In the State of South Carolina, corporations are required to declare and pay estimated income tax through the SC1120-CDP form, a mandate overseen by the South Carolina Department of Revenue. This obligation involves calculating the estimated tax for the current accounting year and adjusting for any overpayments credited from the previous year. The form, which has been in use since its last revision on September 4, 2002, plays a crucial role in the state's tax administration by ensuring that corporations contribute their fair share towards the public coffers on a quarterly basis, without waiting for the annual tax billing cycle. Payments must be meticulously planned to meet the deadlines on the fifteenth day of the fourth, sixth, ninth, and twelfth months after the close of the preceding income year, with the option to pay in four equal installments. Adding to its use convenience, the form is designed to be computer scannable, making it easier for handprinting and electronic processing. Moreover, the SC Department of Revenue encourages electronic payments through EFT or ePAY, aligning with modern, digital-friendly practices for financial transactions. It's important to note that corporations estimating their taxes to be less than $100 are exempt from this requirement, highlighting the state's consideration for minimizing the administrative burden on smaller entities. However, failure to accurately file and pay estimated taxes can result in interest charges, calculated in a manner consistent with the guidelines set by the Internal Revenue Code Section 6655, thus emphasizing the importance of compliance and the potential financial implications for oversight.
| Question | Answer |
|---|---|
| Form Name | Sc 1120 Cdp Form |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | in, sc1120 cdp, sc1120 cdp 2019, ePAY |
STATE OF SOUTH CAROLINA
DEPARTMENT OF REVENUE
CORPORATION DECLARATION OF ESTIMATED INCOME TAX
(Rev. 9/4/02)
3093
SC CORPORATE FILE NO.
For accounting period ending
Due Date:
(Signature of duly authorized officer or taxpayer) |
Date |
FED EI NO.
AMOUNT OF THIS INSTALLMENT
.
A. Estimated tax for the current accounting year
$
B. Overpayment from last year credited to estimated tax for this year.
$
STATE OF SOUTH CAROLINA
DEPARTMENT OF REVENUE
CORPORATION DECLARATION OF ESTIMATED INCOME TAX
(Rev. 9/4/02)
3093
SC CORPORATE FILE NO.
For accounting period ending
Due Date:
(Signature of duly authorized officer or taxpayer) |
Date |
FED EI NO.
AMOUNT OF THIS INSTALLMENT
.
A. Estimated tax for the current accounting year
$
B. Overpayment from last year credited to estimated tax for this year.
$
STATE OF SOUTH CAROLINA
DEPARTMENT OF REVENUE
CORPORATION DECLARATION OF ESTIMATED INCOME TAX
(Rev. 9/4/02)
3093
SC CORPORATE FILE NO.
For accounting period ending
Due Date:
(Signature of duly authorized officer or taxpayer) |
Date |
FED EI NO.
AMOUNT OF THIS INSTALLMENT
.
A. Estimated tax for the current accounting year
$
B. Overpayment from last year credited to estimated tax for this year.
$
CORPORATE DECLARATION
The Corporate declaration payment coupons are provided for you to file and pay your declaration of estimate income tax. Quarterly billing will not be made. Therefore, the payment coupon must be attached to your remittance to assure accurate posting to your account.
Mail check to SC Department of Revenue, Corporation Estimate, Columbia, SC
A declaration of estimated tax for the period must be completed on form
Form
0 1 2 3 4 5 6 7 8 9
Do not complete or mail if making payment by EFT. Payments may also be made
No declaration of estimated tax is required for taxpayers whose estimated tax is less than $100.
INTEREST CHARGE FOR FAILURE TO FILE AND PAY ESTIMATED TAX
You may be charged for the failure to file and pay estimated tax. South Carolina Estimated Income Tax payments are computed in the same manner as provided for Federal Estimated Income Tax payments in Internal Revenue Code Section 6655.
CORPORATE DECLARATION
The Corporate declaration payment coupons are provided for you to file and pay your declaration of estimate income tax. Quarterly billing will not be made. Therefore, the payment coupon must be attached to your remittance to assure accurate posting to your account.
Mail check to SC Department of Revenue, Corporation Estimate, Columbia, SC
A declaration of estimated tax for the period must be completed on form
Form
0 1 2 3 4 5 6 7 8 9
Do not complete or mail if making payment by EFT. Payments may also be made
No declaration of estimated tax is required for taxpayers whose estimated tax is less than $100.
INTEREST CHARGE FOR FAILURE TO FILE AND PAY ESTIMATED TAX
You may be charged for the failure to file and pay estimated tax. South Carolina Estimated Income Tax payments are computed in the same manner as provided for Federal Estimated Income Tax payments in Internal Revenue Code Section 6655.
CORPORATE DECLARATION
The Corporate declaration payment coupons are provided for you to file and pay your declaration of estimate income tax. Quarterly billing will not be made. Therefore, the payment coupon must be attached to your remittance to assure accurate posting to your account.
Mail check to SC Department of Revenue, Corporation Estimate, Columbia, SC
A declaration of estimated tax for the period must be completed on form
Form
0 1 2 3 4 5 6 7 8 9
Do not complete or mail if making payment by EFT. Payments may also be made
No declaration of estimated tax is required for taxpayers whose estimated tax is less than $100.
INTEREST CHARGE FOR FAILURE TO FILE AND PAY ESTIMATED TAX
You may be charged for the failure to file and pay estimated tax. South Carolina Estimated Income Tax payments are computed in the same manner as provided for Federal Estimated Income Tax payments in Internal Revenue Code Section 6655.