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South Carolina Free Printable SC1104_3090.pdf for 2024 South Carolina Savings and Loan Association Tax Return

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Savings and Loan Association Tax Return
SC1104_3090.pdf

1350 SC 1104 STATE OF SOUTH CAROLINA SAVINGS AND LOAN ASSOCIATION TAX RETURN dor.sc.gov (Rev. 5/30/23) 3090 Due by the 15th day of the fourth month following the close of the taxable year. County or counties in SC where property is located - Income Tax period ending FEIN Audit location: Street address Name City State ZIP Mailing address City State Change of Address Audit contact ZIP Phone number Accounting Period Check if: Check if you filed a federal or state extension. Initial Return Amended Return Check if: Attach complete copy of federal return Merged Reorganized Final Date organized Under the laws of the state of Books are in care of Located at If not incorporated in SC, date qualified to do business in SC COMPUTATION OF SAVINGS AND LOAN ASSOCIATION TAX LIABILITY 1. Federal taxable income per federal tax return (S Corporations: see General Information in Instructions) ......................................................... 1. 2. Net adjustment from Schedule A and B, line 12 .......................................................................... 2. 3. Total net income as reconciled (add line 1 and line 2) .................................................................. 3. 4. If multi-state association, enter amount from Schedule D, line 6; otherwise, enter amount from line 3 .... 4. 5. South Carolina net operating loss carryover, if applicable ............................................................. 5. 6. South Carolina net income subject to tax (subtract line 5 from line 4) .......................................... 6. 7. Tax (multiply line 6 by 6%) ................................................................................. .................... 7. 8. Nonrefundable credits taken this year from SC1120TC ............................................................ 8. 9. Balance of tax (subtract line 8 from line 7) ................................................................................. 9. 10. Payments (a) Tax withheld (attach 1099s or I-290s) .............................................................. 10a. (b) Paid by declaration .................................................................................... 10b. (c) Paid with extension .................................................................................... 10c. (d) Reserved for future use .............................................................................. .... 10d. 11. Total payments (add line 10a through line 10c)........................................................................... 11. 12. Balance of tax (subtract line 11 from line 9) ........................................................................... 12. 13. (a) Interest (b) Late file/pay penalty 00 00 (c) Declaration penalty (attach SC2220) 00 Total (add line 13a through line 13c) See penalty and interest instructions ........................................ 14. Total Income Tax, interest, and penalty (add line 12 and line 13). . . . . . . . . . . . . . . BALANCE DUE 15. Overpayment (subtract line 9 from line 11) 00 To be applied as follows: (a) Estimated Tax (b) REFUND 00 < 13. 14. 00 00 15. 00 Under penalty of law, I certify that I have examined this return, including accompanying statements and schedules, and it is true and complete to the best of my knowledge. Sign Here Signature of officer Officer's title Print officer's name Date Preparer's Paid Preparer's signature Use Only Firm's name (or yours if self-employed) and address 30901052 Date Email Phone number I authorize the Director of the SCDOR or delegate to discuss this return, Yes attachments, and related tax matters with the preparer. Print preparer's name No Check if self-employed ZIP 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 Preparer's phone number PTIN or FEIN > SC1104 SCHEDULE A AND B Page 2 ADDITIONS TO FEDERAL TAXABLE INCOME 1. Taxes on or measured by income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. 2. 2. 3. 3. 4. 4. 5. Other additions (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. 6. Total additions (add line 1 through line 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. DEDUCTIONS FROM FEDERAL TAXABLE INCOME 7. 8. 9. 10. 11. 12. Additions to reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. 8. 9. Other deductions (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10. Total deductions (add line 7 through line 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. Net adjustment (subtract line 11 from line 6) Also enter on SC1104, page 1, line 2 . . . . . . . . . . . . . . . . . . . . . . 