This blog is intended to highlight certain aspects of the South Carolina Uniform Gift to Minors Act (the "SCUGMA"), which is found in Article 5 of Chapter 5 of Title 63 (the Children's Code) of the South Carolina Code of Laws.
In general, the SCUGMA allows a donor to make a gift of assets, such as securities, to be held in a custodian's name for the benefit of a minor without the legal expense of setting up a trust. Under the SCUGMA, the custodian must deliver or pay over the assets to the minor on his attaining the age of twenty-one (21) years. Notwithstanding this requirement, the SCUGMA also ...
On March 6, 2017, the Ways and Means Committee of the U.S. House of Representatives released a section by section summary of the tax related sections of the American Health Care Act (the "AHCA"). On March 9, 2017, the Ways and Means Committee completed its markup of the AHCA's tax provisions with no changes. The AHCA is the legislation that is intended to repeal and replace the Patient Protection and Affordable Care Act (commonly referred to and hereinafter referred to as "Obamacare").
While it is still very early in the process and the AHCA is expected to be substantially modified during ...
If an individual or business owes South Carolina taxes, and does not have the present ability to pay off this state tax debt, the South Carolina Department of Revenue is authorized to enter into payment plans with taxpayers to pay these back taxes. Even with a payment plan, DOR may still file tax liens protectively against a taxpayer and his property, and which will remain recorded during the time the payment plan is in effect and until all back taxes are paid. SCDOR also has the power to seize assets of a taxpayer who has not paid state taxes, including bank accounts, and to levy (garnish) a ...