The new South Carolina law authorizes the South Carolina Department of Revenue (“Department”) to designate an amnesty period which has a beginning and ending date as determined by the Department.
During the amnesty period, the Department can waive potentially 100% of all interest and penalties if the taxpayer complies with the program. Amnesty will be granted to taxpayers that request an amnesty form and 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 the department. The department may set up installment agreements so long as all taxes are paid within this period.
A taxpayer who has an appeal pending with respect to an assessment is eligible to participate in the amnesty program if the taxpayer pays all taxes owed. However, amnesty will not be granted to a taxpayer who is the subject of a state tax-related criminal investigation or criminal prosecution.