Form SC990T Fillable Exempt Organization Business Tax Return
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(a) Estimated Tax (b) REFUNDED (b) Paid by Declaration (c) Paid with Tentative Return (Rev 8/5/15) (See instructions for penalty and interest ) 00 00 1 Credit Carryover From Previous Year's SC990 T Schedule C (NOTE: Should agree to SC1120 TC Column A line 13) 1 Interest not connected with business 1 South Carolina Gross Receipts 1 Taxes on or Measured By Income 1 Total net income as reconciled Enter amount from line 3 Page 1 1 Total Sales Within South Carolina (see instructions) 1 Total Within South Carolina (see instructions) 10 Other Deductions (attach schedule) 11 Total Deductions (add lines 7 through 10) 12 12 12 Net Adjustment (line 6 less line 11) Also enter on line 2 Page 1 SC990 T 14 0804 2 Amounts Allocated to South Carolina on Schedule F 2 Dividends received 2 Enter Total Credits from SC1120 TC Column B line 13 SC1120 TC must be attached to return 2 Federal Net Operating Loss 2 Less: Income subject to direct allocation to SC and other states from Schedule F line 7 2 Total Everywhere 2 Total Sales Everywhere (see instructions) 3 Rents 3 Sales Ratio (line 1 line 2) 3 South Carolina Adjusted Gross Receipts (line 1 line 2) 3 Taxable Ratio (line1 line 2) 3 Total Credits (add lines 1 and 2) 3 Total net income subject to apportionment (line 1 less line 2) 33151028 33152026 33153024 33154022 4 Gains/losses on real property 4 Multiply amount on line 3 by appropriate ratio from Schedule H 1 2 or 3 and enter result here 4 Tax (line 7 SC990 T) 4 Total Gross Receipts 5 Add: Income subject to direct allocation to SC from Schedule F line 8 5 Gains/losses on intangible pers prop 5 Lesser of line 3 or 4 (enter on line 8 SC990 T) (NOTE: Should agree to SC1120 TC Column C line 13 ) 5 Other Additions (attach schedule) 5 Total Amounts Allocated on Schedule F 6 Enter Credits Lost Due to Statute (NOTE: Should agree to SC1120 TC Column D line 13 ) 6 Investment income directly allocated 6 Total Additions (add lines 1 through 5) 6 Total Adjusted Gross Receipts (line 4 line 5) 6 Total SC Net Income (sum of lines 4 and 5 above) also enter on line 4 Page 1 7 Credit Carryover (line 3 less line 5 and 6) (NOTE: Should agree to SC1120 TC Column E line 13 ) 7 Gross Receipts Ratio (line 3 line 6) 7 Interest On Obligations Of The U S 7 TOTAL INCOME DIRECTLY ALLOCATED 8 INCOME DIRECTLY ALLOCATED TO SC A copy of the federal Form 990 T and supporting schedules must be attached to SC990 T activity additional five percent for each additional month or fraction thereof during which the failure continues not exceeding Allocated Allocated Direct to SC Amount Ratio Amount Ratio Amounts and address and Other States Annual Report statements and schedules has been examined by me and is to the best of my knowledge and belief a true and anticipated to be due and the taxpayer has requested a federal extension of time to file a federal income tax return the Attach complete copy of Federal Return Audit Contact Telephone Number Avoid penalties and interest by correctly filing and paying the tax when due Balance of tax (line 7 less line 8) Enter the difference but not less than zero Balance of Tax Due (line 9 less line 11) Basis of Return The unrelated business taxable income as shown on federal Form 990 T is the basis for South Carolina taxable income plus or minus the modifications required by state law For information on these state Change of Address Accounting Period Check here if you filed a federal or state extension Check if Initial Return Amended Return City Audit Location State CITY STATE ZIP CODE Code Sections 6621 and 6622 The interest must be calculated on the full amount of tax or portion thereof exclusive complete return COMPUTATION OF SALES RATIO COMPUTATION OF TAXABLE INCOME FOR ORGANIZATIONS CLAIMING MULTI STATE OPERATIONS continues not exceeding twenty five percent County or Counties in SC Where Property is Located: Date Check if Date Telephone Number deducted in the current tax year To be deductible an NOL must have been incurred in an unrelated trade or business DEDUCTIONS FROM FEDERAL TAXABLE INCOME Department may assess a late filing penalty of up to $500 00 in addition to the above specified late filing penalties department shall accept a copy of a properly filed federal extension if the corporate return is received within the time Directly to discuss this return attachments and related tax matters with the preparer No Email Enter 0% if the principal place of business is outside of South Carolina EXEMPT ORGANIZATION BUSINESS TAX RETURN Expenses extended by the Internal Revenue Service failure to file penalty of five percent of the amount of the tax due if failure is for not more than one month with an Federal unrelated business taxable income from Form 990T Filing Requirements In general every corporation or unincorporated entity operating in South Carolina that is required Firm's name (or for the period of underpayment For more information see SC2220 