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HSB Insider's Perspective
By Frank Davis
South Carolina's global reach was on display in force recently on opposite sides of the globe. In late August, a delegation from the Chinese Economic Development Board of South Carolina traveled to the Jiangsu and Shandong Provinces of China, meeting with multiple companies and governmental agencies in both regions regarding location and expansion in the state. Several weeks later, the strength of the state's automotive industry was impossible to ignore at the 67th International Motor Show (IAA) in Frankfurt, Germany.
Pictured l-r: John Lummus, Frank Davis, Sec. Bobby Hitt, Max Metcalf and Jody Bryson.
The success of these two events can be traced back to the state's long-standing team-based approach to supporting world-class companies. That support may begin with a company's initial investment, but it is best reflected in the "service after the sale," the ongoing, genuine interest in a company's business and in helping address the challenges and opportunities that arise in the operation and growth of that business. While a company's initial investment announcement often draws the most attention, it is the validation of those initial decisions through additional investment and expansion that perhaps best reflects the advantages of South Carolina's pro-business environment. Time and time again, we see companies that we are privileged to work with affirm their decision to call South Carolina home through increased investment and job creation. This continuing affirmation drives our HSB economic development and business professionals and the far-reaching team of public and private industry allies we work with every day, at home and abroad.
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Job Tax Credits Update
Per capita income in South Carolina has risen from $38,302 in 2016 to $39,465 in 2017 according to DOR Information Letter # 17-11. The State's per capita income level is important for certain small business job tax credits. Job tax credits are available for both large and small businesses creating ten or more new jobs, but for small businesses creating two to nine jobs, wage levels are critical. The gross wages of new jobs must be at least 120% of the lower of the applicable county's or state's average per capita income. The most recent county wage levels were reported in DOR Information Letter # 16-17. Please contact a member of the Haynsworth Sinkler Boyd Economic Development Team with any questions.
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SC DOR Issues Guidance on Tax Return Due Dates and Withholding on Nonresident Shareholders and Partners
On June 16, 2017, the S.C. Department of Revenue issued SC Revenue Procedure #17-1, "Return Due Dates and Extensions of Time to File - Revised Dates" and SC Revenue Procedure #17-2, "Withholding on South Carolina Income of Nonresident Shareholders and Partners." These two advisory opinions finalize temporary guidance issued by DOR earlier this year.
Click here to read our full blog post.
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SC DOR Offers Tax Relief for Certain Taxpayers Affected by Hurricane Irma
SC DOR is providing temporary tax relief to certain taxpayers affected by Hurricane Irma. The relief applies to taxpayers in the following counties: Beaufort, Berkeley, Charleston, Colleton, Dorchester, and Jasper. DOR will determine tax relief for taxpayers in other counties on a case by case basis.
Accordingly, affected taxpayers will have until October 13, 2017 to file returns and pay any taxes that were originally due during the period of September 11, 2017 through October 13, 2017. This includes taxpayers making quarterly estimated payments due September 15, 2017 and taxpayers required to file a sales tax return due September 20, 2017. Tax relief will also be provided until October 13, 2017 for taxpayers with a valid extension that runs out on September 15, 2017 (e.g., S corporations and partnerships).
This relief does not apply to current collection matters, including payments due during the period of September 11, 2017 through October 13, 2017, under any payment plan previously entered into with DOR.
Once FEMA and the IRS determine the counties that will be granted relief, DOR may issue additional tax relief guidance.
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SC Power Team Comprehensive Labor Study
SC Power Team is currently funding and conducting an unprecedented state-wide, comprehensive labor study, Project Pioneer, to address the workforce issue and support future economic development efforts. They have engaged Site Selection Group to conduct the study, covering every county in the state through an in-depth process of qualitative and quantitative methods of research.
The purpose of the study is to increase workforce opportunities for South Carolinians and to arm communities with sound data to articulate their labor story.
The Power Team needs direct information from South Carolina workers - your workers - to make the study a success. To that end, a 10-minute online survey has been developed. All participants in the survey have the option to enter a drawing to win a $500 gift card.
Follow the link to take the
Individual Survey.
All results are confidential.
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Join us for Our Upcoming Seminars
HSB's fall Corporate Law for Accountants and Employment Law seminars will kick off this month! Registration for all seminars may be accessed on our website.
This year's
Corporate Law for Accountants program will focus on a SC state and local tax (SALT) update, Top 10 Employment Law issues for CPAs and a review of operating agreements and partnership audit rules.
Aaron Scheuer will present the SALT update and will discuss recent SC tax legislation, SC DOR advisory opinions and notable SC tax cases. Each seminar is approved for 3.0 CPE credits.
Our
Employment Law seminars are approved for 3.0 hours of SHRM/HRCI credit and topics will include: LGBTQIA and what human resource professionals need to know, wage and hour update, immigration law update, DOR and the unemployment insurance tax rate, politics in the workplace and recent trends with the ADA.
All seminars are complimentary. Please contact
Keely Yates for more information.
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