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Filing a Corporate Tax return automatically registers you with the SCDOR. If this if your first return filed, check the
Initial Return box on the front of the SC1120.
You will receive a Corporate Registration Filing Requirements letter (SC1070) listing your corporate file number along with other important information. Use your FEIN and corporate file number on all Corporate Tax returns, payment documents, and correspondence submitted to the SCDOR.
You are required to file a CL-1 (Initial Annual Report of Corporations) and pay the $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.
C Corporations file the
SC1120 is due by the 15th day of the fourth month after the tax year end.
Taxpayers filing a federal 1120-F, 1120-H, 1120-POL, 1120-REIT, or similar variation of the federal 1120 should file the SC1120.
To amend an
SC1120, complete a new form and check the
Amended box on the front of the return. With the filing of the amended SC1120, include an explanation for the adjustments, a copy of the federal amended return, and a copy of the original filed return.
If a copy of the original return is not provided, the amended return will not be processed.
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.
Consolidated Return box on the front of the 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. 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.