and the instructions to SC1120 Gross I authorize the Director of the Department of Revenue or delegate to I the undersigned a principal officer of the corporation for which this return is made declare that this return including accompanying If an organization fails to file its tax return when due (including any extensions of time for filing) it may be subject to a If an organization fails to make estimated tax payments when due it may be subject to an underpayment penalty If an organization fails to pay any tax on or before the due date a failure to pay penalty must be added to the tax If an organization fails to remit the tax due it will be charged interest at the rate provided under Internal Revenue If an organization substantially understates its tax it will be charged a substantial understatement penalty of If an organization underpays its tax liability and the underpayment is due to negligence or disregard of regulations If Final Return Indicate Whether: If Multi state Organization enter amount from line 6 Sch G; otherwise enter amount from line 3 If this is an organization's final return signing here authorizes the Department of Revenue to disclose that information with the INCOME TAX PERIOD ENDING INSTRUCTIONS EXEMPT ORGANIZATIONS Interest Due Penalty Due Less: LESS: South Carolina net operating loss carryover if applicable liability or ten thousand dollars In the case of an S Corporation or a personal holding company a substantial Line 5 Instructions After adding the federal net operating loss (NOL) to the federal taxable income in Schedule A the Mail return to South Carolina Department of Revenue Corporation Return Columbia S C 29214 0100 MAILING ADDRESS Make check payable to: South Carolina Department of Revenue Include Business Name FEIN and SC File # Merged Reorganized Final modifications see the instructions for SC1120 Net Adjustment from line 12 Schedule A and B Net Amounts Non refundable credits from line 5 Schedule C (Attach SC1120 TC) NOTE: If there are no sales anywhere: Enter 100% on line 3 if South Carolina is the principal place of business OR of penalties from the time the tax was due until paid in its entirety Officer's printed name Officer's title ONLY MULTI STATE ORGANIZATIONS MUST COMPLETE SCHEDULES F G AND H OVERPAYMENT (line 11 less line 9) To be applied as follows: payable Payments: (a) Tax Withheld (Attach 1099s I 290s and/or W 2s) PENALTIES AND INTEREST Please Preparer's Preparer's Printed Name Preparer's Telephone Number PTIN or FEIN Related RESERVED Return is due on or before the 15th day of the 5th month following the close of the taxable year 3315 Revenue SC FILE # SC990 T Page 2 SC990 T Page 3 SCHEDULE A AND B ADDITIONS TO FEDERAL TAXABLE INCOME SCHEDULE C SUMMARY OF INCOME TAX CREDITS (FROM SC1120 TC) SCHEDULE D RESERVED SCHEDULE E SCHEDULE F INCOME SUBJECT TO DIRECT ALLOCATION SCHEDULE G SCHEDULE H 1 SCHEDULE H 2 COMPUTATION OF GROSS RECEIPTS RATIO SCHEDULE H 3 COMPUTATION OF RATIO FOR SECTION 12 6 2310 COMPANIES Secretary of State You must close with the Secretary of State as well as the Department of Revenue self employed signature Signature of officer Signature The return must be signed by an officer of the organization duly authorized to make the return on behalf of South Carolina (SC) NOL is subtracted on Line 5 The NOL deduction is the SC net operating loss carryover that can be South Carolina Net Income Subject to tax (line 4 less line 5) STATE OF SOUTH CAROLINA SC 990 T TAX: Multiply amount on line 6 by 05 (5 0%) TAXPAYER ID INFORMATION Taxpayer's Signature Date the day the tax return is due Any amounts shown to be due must be paid when the SC1120 T is filed If no tax is the organization The penalty shall be one half of one percent of the amount of the tax if the failure is for not more than one month the return reduced by any amounts paid on or before the date prescribed for payment of the tax Additionally the there must be added a negligence penalty of five percent of the underpayment plus fifty percent of the interest to file federal Form 990 T to report unrelated business income must file SC990 T with the South Carolina Department of TOTAL INCOME TAX Interest and Penalty (add lines 12 and 13) BALANCE DUE Total Net Income as Reconciled (line 1 plus or minus line 2) Total Payments (add lines 10a through 10c) twenty five percent in the aggregate must be added The penalty is calculated on the amount of tax shown due on twenty five percent of the understatement A substantial understatement is the greater of ten percent of the tax understatement is the greater of five thousand dollars or ten percent of the tax liability Use Only When to File SC990 T must be filed on or before the fifteenth day of the fifth month after the end of the tax with an additional one half of one percent for each additional month or fraction thereof during which the failure year If any tax is anticipated to be due a request for an extension of time must be filed using SC1120 T on or before yours if self employed) ZIP Code