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SC Tax Consequences of Federal Student Loan Debt Forgiveness

September 1, 2022 South Carolina Tax Treatment. South Carolina adopts Internal Revenue Code Section 108. During the 2022 Legislative Session, South Carolina conformed to the Internal Revenue Code as of December 31, 2021,2 including conformity to the amendment to Internal Revenue Code Section 108(f)(5), as amended by Section 9675 of the federal American Rescue Plan […]

IRS awards new contracts to private collection agencies

September 22, 2021 WASHINGTON — The Internal Revenue Service has awarded new contracts to three private-sector collection agencies for collection of overdue tax debts. The new contracts begin Thursday following today’s expiration of the old contracts; taxpayers may be contacted by one of three groups. Beginning Thursday, Sept. 23, 2021, taxpayers with unpaid tax bills […]

Understanding the tax responsibilities for starting a business

September 13, 2021 Small business owners have a variety of tax responsibilities. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business. Here are some tips for […]

Tax Relief for North and South Carolina Victims of Hurricane Florence

Posted September 30, 2018 SC-2018-01, Sept. 24, 2018 SOUTH CAROLINA — Victims of Hurricane Florence that took place beginning on Sept. 8, 2018 in South Carolina may qualify for tax relief from the Internal Revenue Service. The President has declared that a major disaster exists in the States of North & South Carolina. Following the […]

IRS provides tax relief for victims of Hurricane Florence

September 15, 2018 WASHINGTON — Hurricane Florence victims in parts of North Carolina and elsewhere have until Jan. 31, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency […]

Tax Deadline Approaching for extended tax returns

September 28, 2016 If you filed form 4868 to extend the tax filing deadline for your form 1040, the extended deadline for getting your tax return filed is fast approaching.  October 15, 2016 is the statutory deadline, but since that date falls on a Saturday, the date is moved to the next business day, in […]

Tax-filing Extension Expires Oct. 15 for Millions of Taxpayers

September 28, 2015 WASHINGTON — The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file. About a quarter of the 13 million taxpayers who requested an automatic six-month extension this year have […]

The Individual Shared Responsibility Payment

September 16, 2014 Beginning in 2014, the individual shared responsibility provision of the Affordable Care Act requires each individual to: Maintain a minimum level of health care coverage – known as minimum essential coverage, or Qualify for an exemption, or Make an individual shared responsibility payment when filing their federal income tax returns. Minimum essential […]

Prices Set for New Health-Care Exchanges

September 25, 2013 The federal government has released the rates for the new healthcare exchanges and the news is good if you are an older healthcare consumer.  Younger consumers should probably plan on paying slightly more than they are accustomed to paying.  In Columbia, South Carolina the lowest cost plan that meets the new requirements […]

Taking Advantage of the Provisions of Health Care Reform

September 24, 2013 Politics aside, how could coverage improve for you & your loved ones? Health care reform has many fans and many detractors. Amid all the sound and fury, the plain facts risk being blurred. So here is a look at where the reforms stand, and what they potentially offer you. Here is how […]