In: Accounting
Does South Carolina conform to the IRC in any way? If so, name three of the provisions.
On April 21, 2016, South Carolina Governor Nikki R. Haley signed into law H4328, which updates the state’s Internal Revenue Code (IRC) conformity date and makes changes to corporate, flow-through entity, and building and loan association due dates.
Some of the provisions are as follows :-
1) Corporate annual reports are due on the 15th day of fourth month following the close of the accounting period. Under prior law, the due date of the corporate annual report was the 15th day of third month following the close of the accounting period.
2) Foreign corporations that do not maintain an office or place of business in the United States but have South Carolina nexus are required to file corporate annual reports on the 15th day of sixth month following the close of the accounting period.
3) S corporations and partnerships must file annual returns and pay any withholding tax due on or before the 15th day of the third month following the close of its tax year. Under prior law, the due date for S corporations and partnership annual returns and withholding payments was the 15th day of the fourth month following the close of the entity’s tax year.
4) Annual reports for building and loan associations are due on the 15th day of fourth month following the close of the accounting period. Under prior law, the due date of the building and loan association annual reports was the 15th day of third month following the close of the accounting period.