12. Only multi-state associations must complete Schedules C, D, and E SCHEDULE C INCOME SUBJECT TO DIRECT ALLOCATION Less: Related Expenses 2 Gross Amounts 1 1. 2. 3. 4. 5. 6. 7. 8. Net Amounts Allocated Directly to SC 4 Net Amounts Allocated Directly to SC and Other States 3 Interest not connected with business Dividends received Rents Gains/losses on real property Gains/losses on intangible personal property Investment income directly allocated Total income directly allocated Income directly allocated to SC SCHEDULE D COMPUTATION OF TAXABLE INCOME OF MULTI-STATE ASSOCIATIONS 1. 2. 3. 4. 5. 6. Total net income as reconciled from SC1104, page 1, line 3 Income subject to direct allocation to SC and other states from Schedule C, line 7 Total net income subject to apportionment (subtract line 2 from line 1) Multiply line 3 by the ratio from Schedule E Income subject to direct allocation to SC from Schedule C, line 8 Total SC net income (add line 4 and line 5) Also enter on SC1104, page 1, line 4 SCHEDULE E COMPUTATION OF GROSS RECEIPTS RATIO 1. In SC 1. 2. 3. 4. Total gross receipts Exclusion Total adjusted gross receipts (subtract line 2 from line 1) Gross receipts ratio (line 3, column 1 divided by line 3, column 2) 30902050 1. 2. 3. 4. 5. 6. < 2. Total Everywhere > < 3. Ratio > % INSTRUCTIONS General Information: Savings and Loan Associations cannot elect S Corporation status for South Carolina Income Tax purposes. For federal S Corporations, prepare and attach a pro forma federal 1120 and enter the taxable income on line 1. Include the entity's FEIN. Attach a complete copy of your federal return. Have a balance due? Pay online! It's quick and easy! Use our free online tax portal, MyDORWAY, at dor.sc.gov/pay. Select Business Income Tax Payment to get started. If you pay by check, make your check payable to SCDOR. Include your name, tax year, FEIN, and SC1104 in the memo. Do not send cash. Mail Balance Due returns to: SCDOR Corporate Taxable PO Box 100151 Columbia, SC 29202 Mail Refund or Zero Tax returns to: SCDOR Corporate Refund PO Box 125 Columbia, SC 29214-0032 Request for extension to file: • Need more time to file? Request a filing extension by paying your balance due on our free online tax portal, MyDORWAY at dor.sc.gov/pay. Select Business Income Tax Payment to get started. Your payment automatically submits your filing extension request. No additional form or paperwork is required. • If requesting your extension by mail, use the SC1120-T, Application for Automatic Extension of Time to File Corporate Tax Returns, available at dor.sc.gov/forms. • If no tax is due and you have requested a federal extension, the federal extension will be accepted as a South Carolina extension if we receive your return within the time as extended by the IRS. • There is no extension of time for payment of tax. Any tax due must be paid by the due date to avoid late penalties and interest. • Mark the Extension box on the front of this return if you filed a state or federal extension. Declaration of Estimated Tax: • You have two options to make Estimated Tax payments. You can make four equal payments, due on the 15th day of the fourth, sixth, ninth, and twelfth months of the taxable year. Or, you can pay 100% of the Estimated Tax due on the 15th day of the fourth month of the taxable year. • The quickest, easiest way to pay is using our free online tax portal, MyDORWAY, at dor.sc.gov/pay. Select Business Income Tax Payment to get started. Do not submit the SC1120-CDP if you pay online. • If making your Estimated Tax payments by mail, use the SC1120-CDP, Corporation Declaration of Estimated Income Tax, available at dor.sc.gov/forms. • Avoid a penalty by making each payment on time. For information on computing underpayment penalties, see the SC2220, Underpayment of Estimated Tax by Corporations, available at dor.sc.gov/forms. Accounting: Your accounting method must be the same as the method you use for federal Income Tax purposes. If a change in accounting is approved or changed by the IRS, you must provide the SCDOR with a copy of the written permission received from the IRS. Bad debt reserve: The bad debt deduction allowable for South Carolina Income Tax purposes is the amount determined under the Internal Revenue Code as defined in SC Code Section 12-6-40, available at dor.sc.gov/policy. Any amount set aside as a bad debt reserve prior to 1986 under South Carolina's prior law may not be included in South Carolina taxable income as a result of the change in method in which the bad debt reserve is computed. LINE INSTRUCTIONS: Line 1: Enter the taxable income as shown on the federal tax return. You must attach the federal return and all supporting schedules. Line 2: Complete Schedule A and B on page 2 and enter the net adjustment from line 12. Some of the additions to federal net income are: • State and local Income Taxes, state and local Franchise Taxes measured by net income, any other Income Taxes, or any taxes measured by or with respect to net income. 