Tax Changes | Burkett Burkett & Burkett Certified Public Accountants, P.A.

SCDOR Offers More Time to File Returns and Pay Taxes Due

Burkett Burkett & Burkett Certified Public Accountants, P.A. — Wed, 18 Mar 2020 20:03:12 +0000

The South Carolina Department of Revenue (SCDOR) is offering more time to file returns and pay taxes due April 1, 2020 – June 1, 2020 to assist taxpayers during the COVID-19 outbreak.

Tax returns and payments due April 1 – June 1 will now be due June 1, 2020. Penalty and interest will not be charged if payment is made by June 1. This includes South Carolina Individual Income Taxes, Corporate Income Taxes, Sales and Use Tax, Admissions Tax, and other taxes filed and paid with the SCDOR. The SCDOR is automatically applying this tax relief for all applicable returns and payments; you don’t need to take any additional action.

The SCDOR encourages taxpayers, some of whom may be working from home, to:

Use our available online services. Visit MyDORWAY, our free online tax system, at MyDORWAY.dor.sc.gov to securely manage your South Carolina taxes from a smartphone or computer.
Help protect yourself and prevent the spread of COVID-19 by calling or emailing us instead of visiting in person. Find the phone number or email address you need at dor.sc.gov/contact.
Consider filing your Individual Income Taxes electronically, which is safer and faster. Visit dor.sc.gov/iit-filing to learn more. After you file, check your refund status online at dor.sc.gov/refund.
Visit IRS.gov for federal tax relief information.
Visit the SCDOR’s website at dor.sc.gov/emergencies and review SCDOR Information Letter 20-3 for more information. Connect with the SCDOR on Facebook and Twitter for up-to-date news and announcements.

More Information:

South Carolina Department of Revenue Tax Relief The South Carolina Department of Revenue is providing special filing and payment relief to those impacted by Coronavirus (COVID-19) in South Carolina.

The tax relief postpones various tax filing and payment deadlines starting on April 1, 2020. As a result, affected individuals and businesses will have until June 1, 2020 to file and pay taxes for returns that are due between April 1, 2020 and June 1, 2020.

South Carolina Tax Relief

The South Carolina Department of Revenue is extending its tax relief to:

Individuals and businesses located in South Carolina who have been impacted by Coronavirus (COVID-19), Taxpayers who have businesses in South Carolina with offices in South Carolina, Taxpayers whose tax records are located in South Carolina, or Taxpayers whose returns are prepared by tax professionals impacted by Coronavirus (COVID-19).

Tax Relief for Eligible Taxpayers and Businesses

Taxpayers who have been impacted by Coronavirus (COVID-19) may be eligible for the following relief with respect to any taxes administered by the Department or tax returns filed with the Department (e.g., income tax returns, sales and use tax returns, admissions tax returns, motor fuel user fee returns, etc.):

Extensions of time to file tax returns and pay taxes (including estimated payments). The due dates for returns and payments due on or after April 1, 2020 have been postponed until June 1, 2020.
Waiver of penalties and interest due as a result of any extensions.

Returns Filed by Affected Taxpayers

Returns filed electronically by impacted taxpayers through MyDORWAY do not require any action to qualify for this relief. Taxpayers filing by mail should write “CORONAVIRUS” or “COVID-19” at the top of any paper return relying on this relief or complete the “disaster area” check box if one is provided on the return.

General Questions

Taxpayers with general tax relief questions should contact the Department at 1-844-898-8542 (toll free), Option 2.

Questions Concerning Current Audit and Collection Matters

Taxpayers with questions concerning a current Department audit or collection matter should contact the Department’s revenue officer or auditor who is handling their specific audit or collection matter.

Questions Concerning County Property Taxes

Taxpayers with questions concerning county property taxes should contact the county government in which the property is located.

Website Information

For up-to-date information concerning tax relief for persons and businesses impacted by Coronavirus (COVID-19), visit the Department’s website at: dor.sc.gov

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Treasury Secretary Announces 90-Day Tax Payment Deadline Extension

Burkett Burkett & Burkett Certified Public Accountants, P.A. — Wed, 18 Mar 2020 16:25:27 +0000

The following excerpt is from the Journal of Accountancy’s website.

Read the full article here.

“In a press conference on Tuesday, Treasury Secretary Steven Mnuchin announced that individuals and corporations can delay their tax payments for 90 days due to the coronavirus pandemic. Individuals can defer up to $1 million in payments for 90 days from the April 15 deadline. Corporations can defer up to $10 million in payments for 90 days. During that time, the IRS will not charge interest or penalties.”

“As of this writing, the IRS had not yet issued formal guidance on the policy. Mnuchin’s announcement did not delay the April 15 filing deadline.”

Keep up-to-date on official IRS Coronavirus Tax Relief news here.

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Key Tax Developments, Quarter 3, 2017

Burkett Burkett & Burkett Certified Public Accountants, P.A. — Wed, 03 Jan 2018 18:59:14 +0000

There have been some major tax developments over 2017’s third quarter, with many more to come for 2018. Here are some of the tax updates that may affect you, your family, or your business.

“Disaster Tax Relief and Airport and Airway Extension Act” signed into law

Individuals and businesses affected by Hurricanes Harvey, Irma, and Maria will receive temporary tax and administrative relief with a law signed by President Trump on September 29.

Treasury to roll up myRA program

Due to low demand, the Treasury Department will begin winding down the myRA (my Retirement Account) program in the next few months.

Per-diem increase for post-Sept. 30 travel

The IRS has increased the “high-low” simplified per-diem rates for any travel made after September 30, 2017. The per-diem for high-cost areas is up from $282 to $284, and the rate for all other localities is up from $189 to $191.

Court rules “honest mistake” not an excuse for incorrectly claimed premium tax credit

In a landmark case, the Tax Court ruled that taxpayers who have incorrectly claimed the advance premium tax credit under the Affordable Care Act would have to repay all the tax credit payments.

Safe harbor for financially distressed homeowners extended

The IRS has extended guidance on the tax consequences of programs that involve payments made to or on behalf of financially distressed homeowners to include tax years 2010-2021.

Call Burkett Burkett & Burkett, Certified Public Accountants, P.A. with any questions you may have or for assistance navigating these changes. Read the full article here.

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2016 Year-End Tax Planning

Burkett Burkett & Burkett Certified Public Accountants, P.A. — Fri, 30 Dec 2016 17:00:26 +0000

Another year is coming to a close, and that means another tax season is right around the corner. Once again, Burkett Burkett & Burkett Certified Public Accountants, P.A. want you to be aware of the important tax changes that could affect your individual, family, or business tax filings.

Individuals can view the complete tax planning document here, and businesses can find the information they need here. If you have any questions on how to file your return this year, please contact Burkett Burkett & Burkett Certified Public Accountants, P.A. It’s our job to know the most important tax changes and help you to understand how they affect you or your business.

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