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South Carolina State Tax ExtensionBack
- General Instruction
- Business & Non Exempt
Note: Partnerships and Fiduciaries now use SC8736 to extend the time to file the SC1065 and SC1041.
For Business Extension, If no income tax or license fee is anticipated to be due and the taxpayer has requested a federal extension, the federal extension will be accepted as a South Carolina extension if the corporate return is received within the time as extended by the Internal Revenue Service.
Which form is used to file for extension?
If any corporate income tax or license fee is anticipated to be due, the taxpayer must use South Carolina extension SC1120-T or file electronically at www.sctax.org under DORePAY. If no income tax or license fee is anticipated to be due and the taxpayer has requested a federal extension, the federal extension will be accepted as a South Carolina extension if the corporate return is received within the time as extended by the Internal Revenue Service.
An extension of time to file SC1120 does not extend the Business Personal Property Return. File PT-100 separately.Corporations filing a consolidated return should file a single South Carolina extension and attach a schedule listing the corporations to be included in the South Carolina consolidation. A federal extension will be accepted if all corporations filing in South Carolina are included in one or more federal extensions.
How to File?
For South Carolina Income Tax purposes a consolidated return shall mean a single return for two or more corporations in which income or loss and license fee is computed separately for each corporation and combined into one return. All corporations included in the consolidated return must be subject to tax in South Carolina and have the same accounting year.
The election to file a consolidated return must be made on an original and timely filed return. Once an election is made, such election must be adhered to until permission is granted by the SC Department of Revenue to file a separate return. If a corporation substantially understates its tax, it will be charged a substantial understatement penalty of twenty-five percent of the understatement. A substantial understatement is the greater of ten percent of the tax liability or ten thousand dollars.
In the case of an S Corporation or a personal holding company a substantial understatement is the greater of five thousand dollars or ten percent of the tax liability.These corporations must also be substantially under the control of the same interest. "Substantial control" means the ownership of at least eighty percent of all classes of stock. A domestic or multi-state corporation can file a consolidated return. You must compute the income and license fee separately for each entity included in the consolidation.
A schedule must also be attached listing the corporations included in the South Carolina consolidation.A copy of the federal or South Carolina extension(s) must be attached to the return when filed.There is no extension for payment of corporate income tax or license fee. Any income tax or license fee due must be paid by the prescribed due date to avoid the assessment of late penalties and interest.
An extension of time to file SC1120 does not extend the Business Personal Property Return. File PT-100 separately.
What are the penalties and Interest?
Avoid penalties and interest by correctly filing and paying the tax when due.A corporation is required under Code Section 12-54-210 to keep books, papers, memorandum, records, render statements, make returns and comply with regulations as the department prescribes. If a Corporation fails to comply with the provisions of this section, a failure to comply penalty must be added not to exceed five hundred dollars for the period covered by the return in addition to other penalties provided by law.
If a corporation fails to file its tax return when due (including any extensions of time for filing), it may be subject to a failure to file penalty. The penalty shall be five percent of the amount of the tax due if failure is for not more than one month, with an additional five percent for each additional month or fraction thereof during which the failure continues, not exceeding twenty-five percent in the aggregate. The penalty is calculated on the amount of tax shown due on the return reduced by any amounts paid on or before the date prescribed for payment of the tax. In any event, the SC Department of Revenue may assess a late filing penalty of up to $500.00 in addition to the above specified late filing penalties.
If a corporation fails to pay any tax on or before the due date, a failure to pay penalty must be added to the tax. The penalty shall be one-half of one percent of the amount of the tax if the failure is for not more than one month, with an additional one-half of one percent for each additional month or fraction thereof during which the failure continues, not exceeding twenty-five percent.
If a corporation underpays its tax liability and the underpayment is due to negligence or disregard of regulations, it will be charged a negligence penalty of five percent of the underpayment plus fifty percent of the interest payable.
