South Carolina Assembly approved 2015 Senate Bill 526 authorizing the Department of Revenue to establish a tax amnesty program. This can consist of an amnesty period during which penalties and interest, or a portion of them, will be waived for taxpayers who voluntarily file and/or amend returns and pay all taxes owed. There will be a beginning and ending date for the tax amnesty period.
Taxpayers must make a request for amnesty. They must voluntarily file all delinquent tax returns and pay in full all taxes due; voluntarily file an amended tax return to correct an incorrect or insufficient original return and pay all taxes due; or voluntarily pay in full all previously assessed tax liabilities due within an extended amnesty period as determined by SCDOR. Amnesty is granted to a taxpayer who has filed his or her returns with the state, but has not paid the required taxes due, and is able to fully pay the taxes owed now, and during an “extended amnesty period.” Installment agreements may be available as long as all taxes are paid within the established period.
Amnesty will not be considered for a taxpayer who is the subject of a state tax-related criminal investigation or criminal prosecution.
If the department establishes an amnesty period, it must notify the South Carolina General Assembly for the amnesty period at least 60 days before the amnesty period.
At C Fitts Tax Solutions, a federally licensed and authorized tax practitioner is available to assist in resolving income tax matters before the Internal Revenue Service and state agencies. Stop in or call us today.