Although the IRS has extended the individual tax return due date for taxpayers who live in South Carolina (as well as Florida and North Carolina), our clients who live in South Carolina should take note. South Carolina has announced that it will honor this extension. That's the good news. The bad news is that [...]
Courtesy of the Wall Street Journal, the following is a detailed explanation of the new rules for electric vehicle tax credits that became effective this August when President Biden signed the Inflation Reduction Act into law: What are the credits? The maximum tax credit in the new law is the same as the old law. [...]
In a rare mid-year adjustment, IRS announced that the standard business mileage rate will increase from 58.5 cents per mile to 62.5 cents per mile. This change is effective July 1. The rate for moving costs (for active duty military) and medical expenses will also increase 4 cents to 22 cents per mile. [...]
Selling your home? We have seen a lot more taxable sales recently due to the hot real estate market. Here are ten facts to remember if you sell your home this year. 1. Exclusion of Gain. You may be able to exclude part or all of the gain from the sale of your home. This [...]
We know--it happens. You have every intention of providing us your tax information in February, but time slips and it's now March (for business returns) or April (for personal returns). What to do? If you are an existing client, please send us a brief request by email. We will acknowledge it and file an [...]
A much requested service is now available to our clients: E-Signature via DocuSign! IRS rules require us to use "knowledge-based authentication" for e-signatures, so here is the process: We will notify you that your tax return is ready. If you wish to review the forms and sign electronically, we will send you an email [...]
Note: Beginning with the 2020 tax year, Form 1099-NEC ("nonemployee compensation") has replaced Form 1099-Misc for payments to subcontractors. Form 1099-Misc remains in use for payments to attorneys and landlords. Businesses that have a Form 1099-Misc or 1099-NEC reporting requirement must issue the forms to recipients by January 31. Here is a brief summary [...]
