Jun 15, 2015
From KPMG TaxWatch
Legislation (Senate Bill 526) recently signed into law by South Carolina Governor Nikki Haley authorizes the Department of Revenue to establish a tax amnesty program. During the amnesty, the Department may waive any delinquent tax penalties and interest associated with taxes owed that are paid over to the state. Taxpayers with outstanding appeals at the time of the amnesty may participate if they pay any existing liabilities. Payment of liabilities, however, will not constitute a forfeiture of appeal. Taxpayers that are party to any criminal investigation or litigation over the nonpayment of any South Carolina taxes are not eligible to participate. In contrast to most amnesty proposals that require an amnesty to be held within a particular period of time, this measure appears to establish general parameters allowing the Department of Revenue to call for an amnesty on its own volition as long as the Assembly is notified at least sixty days prior to the program’s commencement. The Department of Revenue may retain five percent of the amounts collected for administration of the amnesty program. For more information on the South Carolina amnesty program, please stay tuned to TWIST.
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The following information is not intended to be "written advice concerning one or more federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.
The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.