South Carolina Code of Laws — Title 12 (Taxation)
S.C. Code Ann. § 12-6-4420
Method of accounting
# (A)
A taxpayer's method of accounting under this chapter must be the same as for federal income tax purposes.
# (B)
If a taxpayer's method of accounting is changed for federal income tax purposes:
# (1)
The method of accounting for South Carolina income tax purposes is changed. The taxpayer shall provide the department with a copy of the written permission received from the Internal Revenue Service. When written permission is not required to change a method of accounting, the taxpayer shall provide the department with a copy of the election or statement provided to the Internal Revenue Service.
# (2)
Additional South Carolina income or deductions which result from adjustments that are necessary because of a change in the method of accounting are included in or deducted from income as provided in the Internal Revenue Code.
Source: view the official text
In this chapter (40 sections)
- 12-6-3632 · Earned income tax credit
- 12-6-3660 · Tax credit for costs of retrofitting to make residence more…
- 12-6-3665 · Credit for sales tax paid on purchases of tangible personal…
- 12-6-3670 · Credit for excess premium paid for property and casualty…
- 12-6-3695 · Alternative fuel property income tax credit
- 12-6-3710 · Income tax credit for taxpayers that hire formerly…
- 12-6-3720 · Income tax credit for taxpayers that hire veterans;…
- 12-6-3750 · Nonrefundable tax credit for processing donated deer for…
- 12-6-3770 · Repealed
- 12-6-3775 · Repealed
- 12-6-3780 · Credit for preventative maintenance
- 12-6-3790 · Educational Credit for Exceptional Needs Children's Fund
- 12-6-3795 · South Carolina housing tax credit
- 12-6-3800 · Income tax credit for service as a preceptor
- 12-6-3810 · Recreational trail easement income tax credit
- 12-6-3820 · Short line railroad tax credits
- 12-6-3910 · Estimated tax payments form; due dates; treatment of excess…
- 12-6-3920 · Extension for filing and paying estimated taxes
- 12-6-3930 · Imposition of interest and penalties on National Guard and…
- 12-6-4410 · Taxable years
- 12-6-4420 · Method of accounting
- 12-6-4430 · "S" corporation elections
- 12-6-4910 · Persons, corporations, and other entities required to make…
- 12-6-4920 · Interstate motor carrier required to file return
- 12-6-4930 · Tax return of estate or trust; by whom to be made
- 12-6-4940 · Trust institutions maintaining common trust fund must make…
- 12-6-4950 · Information returns
- 12-6-4960 · Form of tax return; department to furnish blank forms;…
- 12-6-4970 · Time to file returns
- 12-6-4980 · Extension of time for filing return
- 12-6-4990 · Payment of tax due upon filing return; effect of extension;…
- 12-6-5000 · Filing of separate or joint federal returns by husband and…
- 12-6-5010 · Release of claim to personal exemption by custodial parent
- 12-6-5020 · Authorized filing of consolidated corporate income tax…
- 12-6-5030 · Composite returns for partnership or "S" corporation
- 12-6-5050 · Tax preparer's taxpayer identification number
- 12-6-5060 · Voluntary contribution to certain funds may be designated…
- 12-6-5095 · Rounding to nearest whole dollar on tax returns
- 12-6-5510 · Certificate of compliance as prima facie evidence
- 12-6-5520 · Notification to domestic or foreign corporation of failure…