Duncan Farmer McIlrath Marlowe & Cole, PA

Less than two weeks away!!!!

🗓️TWO WEEK NOTICE 🗓️

Did you move to Horry County in the last year, or see another form of ‘property transfer’ and owner occupy your home in Horry County?

If so, you may want to turn in your ‘legal residence’ application and supporting documents before Wednesday, May 31, 2023! That’s two weeks away!

These documents are due to the Assessor’s Office (1301 2nd Avenue, Conway SC 29526). If needed, you can fill out the application online here — https://onbaseweb.horrycounty.org/appnet_16/UnityForm.aspx?key=UFKey

Turning the documents in by May 31 ensures your tax bill (which you will see later in the year) will be at the residential (4%) rate.

‘Legal Residence’ is a statewide special tax assessment rate for those who own and live in a home in SC.

Have questions? Call the Assessor’s office at 843-915-5040 or email [email protected]

DFMM&C PA is hiring we are looking for tax professionals and a receptionist. Please let us know if you have anyone that is interested.

This is a good article that helps explain what is going on with the IRS and some proposed fixes. It is very frustrating for tax professionals and taxpayers.

https://www.washingtonpost.com/business/2022/02/02/how-to-fix-the-irs-stop-tax-audits/

Perspective | Five ways to fix the IRS, starting with a halt to most audits Bring IRS workers back into the office and order all staff — including those who ordinarily work on audits and collections — to get to work clearing the backlog in processing returns. My modest proposals to fix the 2022 tax season.

Ready!!!

We want to thank everyone who contributed food to our Thanksgiving Food Drive for Helping Hand of Myrtle Beach!! They said we delivered 100 pounds of food on Wednesday. We will be doing another collection for Christmas. Feel free to drop off at our office!!

We are happy to announce a number of people have already brought their donations to our office!! Less than a week left for our Thanksgiving food drive for Helping Hand of Myrtle Beach!!! Please feel free to bring canned goods, canned meats, mac and cheese, rice, baby food, instant potatoes, pasta, pasta sauce, peanut butter, cereals, and paper goods to our office by Tuesday, November 24. These items will be used to help the hungry in our community.

Linda decided we needed to do a Thanksgiving food drive for Helping Hand of Myrtle Beach and it sounded like a really good idea!!! Please feel free to bring canned goods, canned meats, mac and cheese, rice, baby food, instant potatoes, pasta, pasta sauce, peanut butter, cereals, and paper goods to our office by Tuesday, November 24. These items will be used to help the hungry in our community.

Know anyone looking for a job? HGTC event this Thursday at the Conway campus-parking lot east of building 1100- follow the signs!

This is the SC DEW Manual updated as of April 17, 2020. It is supposed to provide the most up to date info specifically for Self Employed individuals....

dew.sc.gov

This is the online link to the SC DEW Unemployment manual. This is the most up to date information available and has information and specific instructions on how self employed people apply. Updated as of April 14.

dew.sc.gov

The IRS has posted their link to check the status of your stimulus check. It is also the place you will go to make sure your address is correct and also the place where you can enter your bank information for direct deposit. The site is currently overwhelmed at the moment, but keep trying!!!

Get My Payment | Internal Revenue Service Use Get My Payment to get information about your payment status and payment type.

Myrtle Beach Business License Renewal information including how to apply for emergency payment plan....

Myrtle Beach rolls out business license payment details…

The City of Myrtle Beach will accept business license payments without penalty on or before June 30, 2020. Business license renewals and payments are due by April 30. However, recognizing the economic impact of COVID-19, City Council has waived any penalty for payments received at late as June 30. Businesses affected by government orders related to the COVID-19 emergency may request an emergency extension for the 2020-21 license year.

All such emergency payment plan requests must be made in writing on forms supplied for that purpose. Additional information, including a full explanation of “affected by government orders,” is available online in our Guidance on Emergency Business License Due Dates and Payment Options. See https://www.cityofmyrtlebeach.com/Emergency%20Guidance%20Business%20License%202020%20consolidated%204.9.2020.pdf. The Emergency Payment Plan Request is available as a fillable .pdf form at https://www.cityofmyrtlebeach.com/Payment%20Plan%20Request%20Business%20License%20Renewal%202020-2021%20Fillable%204.9.2020.pdf.

Myrtle Beach Area Chamber of Commerce

Article from Journal of Accountancy for PPP Loans. It provides links for more information too. Looks like April 3 is when the fun really starts! DON'T WAIT!!!

Applications for small business Paycheck Protection Program open April 3 Small businesses and sole proprietorships hoping to secure a loan through the federal Paycheck Protection Program can begin applying Friday, April 3.

This is a resource hub created by Facebook. It is geared to small business owners. At the bottom of their page there are a lot of great links for you to look at to see if your business will qualify for assistance.

Business Resource Hub: Build Resilience During Challenging Times Help your business manage through and build resilience during challenging times. Read our latest resources.

Here is the information we have so far regarding the Governor's announcement today. More information will become available and we will pass it along as we see it. We wish our clients and friends all the best during these unusual times.

Emergencies 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 th...

Good news for taxpayers as they adjust to new tax law changes!

U.S. IRS to waive 2018 penalties for under-withheld taxpayers The U.S. government tax agency said on Wednesday it would not impose penalties on many taxpayers who had too little federal income tax withheld from their pay last year, or who paid less than their estimated tax liabilities. In a concession that follows a sweeping U.S. tax overhaul enacted in late

Receiving our recognition for 20 year membership at the Better Business Bureau of Coastal Carolina's Annual Meeting today.

