Clyburn Accounting Services, LLC

06/05/2026

🎰 BIG TAX CHANGE FOR GAMBLERS 🎰

Starting with the 2026 tax year, the One Big Beautiful Bill Act (OBBBA) changes how gambling losses can be deducted on federal tax returns.

Under the old rules, gamblers who itemized deductions could generally deduct gambling losses up to the amount of their gambling winnings. If you had $50,000 in winnings and $50,000 in losses, your taxable gambling income was typically $0.

Under the new law, only 90% of gambling losses are deductible. Using the same example, a taxpayer with $50,000 in winnings and $50,000 in losses could only deduct $45,000 of those losses, potentially leaving $5,000 of taxable income despite breaking even overall.

This change affects sports bettors, poker players, casino gamblers, horse racing bettors, and professional gamblers alike. Many tax professionals have raised concerns that the new rule creates "phantom income"—taxable income that doesn't reflect an actual economic profit.

As always, maintaining detailed records of gambling activity is more important than ever.

If you gamble regularly, now is a good time to review your recordkeeping practices and discuss the impact of these changes with your tax advisor.

04/15/2026

02/18/2026

Tax season stress? Take care of yourself, too.

We’re fortunate to have Cari Chee, owner of Jade Acupuncture, in our building. Cari specializes in personalized holistic care rooted in Classical Chinese Medicine and informed by Western medical understanding.

Acupuncture can help with:
✔ Stress and anxiety
✔ Neck, back, and joint pain
✔ Headaches and tension
✔ Sleep and overall wellness

Cari provides thoughtful, one-on-one care and appointment times fill quickly this time of year.

✨ Schedule your appointment today:
https://jadeacugreenville.com/

🚗 **Parking Reminder:** Please use extra caution in the driveway and parking areas during tax season due to increased traffic, and use the new traffic mirror to help with visibility.

Invest in your personal health — you deserve it.

02/08/2026

🚨 IRS Understaffed Ahead of Tax Season 🚨

Recent Government Executive reporting shows the IRS is operating well below authorized staffing levels, forcing the agency to shift employees with no tax experience into critical roles.

📉 Fewer staff
⏳ Slower service
💸 Real impacts for taxpayers and businesses
☎️ More missed correspondence and miscommunication

Understaffing at federal agencies isn’t abstract—it shows up in delays, backlogs, and missed service expectations.

Training of new employees lasts 80 days, meaning even recently hired employees will not be ready in time. Current IRS guidance for amended returns is a processing time of 16-20 weeks.

If you are counting on a refund this year for cash flow purposes, build in extra buffer time.

Slower or reduced customer service is to be expected, as the IRS has lowered its target for call answer rates from 85% to 70%.

We are here to help you navigate these headwinds and manage expectations.

02/05/2026

🚨 SC Tax Heads-Up for 2025 Filers!!!

South Carolina has not adopted all of the federal tax changes in the OBBBA.

📌 What that means:

If you claimed OBBBA-related deductions on your federal return, you’ll need to add them back when calculating South Carolina taxable income. This includes standard deduction, senior deduction, tips, overtime, car loan interest, SALT deduction increase, research and experimental expenditures and Section 179 expensing of qualifying asset purchases.

📝 The details:

• SC Department of Revenue Information Letter #26-4
• Issued January 30, 2026
• SC has not conformed to the OBBBA at this time

🔍 What’s next?

SC DoR has indicated it will issue new guidance after the General Assembly addresses tax conformity. No such ETA was provided with the recent guidance.

Bottom line: federal rule changes don’t automatically apply in SC—double-check before you file. No one likes a tax surprise.

Give us a call if you have questions.

01/29/2026

The IRS is continuing its move away from **paper refund checks** and transitioning more refunds to **electronic payment methods**, like direct deposit.

If the IRS does not have valid electronic payment information on file, they may **send a letter requesting updated details**. Taxpayers typically have **30 days to respond** to that notice before further action is taken on the refund.

To avoid delays:
✔️ Make sure your banking information is accurate
✔️ Open and respond to IRS letters promptly
✔️ Consider electronic refund options when filing

Staying proactive can help ensure your refund is processed as quickly and smoothly as possible.

📞 Have questions? Our team is here to help.

01/25/2026

Due to the inclement weather, Clyburn Accounting will be closed on Monday, January 26th. We will evaluate Tuesday's status late Monday afternoon.

Thanks and be safe!

01/22/2026

Likewise, the media constantly portraying “no tax on Social Security” is misleading.

Benefits aren’t fully exempt — in reality, it’s a $6,000 deduction, layered onto existing provisional income rules and income thresholds.

This creates compliance risk, filing errors, and taxpayer confusion.

Complexity doesn’t disappear just because the slogan is simple.

Give us a call, we'll help you make sense of it all.

01/22/2026

“No tax on overtime” sounds great… until you read the fine print.

It’s not actually tax-free — there are income thresholds, partial exclusions, and different rules depending on how it’s reported. Add in inconsistent employer reporting, and you’re looking at confusion, amended W-2s, and a messy tax season for these workers.

If it’s not simple, it’s not really a win.

Give us a call, we will guide you through it, and help keep that green from sliding out of your pocket.

11/06/2025

We are well into the 4th quarter, but the good news there is still time to enact tax planning strategies prior to year end that could save you thousands this year and every year going forward.

Do you get paid via a 1099 as an independent contractor (real estate agents, long-haul truckers, etc.)?

Do you file your business income and expenses on Schedule C of your personal tax return (even if you already have an LLC)?

If so, it's highly likely you are leaving a lot of money on the table that could be in your pocket, or funding your retirement.

Do you invest in real estate? Do you know about cost segregation?

Give us a call to discuss how we can get the tax monkey off your back.