Educational Articles

At Burkett Burkett & Burkett Certified Public Accountants, P.A., we seek to inform and educate our clients and community. We invest in the creation of quality content as a service to those who may find it helpful in pursuing both business and personal financial success.

Department of Labor Abandons Overtime Rule Appeal

Nexsen Pruet, PLLC reports that the Department of Labor has officially abandoned the Obama-era “Final Rule” by requesting that a federal appeals judge dismiss the DOL’s appeal. You can find their technical release here. The DOL decision is summarized below: Originally scheduled to take effect on December 1, 2016, the ...

Key Tax Developments, Quarter 2, 2017

Here are some of the major tax developments from 2017’s 2nd quarter that may affect you, your family, or your business: IRS gives taxpayers more time to make expensing election deductions Due to taxpayer confusion about making expensing elections, the IRS announced that taxpayers may make these elections on amended returns for tax ...

South Carolina Infrastructure and Economic Development Reform Act

Overriding Governor Henry McMaster’s veto, the South Carolina Legislature has passed the South Carolina Infrastructure and Economic Development Reform Act. This Act affects numerous tax credits and fees, including an increased gas tax and state earned income tax credit (EITC). Here are highlights of some key provisions: Tax ...

Key Tax Developments, Quarter 1

The first quarter of 2017 has come to an end, and we’ve put together the tax changes you need to know. Small businesses can now use up to $250,000 of their research credit against their payroll tax liability, instead of their income tax liability, which may be helpful for startups with little or no income tax [&hel...

Key Tax Developments, Quarter 4

As the New Year begins – here are Quarter 4 2016 tax code and regulations changes to keep in mind: Automobile standard  mileage rates were reduced to 53.5¢ per mile for business autos and to 17¢ per mile for qualified moves or medical care visits. The maximum fair market values (FMVs) for employer-provided cars, trucks, [&hel...


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