Legislative Update

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All information is based on our current understanding as of the date that it is posted. Please keep in mind this information is changing rapidly – it can and likely will change. Some information becomes outdated the same date it posted. Although we will monitor and update this page as new information becomes available, please do not rely solely on this page. We encourage you to contact your Scott & Company advisor for the latest information.

To Our Clients and Friends:

It is of utmost importance for us to communicate the most up-to-date tax information available. Due to the impact of the Coronavirus (COVID-19), the South Carolina Department of Revenue released an information letter (SC Il 20-3) that provides tax returns and payments due April 1st – June 1st will now be due June 1st, 2020. Penalty and interest will not be charged if payment is made by June 1st.  

This includes South Carolina Individual Income Taxes, Corporate Income Taxes, Sales and Use Tax, Admissions Tax, and other taxes filed and paid with the SCDOR. The SCDOR is automatically applying this tax relief for all applicable electronically submitted returns and payments; you don’t need to take any additional action. Taxpayers paper filing returns will need to append additional disclosures.

South Carolina Tax Relief. The South Carolina Department of Revenue is extending its tax relief to: individuals and businesses located in South Carolina who have been impacted by:

  • Coronavirus (COVID-19),
  • Taxpayers who have businesses in South Carolina with offices in South Carolina,
  • Taxpayers whose tax records are located in South Carolina, or
  • Taxpayers whose returns are prepared by tax professionals impacted by Coronavirus (COVID-19)

Tax Relief for Eligible Taxpayers and Businesses. Taxpayers who have been impacted by Coronavirus (COVID-19) may be eligible for the following relief with respect to any taxes administered by the Department or tax returns filed with the Department (e.g., income tax returns, sales and use tax returns, admissions tax returns, motor fuel user fee returns, etc.):

  • Extensions of time to file tax returns and pay taxes (including estimated payments). The due dates for returns and payments due on or after April 1, 2020 have been postponed until June 1, 2020.
  • Waiver of penalties and interest due as a result of any extensions.

Please do not hesitate to contact us with any questions you have regarding these circumstances.

Sincerely,

Scott and Company LLC