south carolina

South Carolina Permits Reporting of Federal Income Adjustments Based on TEI Policy Statement

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