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Seven new people join the team at Derrick Stubbs

“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 never fun, but it could be easier

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

Your handy weapon against fraud: the audit trail

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

Top Five Tax-Filing Mistakes

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? 

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 Announces Partner Michelle Z. Chapman, CPA

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

What to expect in a financial statement audit

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

IRS Audit Triggers

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

Tax Deadlines for Business Owners

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

Derrick Stubbs In The Community

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

Don't Let Fraud Impact Your Company

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

Derrick Stubbs Attended USC's "Meet the Firms"

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

Is a 529 College Savings Plan Right For You?

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 Tax & Audit Specialist Caroline Hinson Selected for Leadership Columbia Class of 2017

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

Quality Counts: Choose Wisely for Your Employee Benefit Plan Audit

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

How Will New Overtime Rules Affect You?

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.

Tips to Help Make QuickBooks Easier

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

How Long Should I Keep Financial and Tax Records?

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 Announces Team Member Promotions

Derrick, Stubbs & Stith, LLP, is pleased to announce the promotions of five members of our firm’s employee team. Read more

Here's What You Might Have Missed on Your Tax Returns

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 Silver Sponsor for 4th Annual Small Business Week Conference

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

Todd Dailey of Derrick Stubbs Appointed to SC Board of Accountancy

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

Tax Alerts
Tax Briefing(s)

The SC Department of Labor, Licensing and Regulation has issued a consumer alert regarding property repairs following flooding. 

 


Here are some recommended Tax Planning Tips.


Here are the 2015 “Dirty Dozens” tax scams compiled by the IRS.


Derrick Stubbs & Stith proudly announces new management team. 


Derrick, Stubbs & Stith, LLP is pleased to announce it has acquired the practice of public accounting from Frankie and Karen Dial, who retired from the firm of Dial, Hite & Associates, LLC, in May of this year.

Small business taxation, corporate tax rates, and changes to popular deductions are just some of the many complex changes to the Tax Code being debated in Congress. At the time this article was posted, the Senate is expected to approve, along party-lines, a sweeping overhaul of the Tax Code written by Senate Republicans. The House has already approved its tax bill, also along party-lines. If the Senate passes a tax bill, House and Senate conferees will seek to resolve differences between the two bills. Conferees will likely aim to reach an agreement quickly to send a bill to the White House before year-end.


As an economic incentive for individuals to save and invest, gains from the sale of capital assets held for at least one year unless offset by losses, as well qualified dividends received during the year, may be taxed at rates lower than ordinary income tax rates. The tax rate on long-term capital gains and qualified dividends for individuals is 20 percent, 15, percent, or 0 percent depending on their income tax bracket.


Information reporting has become a growing part of IRS’s enforcement and compliance strategy. Data matching, or even the inference that the IRS has the data to do so, statistically has increased overall income reporting nine-fold. Use of information returns, either in the form of Forms W-2, 1098s or 1099s, is here to stay, and growing.


Life insurance proceeds are received tax-free. However, any interest earned on life insurance proceeds, usually referred to as its cash value, is subject to tax. Special rules apply to transfers of ownership in a life insurance policy, accelerated death benefits, and viatical settlements.


The method and systems by which a taxpayer calculates the amount of income, gains, losses, deductions, and credits and determines when these items must be reported, constitute the taxpayer's method of tax accounting. Although the Tax Code and the regulations authorize the use of several accounting methods, and permit certain combinations of methods, a taxpayer must use the accounting method on the basis of which the taxpayer regularly computes book income. Further, the method must be used consistently and must clearly reflect income.


As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of December 2017.


Certified Public Accountants & Consultants