A qualified retirement plan (hereinafter a "Plan") must satisfy the requirements of the Internal Revenue Code ("IRC") in form and in operation. In other words, the documents establishing and governing the Plan must satisfy the IRC requirements and the Plan must be operated in a manner that complies with the IRC requirements. Many plan sponsors confirm a Plan's compliance with the form requirements by obtaining a determination letter from the Internal Revenue Service ("IRS") through the IRS Determination Letter Program.
Based on the form of the documents used to establish the Plan ...
South Carolina has some of the highest business property taxes in the Southeast. The state generally taxes land, buildings, machinery and equipment, and furniture and fixtures, but does not tax inventory, pollution control equipment, intellectual property, and other assets.
To reduce the effect of its high business property tax rates, and to make the state a more competitive environment for business, South Carolina offers a property tax incentive and tax savings for those businesses investing at least $2.5 million over a five year period in the state. This incentive is known as the ...