If a corporation substantially understates its tax, it will be charged a substantial understatement penalty of twenty-five percent of the understatement. A substantial understatement is the greater of ten percent of the tax liability or ten thousand dollars. In the case of an S Corporation or a personal holding company a substantial understatement is the greater of five thousand dollars or ten percent of the tax liability.
If a corporation fails to remit the tax due it will be charged interest at the rate provided under
Internal Revenue Code Sections 6621 and 6622. The interest must be calculated on the full amount of tax or portion thereof, exclusive of penalties, from the time the tax was due until paid in its entirety.
Who may file?
This application is to be used by an individual, fiduciary, or partnership to request an extension of time to file SC1040, SC1040A, SC1040NR, SC1065, or SC1041. Please check the appropriate box on the front of this form to indicate which type extension is being requested. The reason for requesting an extension must be stated under Part II, page 1, and properly signed. You will be notified ONLY if your application is denied.
To request an extension of time for a partnership, submit this form stating the reason(s) for the extension of time and the number of days. EACH partner must prepare and submit a Form SC4868 in order to obtain an extension of time for the individual return.
If the taxpayer receives additional time for filing a federal return, the Department will automatically grant the same additional time for filing the South Carolina return, and no forms need to be filed with the Department before the expiration of the original extension. If the taxpayer does not request additional time for filing his federal tax return but needs further time to file his South Carolina return, he may file a federal Form 2688 with the SC Department of Revenue or otherwise request such an extension in writing at the address shown on the front of this form.
If the taxpayer filed a SC4868 and requested an extension period of less than six months, he may subsequently request in writing the additional time which added to the original request will equal six months, and will automatically be granted.
When to File?
File this application ON or BEFORE April 15, 2015, or before the original due date of your fiscal year return. If the due date for filing your return falls on a Saturday, Sunday, or legal holiday, substitute the next regular working day.
How and where to File?
File the original SC4868 with the SC Department of Revenue and pay the amount on line 6, Part I. Attach a copy to the back of your return when it is filed. Retain a copy of this form for your records. Your tax return may be filed any time prior to the expiration of the 120-day extension.
How to claim credit for payment made with this application on your return?
Show the amount paid with this application on the appropriate line of your tax return. If you and your spouse file a joint Form SC4868, you MUST file a joint tax return. If you and your spouse file separate SC4868 forms and later elect to file on a joint tax return, the sum of the amounts paid on the separate SC4868 forms may be shown as a payment, provided both duplicates are attached to the back of the return. Correct social security numbers in the spaces provided on all forms are very important!
Interest and Penalty for failure to pay tax:
The extension of time to file your South Carolina tax return granted by this application DOES NOT extend the time for payment of tax . Any unpaid portion of the final tax due will bear interest at the prevailing federal rates.This amount is computed from the original due date of the tax return to the date of payment. In addition to the interest, a penalty at the rate of 1/2% per month to maximum of 25% must be added when the amount remitted with the extension fails to reflect at least 90% of the tax due by April 15, 2015. The penalty will be imposed on the difference between the amount remitted with the extension and the tax to be paid for the period.
Enter the amount of income tax you expect to owe for the current tax year (the amount you expect to enter on the tax return, when you file). Be sure to use good judgement in estimating the amount you owe. To avoid penalty, you must pay at least 90% of the tax due by April 15, 2015, and pay the balance due when you file your return within the extended time period.
An extension of time to file your tax return will NOT extend the time to PAY your income tax. Therefore, you must PAY IN FULL WITH THIS FORM the amount of income tax shown on line 6, Part I, page 1. See Form SC1065 and instructions for information on the requirement by partnerships to pay withholding tax on South Carolina taxable income of nonresident partners.
File a South Carolina extension through ScnetFile, Zero and balance due extensions are accepted. Pay and balance due by credit card and or Electronic Funds Withdrawal(EFW). We accept Visa and MasterCard. There is no additional charge for paying your balance due by credit card.
If you pay your balance due by Electronic Funds are automatically withdrawn from your checking or savings account based on the payment date you select. EFW is also a FREE service to taxpayers.
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