From the SCDOR: Incorrect Software Calculations on SC1040

| ,

The South Carolina Department of Revenue (SCDOR) has notified tax professionals that some tax software programs are incorrectly calculating information on the SC1040 return.

Specifically, the SCDOR has identified issues with the calculation of:

  • The South Carolina state tax addback on Line A of the SC1040
  • The related conformity additions required on Line E of the SC1040

South Carolina conforms with the Internal Revenue Code as amended through December 31, 2024, and does not adopt the federal changes made with the One Big Beautiful Bill Act (OBBBA). As a result, this includes the increased standard deductions and the increased SALT cap from the OBBBA.

The SCDOR recommends that you review your software and verify that the additions on Line A and Line E are calculated correctly.

For more information, please contact SCDOR or visit their website at dor.sc.gov.

Genuine Learning Blog: FASB Proposes Changes to Mortgage Servicing Rights

Stay up-to-date with the latest from FASB as Melisa Galasso breaks down a new proposal impacting mortgage servicing rights. This quick video outlines what you need to know and why it matters for financial institutions.
READ MORE

Career Opportunity: Controller – Charleston Metro Chamber of Commerce

Help Shape the Future of Finance at the Charleston Metro Chamber! The Charleston Metro Chamber of Commerce is seeking a strategic, forward-thinking Controller to lead our accounting and financial operations ...
READ MORE

Genuine Learning Blog: GASB’s Voluntary Digital Financial Reporting Memo

Discover the key details about GASB’s new voluntary digital financial reporting memo and what it means for governmental entities. Melisa Galasso breaks down the purpose and process behind this modernization effort.
READ MORE