The Consolidated Appropriations Act of 2021 (CAA), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The more than 5,500 page law contains numerous provisions that relate to payroll. Some highlights are listed below. Employee Retention Credit Expansion and Extension Under the CARES Act, the employee retention credit (ERC)… Read more Payroll-Related Provisions of the New COVID-19 Law and PPP Loan

As the year-end approaches, individuals, business owners and family offices should be reviewing their situations to identify any opportunities for reducing, deferring or accelerating tax obligations. Areas that should be looked at in particular include tax reform provisions that remain in play, as well as new opportunities and relief granted earlier in 2020 under the… Read more 2020 Year-End Tax Planning for Individuals

Below are two items which have come to our attention over the past week that we wanted to share with you: State Audit Deadline Extension As you may know, the State Superintendent was granted flexibility authority, contained within the Continuing Resolution passed, which extended to South Carolina Code Section 59-17-100 and the State Board of… Read more Deadline Extension and Carryforward Authority

All businesses seek to reduce costs, and year-end tax planning presents the chance for significant savings that affect your bottom line. After substantial changes to the federal tax code, businesses need to ensure continued compliance with new rules and understand how to optimize their tax liability for both 2019 and 2020. Depending on the type… Read more 2019 YEAR-END TAX PLANNING FOR BUSINESSES

        Paying your individual income taxes likely represents one of the largest outlays of the year, but it also offers an opportunity for significant savings. Whether you have paid individual income taxes through employer withholding or quarterly estimates, thoughtful planning before the calendar turns to 2020 can reduce your total tax liability… Read more 2019 YEAR-END TAX PLANNING FOR INDIVIDUALS

Lessons Learned from Implementing ASU 2016-14              Functional Expenses Nonprofit organizations with calendar year ends are working to implement the provisions of Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. As implementation efforts have been undertaken, we have seen one area that… Read more Nonprofit Update

Nearly one year later, tax reform is still making headlines and we continue to learn more about its broad implications. Whether your previous tax filing posture was straightforward or complex, you will be impacted by the myriad of changes to the tax code. Now more than ever, it is imperative to thoughtfully consider year-end tax… Read more 2018 Year-End Tax Planning For Individuals

Businesses of all sizes, across all industries, have been impacted by the monumental changes to the federal tax code. To maximize tax savings and ensure compliance with the new rules, businesses need to engage in year-end planning conversations now. Certain tax savings opportunities may apply regardless of how your business is structured, while others may… Read more 2018 YEAR-END TAX PLANNING FOR BUSINESSES

After being in communication with the State Treasurer’s Office, we would like our clients to know what we have learned regarding state requirements that include ‘Negative Reporting’ on Unclaimed Property Reports. While you may or may not be aware that your business is annually required to submit an Unclaimed Property Report to the State Treasurer’s Office… Read more Understanding the New Unclaimed Property Requirement

Click the link below for an update on the changes for Businesses in 2018 for Meals and Entertainment. Meals and Entertainment Update