Myrtle Beach Schools collecting items for Waccamaw Volunteer Organizations Active in Disasters tomorrow at MB Primary School, 612 29th Avenue North, tomorrow (Sept 25) from 10am until 1pm.

This is a pretty straight forward explanation of the new tax law regarding the deduction for qualified business income from this month's Journal of Accountancy!

Mechanics of the new Sec. 199A deduction for qualified business income This article reviews several scenarios in which certain individuals could take advantage of a new Internal Revenue Code provision to significantly lower their taxes.

Definitely something to consider! The penalties can be significant.

IRS Warns Not To Inflate Your Tax Deductions Inflating your tax deductions might seem harmless, but not to the IRS. On the Dirty Dozen list this year, it can can trigger penalties or even prosecution.

A good article regarding IRS clarification on Home Equity Loan Interest deductions under the new tax law.

Taxpayers get good news from IRS on home equity lines of credit Despite fears, the IRS says last year's tax overhaul did not kill all interest deductions on home equity lines of credit, or HELOCs, and equity loans.

It matters how assets are titled! Please consult with your attorney and tax adviser before you re title assets so that you don't end up being responsible for someone else's debt unnecessarily.

When your parents die broke Blogger John Schmoll's father left a financial mess when he died: a house that was worth far less than the mortgage, credit card bills in excess of $20,000_and debt collector s who insisted the son was legally obligated to pay what his father owed. Fortunately, Schmoll knew better. ...

The IRS has issued the new 2018 Form W-4 for employees to submit to their employer for use in calculating the amount of withholding on their paychecks. The have also created a calculator to help taxpayers determine what allowances and/or extra withholding to claim on the new Form W-4.

IRS Withholding Calculator | Internal Revenue Service The Calculator helps you identify your tax withholding to make sure you have the right amount of tax withheld from your paycheck at work.

We sat down with Sydney Glenn from WPDE and talked about how important it will be to look at how the new tax law will affect you in 2018.

Filing your 2017 taxes? Experts say you should also have 2018 on your mind President Donald Trump's tax reform is the first major change in tax laws is years. Starting this month, people likely started to see changes on their pay checks and many more changes are on the way. While these changes wont really impact your 2017 taxes,

We talked with WMBF News about the new SC refundable gas credit. Remember it is very important to save those receipts!

How to earn money back at the pump for 2018

Driver’s license information now required on some state e-filed returns

Something new for this year ...

journalofaccountancy.com Tax return preparers are discovering that some state income tax returns for 2016 require information from a taxpayer’s driver’s license or state-issued identification card information before the returns can be e-filed.

How to Start a Business, Write a Business Plan & Free Courses - My Own Business

Thinking of starting your own business? Don't know where to start? Here is a resource you can try for free!

myownbusiness.org Learn how to write a business plan, start your own business and get a certificate with our free business course.

Come out and support the Myrtle Beach Civitan Club's 2nd Annual Battle of the Bags! You can get more information on their web site http://www.mbcivitans.org/-battle-of-the-bags-cornhole-tournament.html

Duncan Farmer McIlrath Marlowe & Cole, PA's cover photo

Feb. 13, 2015
IRS Makes it Easier for Small Businesses
to Apply Repair Regulations to 2014 and Beyond
The Internal Revenue Service today made it easier for small business owners to comply with the final tangible property regulations.

Requested by many small businesses and tax professionals, the simplified procedure is available beginning with the 2014 return taxpayers are filling out this tax season. The new procedure allows small businesses to change a method of accounting under the final tangible property regulations on a prospective basis for the first taxable year beginning on or after Jan. 1, 2014.

Also, the IRS is waiving the requirement to complete and file a Form 3115 for small business taxpayers that choose to use this simplified procedure for 2014.

"We are pleased to be able to offer this relief to small business owners and their tax preparers in time for them to take advantage of it on their 2014 return,” said IRS Commissioner John Koskinen. “We carefully reviewed the comments we received and especially appreciate the valuable feedback provided by the professional tax community on this issue.”

The new simplified procedure is generally available to small businesses, including sole proprietors, with assets totaling less than $10 million or average annual gross receipts totaling $10 million or less. Details are in Revenue Procedure 2015-20, posted today on IRS.gov.

The revenue procedure also requests comment on whether the $500 safe-harbor threshold should be raised for businesses that choose to deduct, rather than capitalize, certain capital expenses.

Beware Leaving a Roth for Heirs

Very good ROTH IRA article and a good heads up for possible changes in budget proposals ....

online.wsj.com Converting to a Roth from a traditional IRA for heirs may sound like a great idea, but new rules could make the decision harder.

Developers turn historic Harambee building into affordable housing | Milwaukee Neighborhood News...

Really cool article on our client Utopia 136 and its owners Jes Skaug and Andrew Lasca!

milwaukeenns.org Architectural development company Utopia 136 will open its second multi-family building in Harambee on Aug. 1.

Most of Us Have No Idea How Much a Nursing Home Costs

Are you prepared?

foxbusiness.com New research finds that most Americans don't realize how much nursing-home care costs -- a misunderstanding that may spell trouble later.

Man's mistake cost his children $400,000 of an IRA inheritance

How you fill out your beneficiary form is VERY important. Make certain your plans will match what is on the form!

finance.yahoo.com Deborah Smith-Marez and her siblings lost $400,000 of an IRA inheritance because of her father's simple mistake on his beneficiary form.

Legislature approves tax break for those who rent out their homes

Interesting development for South Carolina owners who rent out their homes during the summer.

postandcourier.com The state Legislature has approved a tax break meant for people who live at the beach but rent out their homes for part of the year.

Why Every Millennial Should Consider A Roth IRA

What are you doing for your retirement?

finance.yahoo.com Millennials are all over the Roth IRA...