Fall Extension Deadlines

July 21, 2021

How did the summer go by so fast? Extension deadlines are around the corner!  If we do not have all of your information by the following document deadline dates (with the exception of pending K-1s) we cannot guarantee your returns will be filed by the extension deadlines. (You will be responsible for all late filing and late payment penalties should you neglect

2nd Quarter Tax Payment Reminder

June 11, 2021

Friendly reminder that your 2021 2nd Quarter Estimatesare due June 15, 2021. Why waste a check when you can pay online?South Carolina: Click here to pay onlineFederal:  Click here to pay online

SC Passes SALT Deduction Workaround

June 4, 2021

 As many of you are aware, the deduction for state and local taxes (SALT) is limited to $10,000 on an individual’s income tax return. Many states have passed laws to workaround this limitation and have the tax paid and deducted at the entity level. On May 17, South Carolina became one of those states.Per Bill

Pandemic Relief Fund for Restaurants Is Open – The Money Won’t Last

May 5, 2021

By: Sharon Kreider, CPA Article Note: The SBA began accepting Restaurant Revitalization applications on May 3.The Restaurant Revitalization Fund (RRF) is a first-come-first-serve program.The Paycheck Protection Program ends on May 31, 2021. Finally, April 15, I mean May 17, is almost behind us.  We should get a breather for at least a few weeks. We should,

Restaurant Revitalization Award Portal

May 5, 2021

Register and Apply through the SBA Select this option to begin the application process for a Restaurant Revitalization Award. This portal will help you calculate your eligible award amount, monitor status, and interact with the SBA. Click to Register to Start Your Application

From our Friends at Thomson Reuters: President Biden’s Families Plan Fact Sheet contains numerous tax provisions

April 29, 2021

The White House - Fact Sheet: The American Families Plan President Biden's April 28 "Fact Sheet: The American Families Plan" contains numerous tax breaks for low and middle earner taxpayers and numerous tax increases on taxpayers "making over $400,000 per year." Tax breaks. Here is a summary of the tax breaks in the Fact Sheet:

IRS sees delays in tax refunds and quarterly payments

April 26, 2021

By Michael Cohn April 23, 2021, 5:26 p.m. EDT The Internal Revenue Service is holding up millions of tax refunds for manual processing and its systems were unable to process many of the quarterly payments that needed to be sent by April 15. The IRS is holding approximately 29 million tax refunds that need to be

TAX ALERT: FEDERAL ESTATE AND INCOME TAX PLANNING MAY BE GETTING A MAKEOVER

April 1, 2021

Click HERE to read the article. On March 25, 2021, the Senate Budget Committee held a hearing provocatively entitled, Ending a Rigged Tax Code, to outline estate and income tax proposals that would constitute the most progressive tax plan in generations if enacted: the “For the 99.5% Act” and the “Sensible Taxation and Equity Promotion Act” (STEP).

From Our Friends at Western CPE: Advising President Biden on Tax Increases

April 1, 2021

Click HERE to read the article by Tax Expert Sharon Kreider, CPA. I think we all have ideas on what tax reform should look like for a better America. I’m putting a few items in writing as if I were advising President Biden. We should always remember that to provide comprehensive advice on tax policy.

Tax Day for Individuals Extended to May 17, 2021

March 18, 2021

Here we go again. The IRS has extended the 2020 filing and payment deadline, for individuals only, until May 17, 2021. As of today, this extended deadline does not apply to your first quarter 2021 estimated payments that are due April 15th. We are also awaiting guidance on state extensions.  Please note:  Our document cut-off