Find The Right Tax Preparer This Filing Season

More than 739,000 tax preparers nationwide have been issued  Preparer Tax Identification Numbers (PTINs) by the IRS for the 2024 tax season, ensuring that they're qualified to properly file your Individual Income Tax return.

If you need help filing this season, the South Carolina Department of Revenue (SCDOR) has guidance to help you select one of these qualified, credentialed tax professionals.

While most preparers are honest and provide great service, officials say both the IRS and the SCDOR regularly prosecute unscrupulous tax preparers.

The IRS' Criminal Investigations unit identified $37.1 billion in tax and financial crimes during the last fiscal year.

If you're thinking about using the services of a tax preparer, the IRS and the SCDOR offer the following tips:

Avoid tax preparers who:

* Base their fee on a percentage of your refund.

* Claim they can obtain larger refunds than other tax preparers.

* Refuse to sign a return they prepare. These folks are referred to as “ghost preparers." Not signing a return or providing other identifying information is a red flag that the preparer may be a scammer. By not providing this information, it will appear that your return was self-prepared, which helps the ghost preparer avoid responsibility if there are issues.

* Ask you to sign a blank tax return.

What to consider in picking a tax preparer:

* Consider free and low-cost options available for filing your return before deciding to visit a tax preparer. Go to dor.sc.gov/iit-filing to learn more.

* Check their qualifications. All preparers must have a Preparer Tax Identification Number (PTIN). You can use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications to help find a preparer.

Only CPAs, attorneys, and enrolled agents can represent taxpayers in all matters. South Carolina has no licensing requirement for tax preparers, though those with professional credentials such as CPAs are overseen by state boards.

* Ask about the preparer's fees. Do not give them your tax documents, Social Security Numbers, or other personal information when making this request.

* Make sure your preparer offers electronic filing. The quickest way to get your refund is to file electronically  and choose direct deposit. Electronic filing is also the most secure, accurate option.

* Look for preparers who work all year, not just during tax season. Confirm that your preparer will be available after the tax filing deadline in case you have questions.

* Research tax preparers and read their reviews to make sure there aren't any red flags. You can check with the Better Business Bureau to make sure the preparer doesn't have a questionable history.

After you select a preparer:

* Provide all records and receipts needed to prepare your return. Good preparers will ask for these and will ask questions to help calculate your total income, tax deductions, and credits.

* Review the entire return and make sure you understand everything about your return before signing. You are responsible for your taxes, even if a tax preparer works on your return.

* Be sure any refund goes directly to your bank account using direct deposit. Confirm your routing and account numbers on the return are correct.

If the SCDOR is unable to direct deposit your refund because of invalid account numbers, you will not be able to resubmit the correct information, and your refund will be sent as a paper check.

*Ask for a copy of your return, and keep it for your records.

* If you have to pay the SCDOR, please tell your preparer you want to do so electronically. Go to dor.sc.gov/pay to pay what you owe quickly and easily. 

How to report suspected tax fraud and identity theft
If you suspect tax fraud or identity theft, report it to the IRS and the SCDOR.

To the IRS:

Use Form 14157 to report any suspected tax fraud or abusive tax preparers.

Use Form 14157-A  if you suspect a tax preparer filed or changed your return without your consent.

Use Form 14039 if you are an actual or potential victim of identity theft.

To the SCDOR:

Use CID-27  to report suspected tax fraud.

Use I-381 to report if you are an actual or potential victim of identity theft.

Remember – 2023 returns are due April 15, 2024.

Fisker Signs New Dealer Partners in U.S. as Strategic Business Shift Continues

Fisker Inc. (NYSE: FSR), driven by what officials say is a mission to create the world’s most emotional and sustainable electric vehicles, said it has signed a total of four dealer partners in the U.S. as it undertakes a strategic shift in its business model.

Dealers joining the Dealer Partnership program are the Mills Automotive Group, Ourisman Fisker, Classic Fisker, and Long Island Fisker.

Mills signed up to be Fisker's first dealer partner  in the U.S. at the company’s inaugural dealer open house Jan. 31 and will open three Fisker dealerships in Charlotte and Raleigh, North Carolina (Triad Fisker); and Greenville, South Carolina (Stateline Fisker).

