Tag Archives: South Carolina

The SCDOR to begin accepting Tax returns on Monday, January 28, 2019.

The South Carolina Department of Revenue (SCDOR) and the IRS will begin accepting Individual Income Tax returns on Monday, January 28, 2019.
The SCDOR is encouraging taxpayers to file electronically. “It’s faster, more accurate, and the safest method of filing,” said SCDOR Director Hartley Powell. “Last year, 89% of South Carolinians filed electronically. We hope to exceed that number this year.”
Five things to know for the 2019 filing season:
  1. Filing electronically is the fastest and most secure way to file.
  2. Processing your return and refund is expected to take 6-8 weeks.
  3. Fighting fraud to protect taxpayer dollars is our priority.
  4. State and federal returns are due April 15, 2019.
  5. Check your refund status at dor.sc.gov/refund.
Filing electronically saves you time and money, plus:
  • Automatic calculations reduce the chance of errors;
  • Systematic checkpoints ensure your return is complete before submission; and
  • We receive your return sooner.
Expecting a refund? Processing may take 6-8 weeks.
We will begin processing returns February 4 to allow employers to meet the January 31 W2 submission deadline. Return and refund processing is expected to take 6-8 weeks from February 4 or the date you file, whichever is later. This allows time for the SCDOR to use all available tools to check for fraud and protect your refund. “We’re going to make every effort to issue refunds as quickly and securely as possible, so the right taxpayer ends up with the right refund amount,” said Powell.
Make sure you have all W2s, 1099s, and other withholding information before filing your return because year-end pay stub information may not match what your employer reports to the SCDOR. When the information you provide does not match your employer’s information, it slows down your return and refund.
Stay informed:
Find more resources for the tax season at dor.sc.gov/iit. Connect with us on Facebook and Twitter to stay up-to-date with the latest news, tax tips, and available taxpayer resources.

Liberty Tax franchises closed by IRS due to alleged fraud

November 5, 2016

Liberty tax outlets across the country have suffered a string of setbacks in the past few months.  Federal authorities allege fraudulent tax returns were generated at several locations.  Most recently, three local Liberty Tax franchise stores were shut down by federal authorities and the operator of the franchise was permanently barred from preparing tax returns.

But that is not the end of the story.  Apparently, as part of a court ordered injunction, the franchise operator will have to provide to the IRS a list of all of its customers.  We don’t think the IRS wants that information so it can update their holiday greeting card list.  We suspect that many of those on the list can expect some type of inquiry/audit from tax authorities in the near future.  And here’s a pro tip, there is no statute of limitations on tax fraud.  Normally, if you have been reasonably accurate in filing your tax return you can assume that the IRS cannot and will not challenge your return after 3 years.  But not so if you have filed a fraudulent return, or had one filed on your behalf. The IRS can come after you at any time in the future with no deadline or time limit.  Ouch!

Even if you consider yourself a victim of unscrupulous tax return preparers and you had no idea there was anything wrong, you are ultimately responsible for everything on your tax return.  You may be babe in the woods innocent, but that will not change your tax liability.  You will be responsible for all of the taxes the IRS believes you owe.  The good news is you may be able to convince the IRS to relieve you of some of the quite substantial penalties that may apply.

If you find that you need assistance in responding to a letter or audit from a state or federal taxing authority, whether due to the recent Liberty Tax troubles or not, please let us see how we can help you.  We’ll give you an honest assessment of your situation and provide you with several steps to take to help mitigate the damage, all for no cost or obligation.  If, however, you would like our assistance in responding to the letter or audit, Tax On Wheels,LLC is here to help.  We will offer you a fair price, to help resolve your tax issues.  Frequently we find that our prices are significantly lower than many of our competitors to obtain the exact same results.

Tax On Wheels, LLC can be reached at 803 732-4288 or toll free at 877 439-3514.  Our email address is taxonwheels@att.net.

