Padgett Business Services

07/14/2025

Check out some highlights from the One Big Beautiful Bill Act that goes into effect for tax filing year 2025.

FS-2025-03, July 14, 2025 — Provisions from the One Big Beautiful Bill Act, which was signed into law on July 4, 2025.

12/10/2024

The reporting of BOI (Beneficial Owner Information) is only voluntary for now due to a recent court order. See www.fincen.gov/boi for the latest updates.

🔗https://www.fincen.gov/boi

01/29/2024

Happy tax season opening day! We hope to see you soon!

IR-2024-24, Jan. 29, 2024 — The Internal Revenue Service successfully opened the 2024 tax season today by accepting and processing federal individual tax returns as the agency continues focusing on expanding options to help taxpayers.

08/29/2023

Avoid crucial accounting missteps as a small business owner. Learn to separate finances, track expenses, and thrive financially with Padgett.

09/21/2022

https://www.padgettadvisors.com/blog/how-to-keep-your-prices-in-line-with-inflation/

With the Consumer Price Index rising at the fastest rate in decades, inflation is a major concern for many Americans—especially business owners. According to Bank of America, 88% of business owners reported that their business has been hit by inflation, and 68% are responding by raising prices. Le...

08/02/2022

A message from the IRS to small business owners: When you hire an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay nonemployee compensation of $600 or more must report these payments to the IRS. They do this using IRS Form 1099-NEC, Nonemployee Compensation.

Generally, payers must file Form 1099-NEC by January 31. To learn more, click here: http://ow.ly/1a5g50JWL1O

08/02/2022

It's back to school time! Check out this link for information on South Carolina's Sales Tax Holiday that runs Friday, August 5th through Sunday, August 7th this year.

The South Carolina Department of Revenue (SCDOR) reminds shoppers that eligible items can be purchased online and in-store without paying the state's 6% Sales Tax and any applicable local taxes during South Carolina's Tax Free Weekend.

06/10/2022

The IRS has increased the mileage rate effective July 1st for the remainder of the year. The business mileage rate will increase to 62.5 cents per mile. See the article below for additional information.

IR-2022-124, June 9, 2022 — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain oth...

06/08/2022

Reminder: For those who pay quarterly estimated taxes, the deadline for the second quarter is next Wednesday, June 15th. Contact us if you need help or have any questions.

IR-2022-120, June 8, 2022 — The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to pay their second quarter tax liability is June 15.