The South Carolina Department of Revenue’s “Tax Legislative Update for 2020” policy manual (45 pages) provides a summary of most of the significant changes in tax and regulatory laws enacted during the past legislative session; it is not an interpretation by the Department. A complete copy of the legislation can be obtained from the South Carolina Legislature’s website at scstatehouse.gov.
Related advisory opinion: IL20-19 (“Tax Legislative Update for 2020,” 6 pages)
Related advisory opinion: IL20-31 (“Tax Legislative Update for 2020 – Subsequent Legislation,” 19 pages)
Watch for alerts on the SCACPA website and social media for additional tax development news as we enter 2021.
MORE FROM THE SCDOR
2021 Individual Income Tax Filing Season Information
- The SCDOR encourages you to review filing and refund options with your clients. The fastest, most secure Individual Income Tax refund option is direct deposit. To save time, increase security, and save tax dollars, the SCDOR encourages taxpayers to file electronically and choose direct deposit.
- If your client owes a balance, discuss paying online using MyDORWAY. It’s faster, easier, and more convenient. Your client can pay from a computer, tablet, or smartphone, and receive a receipt instantly.
- As part of the CARES Act, Congress allows federal taxpayers taking the standard deduction to claim a deduction of up to $300 for a 2020 cash donation to charities. However, South Carolina has not conformed to the CARES Act, so if your clients choose this deduction on their federal return, they must add the same amount to their income on a SCDOR return. Review Information Letter #20-34 at dor.sc.gov/policy for more information.
- For any of your clients who did not receive an Economic Impact Payment, they may be able to claim the IRS Recovery Rebate Credit in 2021. Visit gov for details. If they received that payment, it is not taxable income in South Carolina.
For more information on the 2021 SC tax season, visit the SCDOR website at dor.sc.gov/iit.
Coming this Summer
The SCDOR will unveil upgrades and changes to its online tax portal, MyDORWAY. Check in at dor.sc.gov/MyDORWAY for details.