On December 8, 2016, the South Carolina Department of Revenue issued SC Revenue Procedure #16-1, which addresses how corporations may report federal income tax adjustments made by the Internal Revenue Service. Generally, corporations may report corrections or changes to a previously filed South Carolina return by filing an amended South Carolina corporate income tax return. However, under SC Revenue Procedure #16-1, corporations may opt to report changes to taxable income resulting from IRS adjustments using a streamlined reporting method, along with a copy of the taxpayer’s federal final determination. Attached to the Revenue Procedure is an approved sample reporting format that is based upon the model provided in TEI’s policy statement addressing the reporting of federal adjustments. South Carolina issued the Revenue Procedure following a liaison meeting TEI held with the Federation of Tax Administrators in November 2015 and follow-up discussions with the director of South Carolina’s Department of Revenue and his staff.
Prepare for Public Country-by-Country Reporting With public country-by-country reporting (CbCR) on the horizon, companies with…
Question: How Can Companies Take Advantage of Digital Assets With No Tax Impact? Digital-asset-based loyalty and reward programs allow companies to create a…
The Rise of the Excise Tax In August 2022, Public Law No. 117-169—commonly called the Inflation…
Optimizing Your Tax and IT Stack Tax leaders, tax technologists, chief financial officers (CFOs), and chief…
Who Is the Customer? Compared to the complexity of cost-of-performance (COP) sourcing of services…
Navigating Tax Risk in the Modern Era: Why Tax Technology Is Essential In today’s ever-changing tax world, managing the organization’s tax risk…