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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 […]

South Carolina Individual Income Tax rebates are on the way

August 10, 2022 The South Carolina Department of Revenue (SCDOR) will issue close to one billion dollars in state tax rebates before the end of the year but only to those who have filed their 2021 SC Individual Income Tax returns by October 17, 2022, the filing extension deadline. State lawmakers approved the rebates in […]

Tips to help taxpayers choose a reputable tax return preparer

December 14, 2021 As taxpayers get ready to file their 2022 tax return, they may be considering hiring a tax return preparer. The IRS reminds taxpayers to choose a tax return preparer wisely. This is important because taxpayers are responsible for all the information on their return, no matter who prepares it for them. There […]

Understanding taxpayer rights: The right to retain representation

November 27, 2021 Taxpayers have the right to retain an authorized representative of their choice to represent them in their dealings with the IRS. Taxpayers have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford representation. This is one of the fundamental rights of all taxpayers as outlined in […]

IRS guidance on temporary 100% food & beverage deduction

November 16, 2021 WASHINGTON – The Internal Revenue Service today issued Notice 2021-63 to make clear how the temporary 100% business deduction for food or beverages from restaurants applies to taxpayers properly applying the rules of Revenue Procedure 2019-48 for using per diem rates. Previously, the IRS issued Notice 2021-25 providing guidance under the Taxpayer […]

Teachers can deduct classroom expenses including COVID-19 items

November 16, 2021 Fall is here and another school year is in full swing. Many teachers are already dipping into their own pockets to buy classroom supplies that will help set their students up for success. Doing this all year long can add up fast. Fortunately, eligible educators may be able to offset qualified expenses […]

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 […]

IRS to let Child Tax Credit recipients update banking information

July 1, 2021 WASHINGTON — The Internal Revenue Service today upgraded a key online tool to enable families to quickly and easily update their bank account information so they can receive their monthly Child Tax Credit payment. The bank account update feature was added to the Child Tax Credit Update Portal, available only on IRS.gov. […]

The American Rescue Plan has retroactive tax benefits

May 25, 2021 The IRS reminds taxpayers who still haven’t filed, that several provisions of the American Rescue Plan affect their 2020 tax returns.   One provision excludes up to $10,200 in unemployment compensation from income. Another provision benefits many people who purchased subsidized health coverage through either federal or state Health Insurance Marketplaces. The law […]