast: Issue 21-33 IRS Offers Safe Harbor for Employers Using Retention Credit New IRS guidance will allow employers to exclude some items from their gross receipts to [...]
Advance Child Tax Credits Hurtling Toward 2022 ‘Train Wreck’ and 6 more topics! Nichols Tax Update 21-32
Nichols’ Tax Update Podcast- Issue 21-32 IRS Urges EIN Holders to Update Responsible Party Information The IRS, citing security issues, has urged (IR-2021-161) entities with employer identification numbers to [...]
Retiree Must Pay Taxes on Garnished Income, and 7 more topics! Nichols Tax Update 21-31
Nichols’ Tax Update Podcast- Issue 21-31 Retiree Must Pay Taxes on Garnished Income The Tax Court sided with the IRS in finding that the state debt repayment deductions from [...]
IRS Launches New Tax Pro Account Feature, and much more! Nichols Tax Update: 21-30
Nichols Tax Update: Issue 21-30 Trending in this edition: IRS Launches New Tax Pro Account Feature The IRS has announced (IR-2021-154) the launch of its new Tax Pro Account, [...]
Nichols’ Tax Update Podcast: Issue 21-29, IRS Issues Fact Sheet on Child Care Tax Credit Advances, and much more!
Nichols’ Tax Update Podcast: Issue 21-29, IRS Issues Fact Sheet on Child Care Tax Credit Advances, and much more! Bank Is Immune From Liability for Complying With IRS [...]
Streamlining BPP Filing
More than 20 South Carolina counties have adopted the standardized online filing of PT-100 with SC Department of Revenue. MyDORWAY is the SCDOR's online platform for filing PT-100s. Led [...]
Nichols’ Tax Update: Issue 21-28, Christian Group That Battled IRS Receives Exemption After All, and much more!
Nichols’ Tax Update: Issue 21-28 Christian Group That Battled IRS Receives Exemption After All, and much more! Temporary Regs Implement Requirements Regarding Surprise Billing Federal agencies, including Treasury, have [...]
Nichols’ Tax Update Podcast: Issue 21-26, Christian Group Challenges IRS on Proposed Exemption Denial, and much more!
Nichols’ Tax Update Podcast, Issue 21-26 10 Topics this week: **** IRS Will Not Acquiesce in TriNetHolding on FICA Tip Credits In an action on decision the IRS has announced [...]
Lynn Nichols Federal Tax Update – “Mark-to-Market election applied to holdings of single member LLC, not to holdings of the member” Plus 5 More Topics
Welcome to the Federal Tax Update Podcast, hosted by Lynn Nichols. This is presented as a member benefit by the South Carolina Association of CPAs. It is produced to [...]
Lynn Nichols Federal Tax Update (June 7, 2021): “Indirect Methods” is a Fancy Term for “Bank Deposits,” Among 5 Topics
Spring Splash Reminder! SCACPA is offering more than 60 hours of livestream learning in May and June. There’s still time to register for Lynn Nichols’ informative livestream Tax sessions: Net Operating Losses [...]
The SCDOR is Offering FREE Livestream CPE Tax Courses Through June, Don’t Miss Out
SCACPA is proud to be a long-time partner with the SC Department of Revenue in promoting the SCDOR’s high-quality CPE learning. As the SCDOR continues to offer its 2021 [...]
Lynn Nichols Federal Tax Update (June 1, 2021): When Do I Have Income? An Old Question with New Twists, Among Several Topics
Spring Splash Reminder! SCACPA is offering more than 60 hours of livestream learning in May and June. There’s still time to register for Lynn Nichols’ informative livestream Tax sessions: Net Operating Losses [...]
SCDOR Guidance: How to Amend a State Tax Return to Exclude Unemployment Benefits
South Carolina recipients of unemployment compensation are allowed to exclude from state taxes up to $10,200 of benefits they received in 2020, thanks to Gov. Henry McMaster signing into law [...]
Lynn Nichols Federal Tax Update (May 24, 2021): Refunds of Tax On Unemployment Comp Set to Begin
Spring Splash Reminder! SCACPA is offering more than 60 hours of livestream learning in May and June. There’s still time to register for Lynn Nichols’ informative livestream Tax sessions: Net Operating Losses [...]
IRS Message on Shift in Procedure: Collection Delinquency Resolutions Will Now be Exclusively Handled by SB/SE’s Automated Collection System
The IRS Wage & Investment Division would like to address ongoing questions about certain Practitioner Priority Service line services. PPS assistors will continue to work with Forms 2848/8821/8655 representatives [...]