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Filing a corporate tax return with the SCDOR registers you automatically with the SCDOR. If this is your first return being filed, check the box for Initial Return on the actual tax return.
On receipt of this initial return, a Corporate Registration Filing Requirements letter (SC 1070L) will be mailed to you listing your South Carolina corporate file number along with other important information. You should use this corporate file number on all future corporate returns, payment documents and/or correspondence directed to the
You are required to file a CL-1 (Initial Annual Report of Corporations) and pay a one-time $25 initial corporate license fee within 60 days of doing business or using capital in the state of South Carolina. This fee should be paid to the SCDOR if you have not already done so with the South Carolina Secretary of State (SCSOS).
The SCDOR has no role in requiring a Certificate of Authority with the SCSOS to do business in South Carolina. Questions about who is required to have a Certificate of Authority should contact the SCSOS. The requirements for a Certificate of Authority are in
Chapter 15 Title 33 of the South Carolina Code of Laws.
Corporate income tax returns for C corporations are due no later than the fifteenth day of the third month following the close of the taxable year. C corporations should file Form
NOTE: Taxpayers filing a federal 1120-F, 1120-H, 1120-POL, 1120-REIT, or similar variation of federal Form 1120 should file
The federal extension will be accepted as a South Carolina extension if the corporate return is received within the time as extended by the IRS.
Consolidated Returns: Corporations filing a consolidated return should file a single South Carolina extension. A federal extension will be accepted. Check the box on the tax return if you filed a federal or state extension.
Corporations must make estimated tax (or declaration) payments if their estimated tax (income tax less credits) is determined to be $100 or more. Quarterly installments are due by the fifteenth day of the fourth, sixth, ninth, and twelfth months of the tax year.
SC1120-CDP provides corporate declaration payment coupons for you to file and pay your quarterly estimated tax payments. Alternatively, quarterly declaration payments may be made through
SC2220 to compute underpayment penalties.
A consolidated return may be filed on behalf of:
Substantial control means ownership by one corporation of 80% or more of the total combined voting power of all classes of stock of the other corporations. Check the Consolidated Return box on SC1120 and complete Schedule J and Schedule M.
All corporations included in a consolidated return or combined return must use the same accounting year. An election to file a consolidated return must be made on an original, timely filed return. The election to file a consolidated return may not be changed after the return is filed. Remember: a multi-state corporation must compute and use a separate apportionment ratio in arriving at the SC taxable income and license fee for each entity included in the consolidation.
S corporations, savings and loans, and banks are unable to participate in a consolidated return.
A consolidated return must include the income allocated to South Carolina and the calculation of a separate license fee for the parent and each subsidiary. A separate annual report and profit-and-loss statement are also required using each member's own apportionment ratio.
The Schedule M is in 3 parts.
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