South Carolina offers many tax credits that can be used to reduce or even eliminate state income taxes and license fees. Examples of these tax credits include the new jobs credit, infrastructure credit, corporate headquarters credit, abandoned buildings credit, biomass resource credit, research credit, community development credit, venture capital credit, historic rehabilitation credit, and conservation easement credit (and many others).
A taxpayer will sometimes seek to claim more than one state tax credit at the same time, which raises the question of how the tax credits ...
The South Carolina General Assembly approved a law on June 4, 2015 allowing the South Carolina Department of Revenue to offer an amnesty program to taxpayers in the state who have not filed tax returns and/or owe state taxes. The law becomes effective on the Governor's signature. Adoption of the law was advocated by the Department of Revenue.
The new law, South Carolina Code Section 12-47-397, is designed to encourage voluntary compliance and payment of taxes owed to the State. The law authorizes the South Carolina Department of Revenue to establish an amnesty program and to designate ...
If a corporate taxpayer receives a statutory notice of deficiency (i.e. a "90-day letter") from the Internal Revenue Service ("IRS"), one of its options is to petition the United States Tax Court for a redetermination of the proposed deficiency. A statutory notice of deficiency tells a taxpayer the IRS has determined that for one reason or another, the taxpayer owes more tax than what they previously reported. Under the Internal Revenue Code ("IRC"), the taxpayer may file a petition with the Tax Court for a redetermination of the deficiency within 90 days (or 150 days if addressed to a ...