United States

South Carolina: New Option for Reporting Federal Adjustments

Dec 19, 2016
From KPMG TaxWatch

Loading the player...

The South Carolina Department of Revenue has issued Revenue Procedure #16-1, which outlines a new optional, streamlined method of reporting federal changes to South Carolina. Currently, taxpayers must file amended South Carolina returns reporting any federal adjustments within 180 days after a final determination is issued by the IRS. Revenue Procedure #16-1 includes an approved sample worksheet for reporting changes under the streamlined reporting method. However, a taxpayer-created spreadsheet will be acceptable, provided that all information on the approved sample reporting format is reflected. Taxpayers using the optional method can submit their adjustments to the Department of Revenue by email or regular mail. Note that this optional reporting method is available only to report federal tax changes made by the IRS. For all other adjustments, taxpayers must file amended returns. The effective date of Revenue Procedure #16-1 is for federal tax adjustments reported to the Department on or after November 1, 2016. Please contact Jeana Parker at 919-664-7143 with questions.

For more information about TWIST or to view archived episodes, please visit our TWIST homepage.

 Subscribe to TWIST via iTunes, or  Subscribe via RSS.

To receive TWIST e-mails each Monday morning, make sure that state, local and indirect is checked off as one of your topics of interest on the KPMG TaxWatch registration site.

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.