1 • If you are reporting income or deducting expenses over a time period as a result of a change of accounting method or accounting year, use the manner provided in the Internal Revenue Code and approved by the IRS. When the authorized adjustment period expires, continue to report the balance of the income or deduct the remaining expenses for South Carolina Income Tax purposes until all of the income or expenses have been fully reported or deducted. Some of the deductions from federal net income are: • Associations are exempt from the tax during the first three years of their operation. • Reduction in basis of depreciable property as required by Section 48(q) of the Internal Revenue Code. • If, as of January 1, 1985, you are deducting the cost of personal property placed in service prior to 1985, as provided in Internal Revenue Code Section 168, you are allowed, for South Carolina purposes, a similar annual deduction. When the federal deductions expire, you may subtract any remaining deductible cost on your South Carolina tax return at the rate of 50% a year. The total deductions taken may not exceed the depreciable basis of the assets. • If, as of January 1, 1985, you are deducting the cost of improvements to real property paid or incurred prior to 1985, you may deduct any remaining deductible costs on your South Carolina return at the rate of 20% a year. The total deductions taken may not exceed the depreciable basis of the assets. Line 5: After adding the federal NOL to federal taxable income in Schedule A, subtract the South Carolina NOL on Line 5. Line 8: Attach the SC1120TC and applicable tax credit schedules. The credits claimed cannot exceed your tax liability. Line 13: Calculate penalty and interest using the Penalty and Interest Calculator at dor.sc.gov/calculator. Avoid penalties and interest by filing and paying the tax when it is due. • If an association fails to file its tax return when due (including any extensions), it will be subject to a failure to file penalty. • If an association fails to pay tax by the due date, a failure to pay penalty must be added to the tax. • If an association underpays its Estimated Tax, complete the SC2220 and attach it to the return. If the association owes a penalty, show the amount in the space provided. If the association is due a refund, subtract the penalty amount from the overpayment on line 15. The SC2220 is available at dor.sc.gov/forms. • If an association fails to pay the tax due, it will be charged interest at the rate provided under IRC Sections 6621 and 6622. For more information, refer to the SC1120 Instructions, available at dor.sc.gov/forms. 2
Extracted from PDF file 2023-south-carolina-form-sc1104.pdf, last modified June 2023

More about the South Carolina Form SC1104 Corporate Income Tax TY 2023

We last updated the Savings and Loan Association Tax Return in January 2024, so this is the latest version of Form SC1104, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form SC1104 directly from TaxFormFinder. You can print other South Carolina tax forms here.


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Other South Carolina Corporate Income Tax Forms:

TaxFormFinder has an additional 68 South Carolina income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form WH-1612 Transmittal Form for W2s or 1099s Submitted by CD-ROM or Paper
Form I-309 Nonresident Shareholder or Partner Affidavit and Agreement Income Tax Withholding
Form I-349 Schedule for Business Closure or Organizational Change
Form SC1065 Partnership Return (SC1065)
Form SC8736 Request for Extension of Time to File/Fiduciary and Partnership (SC8736)

Download all SC tax forms View all 69 South Carolina Income Tax Forms


Form Sources:

South Carolina usually releases forms for the current tax year between January and April. We last updated South Carolina Form SC1104 from the Department of Revenue in January 2024.

Show Sources >

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of South Carolina Form SC1104

We have a total of twelve past-year versions of Form SC1104 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form SC1104

SC1104_3090.pdf

2022 Form SC1104

SC1104_3090

2021 Form SC1104

SC1104_3090.pdf


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