With South Carolina not yet close to Conformity with new Federal tax laws, the Post and Courier published an article in its edition of Sunday, April 8, that considers the headaches that can be in order if SC taxpayers have to maintain two separate sets of book for Federal and State income tax obligations. (“S.C. Taxpayers Encouraged to File for Extension Amid Confusion over State and Federal Tax Codes”)
In researching the piece, P&C reporter Seanna Adcox (on Twitter: @seannaadcox_pc) reached out to SCACPA for facts about Conformity and the variety of impacts in play as the April 17 tax deadline nears.
“These being out of alignment create a ton of additional work for people and businesses,” Jenkins was quoted as saying in the article, based on a phone interview.
At issue are retroactive changes to 2017 earnings, which could be hefty for eligible taxpayers.
“If they file now, they may have to file an amended return with the state,” Jenkins told the Post and Courier.
The story spells out how confusing it can be for those who do not hire accounting professionals to abide by two sets of tax codes. Also included are reactions from the state’s Department of Revenue, Fiscal Affairs Office and the Chamber of Commerce.
The article closes with Jenkins encouraging state legislators to enact a law that simply conforms to the Federal code and delay their debates on SC tax reform for the future.