As part of SCACPA’s commitment to Advocacy for the profession, we are continuously monitoring activity for you at the State House during the Legislative Session.
That’s why we want to alert all Members to a joint resolution introduced on the Senate floor on Tuesday, March 23.
As you can see, S.689 proposes to extend the South Carolina 2020 individual income tax deadline “until the same date as federal returns and payments for individuals are due, as extended by the Internal Revenue Service.”
While we are not opposed to such an outcome per se, we do realize that such an action undoubtedly sets a new precedent.
In our experience, the South Carolina Department of Revenue does have the authority to extend state tax filing deadlines. We applaud the fact that the SCDOR can be counted on to be highly supportive in times of disaster. The Department is often in front of the IRS in giving extensions for disaster events.
It now appears with S.689 that there is debate regarding the SCDOR’s authority to grant such extensions.
SCACPA’s initial thoughts on this joint resolution is that it is hard to see how needed legislation would get passed in every instance when South Carolina’s CPAs, individuals and businesses require state-based extensions. There are numerous tax deadlines scheduled throughout the year, and it is unlikely that the Senate will be in session in every instance there is a time of need.
By all appearances, S.689 is being fast-tracked, and we await to see what impacts will come of it.
Please be aware that SCACPA is involved in conversations with all involved parties so that our concerns are heard. While S.689 only directly addresses the 2020 individual income tax deadline, we are highly interested in what long-term solutions are available.
You can track the progress of S.689 at https://www.scstatehouse.gov/billsearch.php?billnumbers=689&session=124&summary=B
As always, we thank you for your support of SCACPA advocacy as we keep you aware of developments at the State House in our fast-changing environments.
