“We’re excited to have all of these folks on board,” said partner Todd Dailey. “At Derrick Stubbs, we are constantly looking to grow our knowledge base and offer our clients the best and broadest range of services, and these additions to our team will help advance those goals.” Read more
Paying taxes is part of our every day life, but both the Internal Revenue Service (IRS) and the South Carolina Department of Revenue have made it somewhat easier, thanks to modern technology. Read more
Do you keep your accounts in QuickBooks? If so, there’s an important feature you should be taking advantage of, if you’re not doing so already. Read more
Don't fall victim to one of the top five tax-filing mistakes. When you’re plowing through a year’s worth of financial records and trying to get everything right on the form, even the smartest people can forget to double-check the simplest things. And that can cost them, either in money or in hassles with the IRS. So take an extra moment to make sure you don’t mess up on these basics. Read more
Are you ready to retire or thinking about retiring? Are you at full retirement age, or are you considering retiring early? Everyone’s situation is different. Learn what questions to ask, and how to get answers. Read more
Derrick, Stubbs & Stith, LLP, a Columbia firm providing accounting, auditing, taxation and business consulting, is pleased to announce the addition of Michelle Z. Chapman, CPA as a partner in its consulting practice. Read more
Having a proper, professional independent audit of your financial statements is essential for everyone – you, your customers, and everybody who in any way depends on your organization – to have confidence in your operation. Read more
You may not like doing your annual income tax return, but you probably dread the thought of being audited by the IRS even more. While the IRS sees audits as a way to keep taxpayers in compliance, the agency also makes significant money from them. How can you and your company avoid a high DIF score and a potential audit? Read more
No matter what kind of business you own, meeting your tax deadlines is essential to keep you from paying any interest and penalties that can quickly add up by missing a deadline. Keep your small business out of tax trouble by making sure you know and follow these major tax deadlines. Read more
October was a busy month for community service and Derrick Stubbs employees were happy to roll up their sleeves and lace up their sneakers to help others. Read more
Fraud has a negative impact on your company’s bottom line and can threaten its hard earned reputation. A recent study by the Association of Certified Fraud Examiners (ACFE) estimated that the typical organization loses 5% of revenues in a given year as a result of fraud. Read more
Virginia Greene and Michelle Chapman from Derrick Stubbs were on hand to meet the next generation of CPAs at Beta Alpha Psi’s Meet the Firms event, held Wednesday, September 7th at the Darla Moore School of Business. Read more
A 529 savings plan is one of the most popular ways to save for college tuition. The plan offers federal and in some cases state tax advantages; it’s a low maintenance plan, and it provides tax-deferred growth. As with any plan, there are complexities. Read more
Derrick, Stubbs & Stith, LLP, a Columbia firm providing accounting, auditing, taxation and business consulting, is pleased to announce Caroline Hinson has been selected as a member of the Leadership Columbia Class of 2017. Read more
A well-performed audit is protection for your employee benefit plan. Maximize the results of your audit process by choosing your audit candidates wisely. Evaluate their qualifications carefully to ensure you meet legal requirements and uphold obligations to plan participants. Read more
Beginning December 1, 2016, it is estimated that millions more Americans may qualify for overtime pay under the new rule from the U.S. Department of Labor. Learn what the new rules do and how your busines can respond here.
As CPAs we’ve seen our share of small-business accounting mistakes. We’ve also learned some handy tricks of the trade we can pass on to help you make the most of your accounting program’s functions and tools. Read more
When it comes to recordkeeping, there are understandably lots of questions. The three we’re asked most frequently are, “Why should I keep records?” “What kind of records should I keep?” and “How long should I keep them?”
Having a good set of records can save you time and money when it comes to tax season and will be indispensible in case you are ever audited. We’ve answered those three important questions here.
Derrick, Stubbs & Stith, LLP, is pleased to announce the promotions of five members of our firm’s employee team. Read more
Millions of taxpayers overpay each year because they overlook some common, money-saving deductions. Others may find they’ve racked up interest on unpaid taxes, because of unintentionally unclaimed income. Whether you’re filing yourself or working with an accountant, make sure you’re claiming everything you can to get the deductions you deserve -- and to avoid the penalties you can do without! Read more
Derrick, Stubbs & Stith was pleased to have been a silver sponsor for the 4th Annual Small Business Week Conference, which was held on Thursday, May 5th at the Spirit Communications Ballpark. Read more
Derrick, Stubbs & Stith, LLP, a Columbia firm providing accounting, auditing, taxation and business consulting, is pleased to announce that Todd Dailey, CPA, CVA, was appointed by Governor Nikki Haley to serve on the South Carolina Board of Accountancy. Board members are appointed by the governor to the regulatory authority that issues licenses to over 6,000 Certified Public Accountants (CPAs) in the state of South Carolina. Read more
The IRS is expected to release a new calculator tool during the week of February 19 so that employees can double-check their withholding, Treasury Secretary Steven Mnuchin told House lawmakers at a Wa...
The IRS has announced that retirement plan dollar limitations for 2018 that were previously announced last October in IR-2017-177 and Notice 2017-64 will not change despite the new inflation-adjustmen...
The IRS has modified the casualty loss safe harbor in Rev. Proc. 2017-60. The safe harbor applies to individuals whose personal residence has a deteriorating concrete foundation containing the mineral...
The IRS has issued a new form to be used by organizations applying for tax-exempt status under Code Sec. 501(c)(4): Form 1024-A, Application for Recognition of Exemption Under Section 501(c)(4) of the...
Taxpayers who receive corrected 2017 Forms 1095-A, Health Insurance Marketplace Statement, may need to file an amended return, if they have already filed, the IRS has reported. The Service highlighted...
The IRS has updated guidance on how to make an adequate disclosure on an income tax return for purposes of reducing or eliminating a substantial understatement penalty and/or an unreasonable position ...
Georgia has adopted legislation that:updates the corporate and personal income tax federal Internal Revenue Code (IRC) conformity date to February 9, 2018, with certain exceptions;doubles the standard...
A taxpayer’s request for a conciliation conference with the Bureau of Conciliation and Mediation Services regarding an assessment of New York personal income tax was untimely because it was not ...
The North Carolina Department of Revenue has published information regarding eNC3 specifications for 1099 reporting applicable to corporate and personal income tax submissions made on or after January...
The South Carolina Department of Revenue will accept sales tax applications from suppliers that sell products on Amazon.com to South Carolina purchasers. Retailers can then collect sales and use tax u...