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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.

Since taking office in January, President Trump has called for comprehensive tax reform. The President’s recently released fiscal year (FY) 2018 outlines some of his key tax reform principles. At the same time, White House officials said that more tax reform details will be released in coming weeks. These details are expected to describe rate cuts for individuals and businesses, new incentives for child and elder care, elimination of certain deductions and credits, and more.


The future of the Affordable Care Act and its associated taxes has moved to the Senate following passage of the American Health Care Act (AHCA) in the House in April. Traditionally, legislation moves more slowly in the Senate than in the House, which means that any ACA repeal and replacement bill may be weeks if not months away.


Many businesses consider the occasional wining and dining of customers and clients just to stay in touch with them to be a necessary cost of doing business. The same goes for taking business associates or even employees out to lunch once in a while after an especially tough assignment has been completed successfully. It's easy to think of these entertainment costs as deductible business expenses, but they may not be. As a general rule, meals and entertainment are deductible as a business expense only if specific conditions are met. What's more, the deduction for either type of expense generally is limited to 50 percent of the cost.


As “hurricane season” officially begins, the IRS has released a number a tax tips, reminders and other advice to help taxpayers weather the storm of natural disasters and similar emergencies. The underlying theme for all IRS "tax tips" is that recordkeeping has generally become easier in the digital age. However, it remains the primary responsibility of the taxpayer to preserve adequate records whether or not caused by a disaster.


Individuals, trusts, estates, personal service corporations and closely held C corporations may only deduct passive activities losses from passive activity income. The rules do not apply to S corporations and partnerships but do apply to their respective shareholders and partners. In general, limited partners are not deemed to materially participate in partnership activities. Thus, a limited partner's share of partnership income is passive income. However, general partners or acting general partners may hold limited partnership interests and materially participate in the partnership.


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 June 2017.


Certified Public Accountants & Consultants