When it comes to filing an extension for your business income tax returns, many business owners think that this process ends with IRS. However, depending on the state where your business is located, there may be more to it.
While several states will acknowledge a Form 7004 that was filed with and accepted by the IRS for the current tax year, there are a few states that require businesses to file a separate form with their agency to file an extension for state business tax returns.
One of these states is South Carolina. Here is an overview of the business tax requirements in this state and what is required for an extension.
South Carolina Filing Requirements – Partnerships
In addition to filing a Form 1065 with the IRS to report income information about the partnership, these businesses are also required to file Form SC1065 with the state of South Carolina.
Partnerships are required to file Form SC1065 within 3 months and 15 days following the end of its tax year. For partnerships that operate on a calendar year schedule, this is March 15th.
Businesses that are classified as a Partnership and are located in the state of South Carolina must file a state extension form in addition to the Form 7004 that they file with the IRS. The state form that partnerships are required to file with the state of South Carolina to request up to a 6-month extension isForm SC8736.
Just like Form 7004, this extension form must be filed on or before the deadline to file Form SC1065.
South Carolina Filing Requirements- Corporations
C-corporations in the state of South Carolina must file Form SC1120 with the state in addition to filing Form 1120 with the IRS each year.
The deadline for corporations to file Form SC1120 is four months and 15 days following the end of their tax year. For corporations operating on a calendar year, this is April 15th.
Corporations that are located in the state of South Carolina must file a state extension form in addition to filing Form 7004 with the IRS. The state form that partnerships are required to file with the state of South Carolina to request up to a 6-month extension isForm SC 1120-T.
Form SC 1120-T must be filed on or before the corporation’s original Form SC1120 filing deadline.
South Carolina Filing Requirements- S-Corporations
C-corporations in the state of South Carolina must file Form SC 1120-S with the state in addition to filing Form 1120-S with the IRS each year.
If an S-corporation needs to file an extension of time for their income tax return, they must file a Form 7004 with the IRS and a separate tax extension form with the state of South Carolina.
The deadline for filing Form SC 1120-S is within three months and fifteen days following the end of the S-corporation’s tax year. For those operating on a calendar year schedule, this is March 15, 2023.
For the S-corporation to obtain an extension of up to 6 months for filing their SC 1120-S with the state, they must complete Form SC 1120-T by their original filing deadline.
Filing State Business Tax Extensions with ExpressExtension
With ExpressExtension you can file both federal and state extension forms. To complete Forms Forms SC 1120-T and SC8736, simply sign in to your ExpressExtension account and select state filing. You can then fill out your form and proceed to download and print it. Then you can mail it using the address that ExpressExtension provides.
Ready to request an extension of time to file? Create your free ExpressExtension account now.