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).
August 16, 2018
Todd Olds owns and operates a commercial real estate company, Prime Properties of Charleston, LLC, which does business in Goose Creek, South Carolina. The City of Goose Creek imposes a business license tax on every person engaged in business within the City’s limits for the privilege of doing business within the City.
August 14, 2018
The Tax Cuts and Jobs Act of 2017 (TCJA) provides a pass-through deduction that can reduce the top rate for eligible taxpayers from 37 to 29.6 percent. That deduction, however, is limited (subject to certain income threshold exceptions) to individuals that operate a “qualified trade or business.” A “qualified trade or business” as defined in section 199A is a business other than a “specified service trade or business” (SSTB).
May 07, 2018
A Member of a South Carolina Limited Liability Company can transfer the right to receive “distributions” from the limited liability company. This transfer of a “Distributional Interest” does not entitle the transferee to become or exercise any of the rights of a Member. The transfer entitles the transferee to receive, to the extent transferred, only the distributions to which the transferor would be entitled.
February 27, 2018
The new Tax Cuts and Jobs Act provides a 20% non-itemized deduction for “qualified business income” (business income received by an owner of a pass-through entity) beginning in 2018.
January 25, 2018
Haynsworth Sinkler Boyd recently hosted our annual Corporate Law for Accountants Seminars across South Carolina. These complimentary seminars covered three main topics: (1) operating agreements, (2) employment law and (3) state and local tax updates.
January 16, 2018
The IRS has issued final regulations under IRC § 6221(b), implementing rules for electing out of the new centralized partnership audit regime enacted under the Bipartisan Budget Act of 2015. The final regulations under IRC § 6221(b) are effective for partnership tax years beginning after December 31, 2017, the same effective date of the new partnership audit regime.