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New tax laws that affect businesses

The Consolidated Appropriations Act, 2021 (the CAA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CAA, 2021 include–along with spending and other non-tax provisions and tax provisions primarily affecting individuals–the numerous business tax provisions briefly summarized below. The provisions are found in two of…
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What does the additional 2020 Stimulus Check mean for you?

You’ve probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the near future to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. These payments are in addition to the $1,200 payments ($2,400 for married couples) issued earlier in 2020. Here’s…
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2020 COVID relief bill provisions affecting individual taxpayers

Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the “Act” or COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), both of which are part of the Consolidated Appropriations Act, 2021. RECOVERY REBATE/ECONOMIC…
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SME CPAs Announces Our Strategic Partnership With HK Financial Services.

At SME, we have the privilege of being one of the oldest and largest accounting firms in the greater Augusta region. We are proud to say we’ve built trust through tradition; we are incredibly passionate about helping our clients and community; and we take a team approach to your financial security and peace of mind.…
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What are the duties of an Executor of Personal Representative?

You may have a family member or friend who has chosen you to be their executor or the personal representative of their estate when they pass away.  They trust you as being capable of handling their affairs and carrying out their requests after death.  While this may be somewhat of an honor, this may require…
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South Carolina Military Tax Rates and Deductions

I am a stereotypical nerdy, sweater vest-wearing tax accountant, so when I sat reading the posts of all of my friends and family on social media on Veteran’s Day this year, my thoughts turned to all the tax benefits and deductions given to Veterans in South Carolina.  I realize that most people don’t think tax…
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