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.
Tax Valuation Considerations for M&A Transactions Public corporations, private equity-backed portfolio companies, and privately held companies…
Your Complete Pillar Two Playbook Today’s resource-challenged tax departments often find it necessary to focus…
Brief Overview of What the Pillar Two Directive Means for Multinational Companies Editor's note: This article was written prior to the OECD's…
Jun Ping Jun Ping, chair of TEI’s Canadian Commodity Tax Committee, a…
TEI Roundtable No. 47: My Tax Journey, Part Two In this continuation of last issue’s Roundtable, participants from TEI’s…
Tax’s Role in Tech Transformation As tax experiences its own transformation with technology, companies are…