The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year.Here are some things to help taxpayers understand the home office deduction and whether they can claim it:Employees are ...read more

August 3, 2020 — The U.S. Census Bureau continues to evaluate its operational plans to collect and process 2020 Census data. Today, we are announcing updates to our plan that will include enumerator awards and the hiring of more employees to accelerate the completion of data collection and apportionment counts by our statutory deadline of December 31, 2020, as required by law and directed by the ...read more

WASHINGTON — Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued Notice 2020-58 that provides additional relief to taxpayers in satisfying the substantial rehabilitation test.  Projects must satisfy the “substantial rehabilitation test” within a 24- or 60-month period for determining whether the ...read more

Today Gov. McMaster announced that businesses, facilities, venues, events or mass gatherings are permitted to reopen effective Monday, August 3 but are required to implement AccelerateSC guidelines. These businesses include the following: festivals, parades, concerts, theaters, stadiums, arenas, coliseums, auditoriums, grandstands, amphitheaters, gymnasiums, concert halls, dance, halls, performing ...read more

While the federal income tax-filing deadline has passed for most people, some taxpayers haven’t filed their 2019 tax returns yet. If a taxpayer is entitled to a refund, there’s no penalty for filing late. Penalties and interest will begin to accrue on any remaining unpaid tax due as of July 16, 2020. Anyone who didn’t file and owes tax should file a return as soon as they can and pay as much ...read more

Horry CountyHorry County Council passed an emergency ordinance that requires people to wear face masks in certain businesses. This includes Little River.  The ordinance went into effect July 3.   Download signage for your business letting customers know that face covering is required.   City of Myrtle Beach Myrtle Beach City Council approved an Executive Order requiring that face masks be worn ...read more

Mark your calendars for the2020 Sales Tax Holiday!   South Carolina’s 2020 Sales Tax Holiday is set for August 7-9, 2020. For three days, purchases of school supplies, most clothing and footwear, bed and bath items, and computers are exempt from State and Local Sales Tax. Don’t want to leave home? No problem – exempt items are tax-free when purchased online during the Sales Tax ...read more

Eligibility • Small businesses with 500 employees or less, including non-profits and veterans organizations. • Non-profits that receive Medicaid reimbursements are not eligible. • Borrower that receives an SBA Economic Injury Disaster Loan for payroll cannot receive one of these loans for payroll purposes. Lenders are delegated authority to determine eligibility and creditworthiness of ...read more