If South Carolina property taxes are not timely paid, the county Assessor must assess a late-payment penalty. However, the county Treasurer is given authority to waive an assessed late payment penalty if a taxpayer can actually show the property taxes were timely paid. This late-payment waiver by the county Treasurer is discretionary, and generally not subject to appeal; however, if a taxpayer alleges error by the county in its assessment of a late-payment penalty, the taxpayer is then entitled to an administrative hearing through a county committee, consisting of the county ...
The U.S. Department of Commerce, Bureau of Economic Analysis (BEA), conducts seven (7) mandatory surveys to collect information on direct investment. These seven surveys consist of an initial survey for any new in-bound direct investment, and then applicable quarterly, annual, and 5-year benchmark surveys. The purpose of the new foreign direct investment survey is to capture new investment transactions when a foreign direct investment relationship is created. The purpose of the quarterly survey is to report positions and transactions between a U.S. affiliate and its foreign ...
Most people remember the late Leona Helmsley as the convicted tax felon famous for uttering the words "only little people pay taxes", but she is also remembered for having a will that left a $12 million trust fund for her Maltese dog, Trouble. While that is extreme, we all know the strong bond between pet and owner - such that many people refer to a pet as their child. While legally pets are considered property, to their owners, pets may be best friends and family -- and in some cases, a pet may be a person's only friend or family member. Therefore, when a person considers his or her estate ...
Businesses making investments in the United States, directly or indirectly, are required to report this investment to the United States government. This "in-bound" investment is reported to the United States Department of Commerce, through its Bureau of Economic Analysis (BEA). This is the first in a series of posts on the subject.
The BEA promotes a better understanding of the U.S. economy by preparing official economic statistics. These statistics provide accurate and relevant economic information that helps gauge the performance of the U.S. economy and the role of the U.S. in ...
South Carolina's gas tax is one of the lowest in the country. The result is the deplorable condition of the state's highway system and roads. South Carolina is a conservative state, politically, and any tax increase, gas or otherwise, is often seen as political suicide for our state's elected officials.
Due to a groundswell of outcry, however, from residents, businesses, and even now from public officials, the state is about to pass major legislation to fund much-needed road improvements, and with the funding to be from a variety of new "fees" (note the aversion to referencing anything ...
In June of 2016, the Internal Revenue Service (IRS) changed its procedure for granting discharges of estate tax liens and implemented centralized handling of applications for discharge. Historically, Specialty Examination Estate & Gift and Specialty Collection Advisory (Advisory) shared the responsibility for processing applications for discharge of the estate tax lien, depending on the circumstances. In June 2016, the responsibility for working all applications for discharge of the estate tax lien was transferred to Advisory and centralized in the Estate Tax Lien Group ...
When an individual or business owes federal taxes, a lien arises in favor of the IRS in all property of the delinquent taxpayer. The IRS will often file a notice of this tax lien - a Notice of Federal Tax Lien or "NFTL" - in the state offices where the taxpayer resides or has property. The IRS generally uses IRS Form 668(Y), Notice of Federal Tax Lien, for this purpose. If the taxpayer is able to fully pay all the taxes owed to the IRS, the IRS will then issue a "Release" of the NFTL. The IRS is also authorized to "Discharge" its tax lien in specific property of a taxpayer (but otherwise retaining its ...
On March 24, 2017 the vote to repeal the Affordable Care Act ('Obamacare') was cancelled when it became clear there were not enough Republican votes to move it past the House of Representatives. All eyes have now turned to the President's plan to reform the tax code. However, the two issues are not exclusive. Part of the strategy to focus on the repeal and replacement of Obamacare was to create savings that would further support the later tax cuts without increasing the deficit. Tax reform is still on the table and appears to be a priority for the administration and Republicans. It is likely ...
The April 30th deadline for the calendar year South Carolina taxpayers to file their annual Form PT-300, Property Return, is fast approaching. Taxpayers subject to a fee-in-lieu of tax (FILOT) must file a new schedule with their 2017 property tax year that is designed to help local governments comply with their new financial reporting requirements under Statement No. 77 of the Governmental Accounting Standards Board (GASB Statement 77). GASB Statement 77 requires governmental entities that enter into "tax abatement agreements" to now disclose information about these ...
If an individual or business owes unpaid income taxes to the IRS, or to a state, federal bankruptcy laws may provide relief for some, if not all, of these taxes. Generally applicable to "older" federal and state income taxes, if a taxpayer has filed timely tax returns for a tax period, the due date of which, including extensions, is more than 3 years from the date a bankruptcy petition is filed; if the tax return is filed late, at least 2 years have elapsed since the filing of the late return and the filing of the bankruptcy petition; and, where the IRS has made an "assessment" of the tax owed, at ...