By Bill West, CPA – Member In the last days of the 2021 South Carolina legislative session, the General Assembly passed one of the most substantive tax relief bills for small businesses operating as pass-through entities in this state. The most intriguing aspect of this state legislation is that it saves federal taxes rather than…
Where did you go to college?I graduated from the University of South Carolina. Go Gamecocks! What year did you join Scott and Company? I started out as an intern in January of 2019. I became a full time associate in the Tax and Advisory department in May of 2020. Why did you choose Scott and…
During the first year of the COVID-19 pandemic, Congress provided plan sponsors with a broad toolkit to help employees access retirement assets and manage loan repayments. However, many of the provisions associated with retirement plan loans in the Coronavirus Aid, Relief and Economic Security (CARES) Act have now expired. Plan sponsors should work with their…
With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most commonly encountered pitfalls. Here are some tips to help keep the proper records. Receipts – Even though the IRS does not…
President Biden presented his proposed American Families Plan (AFP) during his Joint Session of Congress address on April 29, 2021. What follows is an overview of what is included in the plan. But this is only his wish list; Congress will need to draft proposed legislation that will have to pass in both the House…
