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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.


"A thumb goes up, a car goes by…" Tax extenders remain a top contender for "hitching a ride" on November’s must-pass government funding bill.


The IRS has issued a revenue procedure with a safe harbor that allows certain interests in rental real estate to be treated as a trade or business for purposes of the Code Sec. 199A qualified business income (QBI) deduction. The safe harbor is intended to lessen taxpayer uncertainty on whether a rental real estate interest qualifies as a trade or business for the QBI deduction, including the application of the aggregation rules in Reg. §1.199A-4.


The IRS has released cryptocurrency guidance and frequently asked questions (FAQs) on virtual currency.


A district court has dismissed a lawsuit filed by four states’ against the federal government, ruling that the $10,000 state and local taxes (SALT) federal deduction cap is not unconstitutionally coercive.


New final regulations that address the allocation of partnership liabilities for disguised sale purposes revert back to prior regulations. Under the final regulations:


The IRS has released final regulation on the election to take a loss resulting from a federally declared disaster in the year preceding the disaster. The final regulations adopt proposed regulations substantially without change.


Proposed regulations provide guidance on the potential tax consequences of replacing the London interbank offered rates (LIBORs) with a new reference rate in contracts and agreements.


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