Blog
Need to Remodel Your Retail Store? Your Costs May Now Be Deductible
In the past, if you needed to refresh your retail store or restaurant, you faced a complicated task of figuring out which costs needed to be capitalized and which were able to be deducted. A new safe harbor reported by The Tax Adviser is changing that. IRS is allowing...
Want to Keep your Millennial Employees Happy? Let Them Know How They’re Doing
Traditional once-a-year performance reviews don’t cut it with Millennials, according to new research reported in an article in Business News Daily. The findings show that Millennials are open to feedback and take improvement goals seriously — but waiting an entire...
The IRS Wants Your Help Protecting Your Data
In 2015, the IRS launched an initiative with the tax industry to put increased safeguards in place to prevent identity theft and protect taxpayers’ data from thieves. You can check out Fact Sheet 2015-23 to see the details of all that the initiative includes. But the...
The IRS Discovered and Stopped Another Data Breach
Earlier this week, the IRS announced that they discovered and stopped an automated cyberattack on the e-filing personal identification number (PIN) system last month. In this attack, cyber thieves used information stolen “outside the IRS” to generate e-file PINs for...
You Can Now Deduct That Laptop Instead of Capitalizing It
The IRS recently announced that it’s raising the deductible amount for purchases of tangible property without applicable financial statements (AFSs) to $2,500 per item. It used to be that any item over $500 without an AFS had to be capitalized. (For taxpayers with...
Recent Tax Court Opinion Says That Charities Can’t Have Side Gigs
If an organization wants to qualify as a charity, it has to be exclusively dedicated to charitable activities and must comply with all the requirements of Sec. 501(c)(3). The U.S. Tax Court issued a judgment in December on a case dealing with an organization called...
Can you Block Your Employee’s Tips? Yes. (But You Really Shouldn’t.)
Servers at popular low-priced restaurants like Waffle House work just as hard as those as those at 5-star establishments. But they get paid much less. This past May, one patron at a Raleigh, North Carolina Waffle House decided he was going to give an especially...
Most SC Taxpayers Will Be Waiting Until March for Their Refunds as State Fights Fraud
In a statement reported on by WYFF4, the South Carolina Department of Revenue said that they’ll be delaying refunds for the majority of filers until March 1. As scammers continue to steal identities and file false tax returns in order to get their victims’ refunds,...
The Dirty Dozen Tax Scams
Pesticides on produce aren’t the worst kind of dirty dozen you need to be aware of. The IRS is focusing on twelve popular scams that they’ve branded The Dirty Dozen. Journal of Accountancy explored the full list, and we’re sharing here what you need to know about each...
Hiring Payroll Specialist
We're hiring! We're looking to add a payroll specialist to our team. If this sounds like you, send a resume and cover letter to Dan Livengood. Or if you know someone who would be a good fit, please share. Position Overview: As our payroll specialist, you’ll be...
Have a High-growth Business and Need Funding? Or Want to Invest in a High-growth Business?
Not many small business owners know about the High Growth Small Business Job Creation Act that was signed into law in South Carolina in 2013. But some companies in need of funding could greatly benefit from it. The Act was created in order to encourage investment in...
What You Need to Know If You Win the Powerball
We’re now looking at an approximately $1.4 billion prize for the national Powerball, and as more people jump into the pool that number keeps going up. If you’re buying tickets, AICPA offers a plan to help you manage your prize if you win. But first, Salon reminds us...