Said Chairman and CEO Henrik Fisker: “The dealer partners we have signed up so far share a commitment to the future of electric vehicles and to their communities, many of which they have served for multiple generations."

Fisker added: "I believe our customers will find that each of these dealer partners plan to provide top-level service and ongoing relationship building for owners of the class-leading and award-winning Fisker Ocean SUV.”

On Jan. 4, 2024, Fisker announced that it would engage in a strategic shift from direct sales to customers in North America to an innovated Dealer Partnership model.

The model combines the goal of offering its customers no-haggle pricing on Fisker vehicles (where permitted) while also providing dealer partners with larger market territories, so they can maintain pricing without concern for local competition.

Fisker said it has received interest from over 250 dealers in North America and the rest of the world since announcing its strategic shift.

Fisker is currently delivering the all-electric Ocean SUV, which starts at $38,999, in the U.S., Canada, and Europe.

In the U.S., the Ocean has an EPA range of up to 360 miles, which is the longest range of any new electric SUV in its class of mid-size SUVs in a comparable price segment, company officials said.

The Fisker Ocean has the lowest published carbon footprint of any electric SUV, uses over 110 lbs. of recycled and bio-based materials, is built at a carbon-neutral facility, and integrates rooftop solar panels, adding up to 1,500 miles/year of range, the officials said.

B&D Industrial Acquires American Gear & Engineering, Inc.

B&D Industrial, a leading independent distributor and service provider specializing in industrial applications, announced the recent acquisition of American Gear & Engineering, Inc., a gear manufacturing organization located in Westland, Michigan.

Financial terms weren't disclosed.

Officials said the strategic move marks a significant step in B&D Industrial's commitment to vertical integration, enabling the company to provide an expanded range of offerings and greater value to its customers.

The acquisition includes Tech Tool Company, Inc., a complementary gear rack manufacturer.

"The integration of American Gear into the B&D Industrial family represents a pivotal moment in our journey to provide unparalleled value and comprehensive solutions to our customers,” said Brian Davis, co-CEO of B&D Industrial.

Also, as a part of B&D Industrial’s vertical integration strategy, the organization recently divested its subsidiary company Scale Systems Inc. to System Scale based in Indianapolis, Indiana.

With the acquisition, System Scale will be the largest METTLER TOLEDO distributor in the United States.

Founded in 1947, B&D Industrial is an industrial applications-driven, independent distributor and service provider.

It provides solutions to OEMs and companies with MRO and automation needs in both heavy and light manufacturing. B&D Industrial operates over 30 facilities in Georgia, Florida, Tennessee, Louisiana, Michigan, New Hampshire, North Carolina, South Carolina and Washington.

B&D Industrial is headquartered in Macon, Georgia.

Zelman’s Investment Banking Team Advised Dream Finders on Successful Acquisition of Crescent Homes

Zelman Partners, a Walker & Dunlop Company (NYSE: WD), served as exclusive buy-side M&A adviser to Dream Finders Homes (NYSE: DFH) on its acquisition of privately owned homebuilder Crescent Homes.

Officials said the acquisition enhances Dream Finders’ geographic footprint and allows the company to expand into the markets of Charleston and Greenville, South Carolina, and Nashville, Tennessee.

“This is Zelman’s sixth M&A transaction in the last 12 months totaling more than $1.5 billion of transaction value and representing over 70 percent market share over that time frame," said Zelman’s head of Investment Banking, Tony McGill.

McGill added, "These transactions range in size from $25 million to more than $450 million and include buy-side and sell-side advisory roles involving private homebuilders, single-family land developers and multifamily developers, clearly demonstrating our ability to provide leading M&A services to clients of any size across the housing ecosystem.” 

Patrick Zalupski, Dream Finders’ founder, chairman and chief executive officer, said: “We have a long history of working with the Zelman team, initially as an industry advisor when we were raising private capital, then on our IPO in 2021, our debut High Yield issuance in 2023, and as our buy-side advisor on this acquisition."

Zalupski added, "They understand our long-term goals and strategic objectives, and have the right deal experience, horsepower and personality to support our growing organization.”

Founded in 2007, Zelman is the leading investment banking and institutional research advisory firm dedicated exclusively to the U.S. housing industry including single-family, multifamily, SFR / BFR, building products, mortgage, technology, brokerage, and related businesses.

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States.

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