HSB Blog
Updates to IRS Correction Principles for Qualified Plans
July 27, 2021
The IRS Employee Plans Compliance Resolution System (EPCRS) permits any plan sponsor of a retirement plan (including SEP and SIMPLE IRA plans) to correct plan failures. Three correction programs exist:
IRS Launches Employee Retention Credit
April 01, 2020
On March 31, 2020, the Internal Revenue Service (IRS) launched the Employee Retention Credit for employers who have been impacted by COVID-19. Below are details about the credit:Are You Using the New Form W-4?
January 03, 2020
Effective January 1, 2020, employers should be using the revised Form W-4 in the new hire process.
IRS Proposed Regulations Erode South Carolina Conservation Easement Tax Credit
August 30, 2018
On August 23, 2018 the Internal Revenue Service issued Proposed Regulations regarding the $10,000 cap on the deductibility of state and local taxes imposed under the Bipartisan Budget Act of 2018 (Code Section 164(b)(6)).
U.S. Supreme Court Upholds IRS PPACA Rule Regarding Subsidies
June 25, 2015
In a 6-3 ruling issued June 25th, the U.S. Supreme Court rendered its opinion in the case of King v. Burwell (slip op. June 25, 2015).Big Changes in the Area of Conservation Easements Following Recent Tax Court Opinion
December 31, 2018
In Pine Mountain Preserve the Tax Court determined in a full-court opinion that the section 170 “perpetuity” requirement was not satisfied where an easement permits landowners to move the location of future structures within the conservation area. Pine Mountain Preserve, LLLP v. Commissioner of Internal Revenue, 151 T.C. 14 (2018).
The Limitations of SC’s New Affordable Housing Tax Credit
September 01, 2021
Enacted last year, the South Carolina Workforce and Senior Affordable Housing Act is garnering attention from developers.
Small & Midsize Businesses May Be Able to Swiftly Recover Cost of Coronavirus-related Leave
March 26, 2020
By: Perry MacLennan
The Treasury, IRS and Department of Labor issued a joint announcement that small and midsize employers can take advantage of two new refundable payroll tax credits designed to reimburse them for the cost of providing Coronavirus-related leave to their employees.
South Carolina's Economic Development Incentives
August 08, 2019
Each year, Area Development conducts a survey of site selection consultants to determine what factors are most important to companies looking to expand or relocate. Its 2018 survey identified state and local incentives as the fifth most important factor, behind skilled labor availability, proximity to major markets, highway accessibility, and labor costs. Those findings are consistent with the widely recognized view among economic development professionals that incentives alone will not bring a project to a community, but for competitive projects, they can be a key differentiator.
