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2019 MOTOR FUEL INCOME TAX CREDIT - Use this form determine if you are eligible to claim this credit on your 2019 SC tax return.  The first page has a flowchart to help you determine your eligility.  Page 2 is the Form I-385.  If married filing a joint return, complete a separate form for each of you.  Pages 3-5 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.  Please open this file and then either save it to your computer.  After completing the form, wither email it to us or print it and include with the other tax documentation that you bring to us.  Please complete the YES/NO questions on page 1 and then proceed to page 2 and complete every field for each vehicle a credit is to be claimed.  All fields must be completed. 


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.


2019 MOTOR FUEL INCOME TAX CREDIT - Use this form determine if you are eligible to claim this credit on your 2019 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 3-5 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.  Please print this form out and complete it completely.  The required information is noted with "---->" in the left margin.  All fields must be completed.  Each SC resident may claim the credit for up to 2 eligible vehicles.


This annual newsletter in briefly update and other information we feel necessary to share with you.  Also, included is a brief explanation of the SC Refundable Motor Fuel Income Tax Credit that can be claimed on your 2019 returns.  See "SC Form I-385" above for the form referenced in this newsletter.


Tax reform legislation widely known as the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) was signed into law on December 22, 2017. The TCJA brought forth the most sweeping overhaul of the U.S. tax code in over 30 years. However, widespread efforts to implement the TCJA amidst ongoing tax-related global developments continue to this day. Now, two years following its enactment, Treasury, the IRS, and the tax community remain steadfast in working toward understanding and communicating congressional intent under the new law.


On February 11, the White House released President Donald Trump’s fiscal year (FY) 2021 budget proposal, which outlines his administration’s priorities for extending certain tax cuts and increasing IRS funding. Treasury Secretary Steven Mnuchin testified before the Senate Finance Committee (SFC) on February 12 regarding the FY 2021 budget proposal.


House Committee on Transportation & Infrastructure, "Moving Forward Framework"; House Ways and Means Committee, January 29 hearing witnesses’ testimony


House Democratic and Republican tax writers debated the effects of tax reform’s corporate income tax cut during a February 11 hearing convened by Democrats. Democratic lawmakers have consistently called for an increase in the corporate tax rate since it was lowered from 35 percent to 21 percent in 2017 by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).


The IRS will allow a farmer that is exempt from the uniform capitalization (UNICAP) rules by reason of having average annual gross receipts of $25 million or less to revoke a prior election out of the UNICAP rules made under Code Sec. 263A(d)(3) with respect to pre-productive plant expenditures. The guidance also explains how a farmer may make an election out under Code Sec. 263A(d)(3) in a tax year in which the farmer is no longer exempt from the UNICAP rules as a qualifying small business taxpayer with $25 million or less in average annual gross receipts.


Taxpayers claiming the low-income housing credit should apply the "average income" minimum set aside test by reference to the "very low-income" limits calculated by the U.S. Department of Housing and Urban Development (HUD) for purposes of determining eligibility under the HUD Section 8 program. HUD determinations for very low-income housing families are currently used to calculate the low-income housing credit income limits under the alternate "20-50" and "40-60" minimum set-aside tests.



The IRS has provided guidance on qualifying for the Earned Income Tax Credit (EITC). The EITC is a refundable tax credit that is intended to be a financial boost for families with low to moderate incomes.


The IRS has proposed regulations with guidance for employers on withholding federal income tax from employee’s wages.


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