S.C. Code Ann. § 12-54-210 — Requirements as to keeping of books and records, making of statements and returns, and compliance with department regulations; penalties

(A) A person liable for a tax, license, fee, or surcharge administered by the department or for the filing of a return with the department, including information returns shall keep books, papers, memoranda, records, render statements, make returns, and comply with regulations as the department prescribes. Persons failing to comply with the provisions of this section must be penalized in an amount to be assessed by the department not to exceed five hundred dollars for the period covered by the return in addition to other penalties provided by law.
(B) Microfilm reproductions of supporting record of details including, but not limited to, documents of original entry, purchase orders, invoices, checks, vouchers, and payroll records may be retained in lieu of actual documents only when the following conditions are met:
(1) the taxpayer retains the microfilm copies as long as the contents may become material in the administration of any law administered by the department;
(2) the taxpayer provides appropriate facilities for preservation of the films and for the ready inspection and location of the particular records, including a projector for viewing the records if inspection is necessary; and
(3) the taxpayer is ready to make transcripts of the information contained on the microfilm.