IRS Gives Victims of Hurricane Matthew Until March 15 to File

October 17, 2016

IRS Gives Expanded Tax Relief to Victims of Hurricane Matthew; Parts of Four States Eligible; Extension Filers Have Until March 15 to File

Caution:  This is not an extension to pay taxes due by April 17, 2016! Read this carefully to understand the relief granted.

WASHINGTON –– Hurricane Matthew victims in much of North Carolina and parts of South Carolina, Georgia and Florida have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. This includes an additional filing extension for those with valid extensions that run out at midnight tonight, Oct. 17.

The IRS is now offering this expanded relief to any area designated by the Federal Emergency Management Agency (FEMA), as qualifying for either individual assistance or public assistance. Moreover, taxpayers in counties added later to the disaster area will automatically receive the same filing and payment relief.

The IRS is taking this step due to the unusual factors involving Hurricane Matthew and the interaction with the Oct. 17 extension deadline.

The tax relief postpones various tax filing and payment deadlines that occurred starting on Oct. 4, 2016. As a result, affected individuals and businesses will have until March 15, 2017, to file returns and pay any taxes that were originally due during this period. This includes the Jan. 17 deadline for making quarterly estimated tax payments. For individual tax filers, it also includes 2015 income tax returns that received a tax-filing extension until today, Oct. 17, 2016. The IRS noted, however, that because tax payments related to these 2015 returns were originally due on April 18, 2016, those are not eligible for this relief.

A variety of business tax deadlines are also affected including the Oct. 31 and Jan. 31 deadlines for quarterly payroll and excise tax returns. It also includes the special March 1 deadline that applies to farmers and fishermen who choose to forgo making quarterly estimated tax payments.

In addition, the IRS is waiving late-deposit penalties for federal payroll and excise tax deposits normally due on or after Oct. 4 and before Oct. 19 if the deposits are made by Oct. 19, 2016. Details on available relief can be found on the disaster relief page on IRS.gov.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Thus, taxpayers need not contact the IRS to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.

Individuals and businesses who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2016 return normally filed next year), or the return for the prior year (2015). See Publication 547 for details.

Currently, the following areas are eligible for relief:

North Carolina: Beaufort, Bertie, Bladen, Brunswick, Camden, Carteret, Chowan, Columbus, Craven, Cumberland, Currituck, Dare, Duplin, Edgecombe, Gates, Greene, Harnett, Hoke, Hyde, Johnston, Jones, Lenoir, Martin, Nash, New Hanover, Onslow, Pamlico, Pasquotank, Pender, Perquimans, Pitt, Robeson, Sampson, Tyrrell, Washington, Wayne and Wilson counties.

South Carolina: Beaufort, Berkeley, Charleston, Colleton, Darlington, Dillon, Dorchester, Florence, Georgetown, Horry, Jasper, Marion, Orangeburg and Williamsburg counties.

Georgia: Bryan, Camden, Chatham, Glynn, Liberty and McIntosh counties.

Florida: Brevard, Duval, Flagler, Indian River, Nassau, St. Johns, St. Lucie and Volusia counties.

The tax relief is part of a coordinated federal response to the damage caused by severe storms and flooding and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.

As always, please feel free to contact Tax On Wheels,LLC at 803 732-4288 if you need assistance with this or any tax related matter.

SCDOR Offering Hurricane Matthew Tax Relief for Certain Taxpayers

October 12, 2016
The South Carolina Department of Revenue is extending certain South Carolina tax deadlines for taxpayers in counties declared a federal disaster area. Official information including tax types and deadlines will be outlined in a forthcoming SCDOR Information Letter. Affected counties include:
  • Beaufort
  • Berkeley
  • Charleston
  • Colleton
  • Darlington
  • Dillon
  • Dorchester
  • Florence
  • Georgetown
  • Horry
  • Jasper
  • Marion
  • Williamsburg
For More Information:
DOR Public Affairs Office
(803) 898-5773
As always, please feel free to contact Tax On Wheels, LLC at 803 732-4288 if we can be of assistance to you with this or any other tax matter.

Mark your calendar! The Sales Tax Holiday Weekend is coming up!

