South Carolina Sales Tax Guide
Chapter 7: How to manage late South Carolina sales tax return filing
Hopefully you don't need to worry about this chapter because you're getting your South Carolina sales tax filing and remittance done on time and submitted without incident. However, in the real world, mistakes happen. In this chapter, we'll talk about how to avoid costly penalties and fines if you've missed your assigned filing deadline.What do I do if I missed my South Carolina sales tax filing deadline?
The first thing to do is get your return filed. This is definitely one of those situations where things are "better late than never." As long as you don't submit your tax filing paperwork, or hold on to the tax dollars you've collected, you may be accruing fines and interest. It's always best to get your filing done and deal with any penalties and interest payments later.What penalties and interest payments are imposed by the South Carolina Department of Revenue?
Failure to File
Failure to file a sales tax return in South Carolina may result in a fine equal to 5% of tax due if the late return is filed within one month. An additional 5% may be assessed for each additional month or fraction thereof. The fine is capped at a maximum of 25%.
Late payment of sales tax to the South Carolina Department of Revenue may result in a penalty of 0.5% of the tax due for the first month and an additional 0.5% for each additional month or fraction thereof. The fine is capped at a maximum of 25%.If I acquire a business, am I responsible for any outstanding sales tax debts, penalties, and interest?
Yes! If you are acquiring a business, it is strongly recommended that you contact the South Carolina Department of Revenue and inquire about the current state of the potential acquisition. Once you've purchased the business, you will be held responsible for any and all outstanding South Carolina sales and use tax liability.