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Tax Treatment of LLC Distributional Interests

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.

New 20% Deduction for Pass-Through Income

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. 

Key Takeaways from Our 2017 Corporate Law for Accountants Seminars

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.

IRS Issues Final Regulations for Electing Out of Centralized Partnership Audit Regime

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.

Responding to SCDEW: The Payoff for Employers

September 19, 2017

There are several ways that employers can keep their unemployment insurance (UI) tax rate down. First, it is beneficial to learn how the South Carolina Department of Employment and Workforce (“SCDEW”) determines the employer’s experience for tax rate assignment.

Three Common Pitfalls in Tax Sale Purchases

March 23, 2017

By and large, South Carolina provides an excellent opportunity for those looking to buy property at tax sales. As South Carolina is not a tax lien state, buyers purchase an interest in land, rather than a lien. 

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This page is for informational purposes only. Any result the law firm and/or its attorneys may have achieved on behalf of clients in other matters does not necessarily indicate similar results can be obtained for other clients.

Boyd B. Nicholson, Jr., Managing Director, Haynsworth Sinkler Boyd, P.A., ONE North Main, 2nd Floor, Greenville, SC 29601