July 1, 2016
The 2016 Sales Tax Holiday Weekend begins Friday, August 5, 2016 and continues through Sunday, August 7. During this time, the 6% state sales and use tax and any local sales and use taxes will not be imposed on*:
  • clothing and clothing accessories (e.g., hats, scarves, hosiery, handbags)
  • footwear
  • school supplies (e.g., pens, pencils, paper, binders, notebooks, books, bookbags, lunchboxes, calculators)
  • computers and computer software
  • printers and printer supplies
  • bath washcloths, bath towels, shower curtains, bath rugs and mats
  • blankets, bed spreads, bed linens, sheet sets, comforter sets
  • pillows and pillowcases
Sales Tax Holiday Resources

*The list above is not comprehensive. For a more detailed list of exempt items, please see SC Revenue Ruling #10-7 provided above.

New York State highlights sound ways to use your tax refund

March 30, 2016

The New York State Department of Taxation and Finance, and the New York Department of State’s Division of Consumer Protection, are highlighting five ways that the seven million New Yorkers who receive tax refunds can make smart decisions with their money.

  • Save–Use your tax refund to bolster your emergency savings. This could help you avoid credit card debt and resulting interest payments if something unforeseen happens. Financial experts suggest having at least three months’ worth of savings to cover all your fixed expenses, such as mortgage or rent, utilities, food, and insurance.
  • Maintenance–If you’ve never had the extra money to build that new deck or put in those new kitchen cabinets that you’ve always wanted, now might be the time. In addition to improving the look and functionality—and possibly increasing the overall value—of your home, many home improvements qualify for tax benefits as well. Any project considered a capital improvement is exempt from sales tax.
  • Avoid debt–Your tax refund can put a sizable dent in—or even erase—your credit card debt. If you pay it off now, you won’t continue to pay interest charges. Your tax refund can also help to pay off your student loans earlier.
  • Retirement planning–Investing your tax refund now for the future is smart financial planning. There are many ways to save for retirement, including adding your refund money to your 401(k). If your employer doesn’t offer a 401(k) option, then consider opening an IRA. The sooner you start saving for retirement, the more time your money has to grow.
  • Training–To earn that promotion or switch career paths you often need additional training and education. You can spend your tax refund on college courses to help you in your career. You could also invest in a 529 College Savings Plan to help pay for your child’s future education.

“There’s no harm in treating yourself, of course—you’ve earned it!” says New York State Commissioner of Taxation and Finance Jerry Boone. “But making a smart decision now can help pave the way to a better financial situation down the road.”

“Foresight and education are keys to being a smart consumer,” said Acting Secretary of State Rossana Rosado. “These suggestions provide New Yorkers with some of the options available to help them secure a better financial future.”

For more information contact Tax On Wheels, LLC at 803 732-4288

Tutorial on the basics of South Carolina taxation

The South Carolina Department of Revenue has published on its website a basic tutorial on South Carolina taxation.  For the do it your selfer or those new to South Carolina taxation, this could be a very useful tool to help you complete your tax return.

The tutorial can be found here

Of course, for those who prefer to have someone else prepare their tax return, Tax On Wheels, LLC is available year round to assist you. We can be reached at 803 732-4288.

South Carolina flood delayed returns are due soon

January 15 2016

South Carolina taxpayers impacted by the October 2015 floods were offered an extension for returns and payments due between October 1, 2015 and February 16, 2016. The February 16 deadline is approaching.

Flood related disaster information may be found on the South Carolina Department of Revenue web site

Please feel free to contact Tax On Wheels, LLC at 803 732-4288 if you need assistance.

South Carolina Department of Revenue offers flood victim relief

10/9/2015

The South Carolina Department of Revenue has issued notice that it will provide relief to taxpayers affected by the recent flood disaster event.  The state promises to essentially mirror the relief provided by the federal government.

Here is a link to a PDF document discussing this relief.

Please feel free to contact Tax On Wheels, LLC at 803 732-4288 if we can be of assistance to you in any matters regarding the South Carolina Department of Revenue.