HomeFirm ProfileClient ServicesNewslettersFinancial ToolsLinksContact Info and Bios

Newsletters

Tax Alerts
Tax Briefing(s)

2018 MOTOR FUEL INCOME TAX CREDIT - Use this form determine if you are eligible to claim this credit on your 2018 SC tax return.  The first page has a flowchart to help you determine your eligility.  Page 2 is the Form I-185.  If married filing a joint return, complete a separate form for taxpayer and spouse.  Pages 3 and 4 contain instructions and helpful information to address most questions and circumstances such as selling, trading in, or a total loss of a vehicle during the year.


This schedule is not all-inclusive, but it covers most of the common deductions and credits.  The General Information section helps us with the basic information needed for all returns.  There is also a section to summarize your rental and self-employment business income and related expenses.


This 2-page informational documents the coverage requirements, the exemptions that are availalbe, and additional information available from the federal government


This annual newsletter briefly highlights some of the major aspects of the Tax Cuts and Jobs Act signed into law on December 22, 2017.  This Act includes the most sweeping tax law changes in over 30 years.  Also, included is a brief explanation of the SC Refundable Motor Fuel Income Tax Credit that can be claimed on your 2018 returns.  See "SC Form I-385" above for the form referenced in this newsletter.


The Senate has approved a bipartisan IRS reform bill, which now heads to President Trump’s desk. Trump is expected to sign the bill into law.


Taxpayers may rely on two new pieces of IRS guidance for applying the Code Sec. 199A deduction to cooperatives and their patrons:


The IRS has issued final regulations that require taxpayers to reduce the amount any charitable contribution deduction by the amount of any state and local tax (SALT) credit they receive or expect to receive in return. The rules are aimed at preventing taxpayers from getting around the SALT deduction limits. A safe harbor has also been provided to certain individuals to treat any disallowed charitable contribution deduction under this rule as a deductible payment of taxes under Code Sec. 164. The final regulations and the safe harbor apply to charitable contribution payments made after August 27, 2018.


Final regulations address the global intangible low-taxed income (GILTI) provisions of Code Sec. 951A. The final regulations retain the basic approach and structure of the proposed regulations published on October 10, 2018. The final regulations address open questions and comments received on the proposed regulations.


Newly issued temporary regulations limit the application of the Code Sec. 245A participation dividends received deduction (the participation DRD) and the Code Sec. 954(c)(6) exception in certain situations that present an opportunity for tax avoidance. The temporary regulations also provide related information reporting rules under Code Sec. 6038.


Final regulations reduce the Code Sec. 956 amount for certain domestic corporations that own stock in controlled foreign corporations (CFCs). The regulations are intended to ensure that Code Sec. 956 is applied consistently with the participation exemption system under Code Sec. 245A.


Final rules allow employers to use health reimbursement arrangements (HRAs) to reimburse employees for the purchase individual insurance coverage, including coverage on an Affordable Care Act Exchange. The rules also allow "excepted benefit HRAs," which would not have to be integrated with any coverage. The rules generally apply for plan years starting on or after January 1, 2020.


Final regulations provide requirements that a person must satisfy to become and remain a certified professional employer organization (CPEO), as well as the CPEO’s federal employment tax liabilities and other obligations.


HomeFirm ProfileClient ServicesNewslettersFinancial ToolsLinksContact Info and Bios