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
On November 20, 2015, a delegation from TEI's State and Local Tax Committee had a liaison meeting with the Federation of Tax Administrators' Board of Trustees, which is comprised of 20 commissioners of revenue for various states. TEI discussed the need to standardize the timing, triggers, and format for reporting federal revenue changes to state governments, as well as best practices for audit procedures.