Suchergebnisse

Attached are updated "Information Guides" for each type of tax appeal that briefly explain the procedures outlined in SC Revenue Procedure #20-1. The guides are intended as a quick reference tool for taxpayer's and tax practitioners.

Attached is a brief summary of Senate Bill 76, Senate Bill 975, House Bill 3695, and House Bill 3998 enacted by the General Assembly through May 12, 2020. The bills are summarized by tax type in bill number order.

This is an overview of the 2020 legislative session with regards to taxation legislation.

On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in response to the COVID-19 pandemic. As part of the relief provided, the Paycheck Protection Program (PPP) was established to provide loans to small businesses for the purpose of paying payroll costs (e.g., wages and benefits) and occupancy costs (e.g., mortgage interest, rent, and utilities) to keep the businesses operating and employees on the payroll. The loan can be forgiven, in whole or part, if the business meets or exceeds certain thresholds related to payroll and occupancy costs. Any portion of the PPP loan that is not forgiven must be repaid over two years at 1% interest.

On March 27, 2020 Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in response to the COVID-19 pandemic. As part of the relief provided, up to a $300 federal income tax deduction is allowed for charitable donations made in 2020 for individuals who claim the standard deduction. To be eligible, the contribution is required to be made in cash to a qualifying charitable organization. During the 2020 Legislative Session, South Carolina conformed to the Internal Revenue Code as of December 31, 2019, but did not conform to the federal CARES Act enacted by Congress in March 2020. Accordingly, there is no South Carolina charitable contribution deduction for an individual who claims the standard deduction in tax year 2020.

This information guide explains the South Carolina Tax Appeals Procedure for State Tax Refund Claims (Other than Property Tax, Bingo, and Alcoholic Beverage Matters).