South Carolina DOR Releases Form SC1120S-WH, Withholding Tax on Income of Nonresident Shareholders With Instructions

The South Carolina Department of Revenue (DOR) July 12, 2021 released Form SC1120S-WH, Withholding Tax on Income of Nonresident Shareholders, for individual income tax purposes. The DOR provides: 1) that S Corporations must withhold 5 percent of the South Carolina taxable income of shareholders who are nonresidents of the state; 2) that S Corporations must file Form SC1120S-WH and submit their withholding tax payments by the 15th day of the third month following an the corporation’s taxable year-end; 3) no extension is applicable on the filing and payment dates; 4) that S Corporations with payments of $15,000 or more must ...