When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan should you unexpectedly be unable to run the business, exploring different [...]
Suppose that your uncle loans you money, but later tells you not to worry about paying him back? Or suppose that you take a business loan, but the lender eventually gives up on trying to collect and tells you that your debt is forgiven? Can either one somehow be taxed? Yes, they can. With the [...]
On this Tax Day, the Internal Revenue Service marks a major milestone: the 70th Anniversary of the April 15 federal income tax filing deadline. Since 1955, April 15 has served as a consistent annual deadline for millions of Americans to file their federal income tax returns, becoming a fixture in the nation’s financial calendar. The deadline [...]
Suppose that your uncle loans you money, but later tells you not to worry about paying him back? Or suppose that you take a business loan, but the lender eventually gives up on trying to collect and tells you that your debt is forgiven? Can either one somehow be taxed? Yes, they can. With the [...]
For South Carolinians who wait until the last minute to file their taxes, don’t worry — you have a lot more time this year. South Carolina taxpayers have until May 1 to file both their federal and state taxes this year. The typical deadline to file is April 15. The IRS announced the extension late [...]
Most Lawsuit Settlements Are Taxed By IRS, But Some Are Capital Gain Robert W. Wood Senior Contributor Robert W. Wood is a tax lawyer focusing on taxes and litigation. March 26, 2025 The IRS taxes most lawsuit settlements, and exact wording matters if you are trying to avoid that grim result. However, some settlements can [...]
At a press conference on March 25, state legislative leadership including Speaker of the South Carolina House of Representatives Murrell Smith, Senate President Thomas Alexander, Senate Finance Chairman Harvey Peeler, House Ways and Means Chairman Bruce Bannister, and Americans for Tax Reform President Grover Norquist, joined Governor Henry McMaster to announce proposed state income tax [...]
The Internal Revenue Service today announced its annual Dirty Dozen list of tax scams for 2025 with a warning for taxpayers, businesses and tax professionals to watch out for common schemes that threaten their tax and financial information. Ranging from email schemes to misleading tax credits, many of the Dirty Dozen items peak during filing season as [...]
Medicare's annual open enrollment period recently drew to a close. The average senior had more than 40 plans to choose from in 2024. Many enlisted the help of licensed Medicare agents to navigate the process and compare options. Unfortunately, expert advice may be in short supply during the next open enrollment period. Insurers are moving to deprive seniors [...]
In today’s fast-paced work environment, burnout has become a common issue affecting employees across all industries. Whether you’re working a high-stress job, juggling multiple responsibilities, or feeling overwhelmed by unrealistic expectations, burnout can creep in and take a toll on your mental, emotional, and physical health. If left unchecked, burnout can lead to exhaustion, reduced [...]