In South Carolina, your LLC is not legally required to file an annual report with the state unless you have elected to be taxed as a corporation. If you have, you must file an annual report which is part of your state corporate tax return. Failure to do so can lead to fines and even the closure of your business, so it’s crucial that you stay up-to-date.
What Is an Annual Report?
If it’s taxed as a corporation, your LLC must file an annual report, also known as a statement of information, with your state to keep your company in good standing.
Who Needs to File an Annual Report?
Any corporation or an LLC that has elected to be taxed as a corporation and is legally registered in the state of South Carolina must file this report, which includes detailed information about your business.
How to File a South Carolina Annual Report
In South Carolina, the annual report is filed with the Department of Revenue along with your state corporate tax return. The annual report is schedule D of the tax return form. To file online, you must use one of the following approved tax software options:
- Advanced Tax Solutions
- ATX – Universal
- CCH ProSystemFx
- Drake Software
- Intuit ProSeries
- Intuit Tax Online
- Online Taxes Inc
- RCS TaxSlayer
- UltraTax CS (Creative Solutions)
- UTS – TaxWise
You must file and pay online using one of these services if you owe more than $15,000 in taxes.
If you are eligible and want to file by mail, you can download the form and mail it, along with your payment, as follows:
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
If you have filing questions, call 803-734-2158.
In South Carolina, corporate tax returns and annual reports are due on or before the 15th day of the fourth month after the close of the taxable year. If you file the return late, you will receive a penalty of 5% per month, not to exceed 25%.
What Happens After I File my Annual Report with My Corporate Tax Return?
After you file your report, you will receive a notification of any errors or omissions, or confirmation that your report has been filed. If you receive a notification, it’s crucial that you respond quickly and address any errors in order to avoid penalties.
Filing an annual report with your corporate tax return is a requirement for LLCs in South Carolina that have elected to be taxed as corporations, so it’s critical that you take the time to accurately fill out the form and file with your state in a timely manner. This will ensure your company is allowed to operate uninterrupted and with no legal penalties.