S.C. Code Ann. § 12-60-910 — Jeopardy assessment; notice

(A) If the department finds that the assessment or the collection of a tax or a deficiency for a tax period is jeopardized in whole or in part by delay, the department may terminate the taxpayer's current tax period and immediately assess the tax for the current period and prior periods not barred by the statute of limitations including interest, penalties, and other amounts provided by law. An action by the department made pursuant to this subsection is a "jeopardy assessment".
(B) If a jeopardy assessment is made pursuant to subsection (A), notice of the jeopardy assessment must be provided to the taxpayer by one of the following means:
(1) personal delivery of the assessment to the taxpayer;
(2) mailing a copy of the assessment to the last known address of the taxpayer by first class mail; or
(3) other means reasonably designed to provide notice to the taxpayer.
(C) A jeopardy assessment is immediately due and payable, and proceedings for collection may begin as soon as the jeopardy assessment is made.
(D) A taxpayer may obtain a stay of the collection for all or part of the jeopardy assessment by:
(1) posting a bond with the department equal to the amount of the assessment that will be stayed, including interest to the date of payment; or
(2) providing security in an amount the department considers necessary to secure all or part of the amount of the jeopardy assessment. The security required by the department cannot exceed twice the assessed amount for which the taxpayer seeks a stay.
(E) The department may stay collection at any time it finds that an assessment or the collection of a tax in whole or in part is no longer in jeopardy.
(F) The taxpayer may at any time waive part or all of the stay of collection.
(G) Where collection of part or all of the jeopardy assessment is stayed under this section, the period of limitation on any action to collect the assessment is tolled during the time of the stay.
(H) The bond or security must be reduced if:
(1) the taxpayer pays part of the tax covered by the bond or security and the taxpayer requests the reduction. The reduction must be proportionate to the amount paid;
(2) the department abates a portion of the jeopardy assessment. The reduction in the bond or security must be proportionate to the amount abated.