SC CARES Minority and Small Business Relief Grant Program
On October 12, the South Carolina Department of Administration announced a new grant program to help businesses adversely affected by the coronavirus pandemic. The SC CARES Minority and Small Business Relief Grant Program (“grant”) provides [...]
Employee Payroll Tax Deferral
On August 8, 2020, the White House issued the Memorandum on Deferring Payroll Tax Obligations in Light of the COVID-19 Disaster. Although the IRS issued some guidance on the memorandum on August 28, there remains [...]
Retirement Distributions and the Coronavirus
Prior to the coronavirus pandemic, the tax law required individuals to take annual distributions from tax-deferred retirement accounts commencing with the year one reached the age of 72. This amount, known as a Required Minimum [...]
Employee Withholdings & the 100% Penalty
Are you a business owner with employees? Did you know that you have a duty to collect, truthfully account for and pay over your employees’ withheld income tax and their portion of FICA? If you [...]
Small Business Employee Theft: Tips for Detection and Prevention
Small businesses are at the highest risk for employee theft or embezzlement. According to the Association of Certified Fraud Examiners (ACFE) 2018 Report to the Nations, fraud occurs 42% more often compared to larger corporations. [...]
SECURE Act & Impacts on Estate Planning
The SECURE Act, which was signed into law on December 20, 2019, will greatly affect estate planning for many of our clients. Before the SECURE Act, owners of tax-favored retirement plans (IRAs, 401ks, etc.) were [...]