Property taxes are often the largest South Carolina tax paid by manufacturers. Property taxes are assessed annually on real and personal property owned by a manufacturer (excluding inventory and supplies) on December 31st of the preceding calendar year. Property taxes are due on January 15th of the year following the tax year.
A manufacturer's property tax liability is determined by multiplying the value of its property by an assessment ratio by a local millage rate. The default property tax regime may be altered when a manufacturer enters into a fee-in-lieu of tax arrangement ...
South Carolina employers must pay a variety of taxes on employee payroll, including federal social security taxes (FICA and FUTA), and South Carolina employee income withholding taxes. While the employer is able to collect some of these taxes from the employee's wages, other taxes (like the employer matching portion of FICA and FUTA) must come out of the employer's pocket.
Another tax that South Carolina employers must pay is the state Unemployment Insurance Tax, or "UI Tax". All employers that pay wages in South Carolina must file a quarterly report with the South Carolina ...
As organizations are ramping up for 2016, it is increasingly important they have their administrative ducks in a row for the year to come. This is especially true for tax-exempt organizations operating under a model using local chapters or affiliates (as opposed to wholly-owned organizations), and even more so if those local chapters or affiliates are relying on their central organization for tax-exempt status. If the local chapter or affiliate does not comply with IRS regulations governing such a structure, it may lose its tax-exempt status and be taxed on its income as if it were a ...