South Carolina DOR Releases Income Tax Form CL-1, Initial Annual Report of Corporations

The South Carolina Department of Revenue (DOR) April 14 released Form CL-1, Initial Annual Report of Corporations, for corporate income and individual income tax purposes. Taxpayers must submit the form and a $25 minimum license fee to the South Carolina Secretary of State if they are a: 1) domestic corporation filing their initial Articles of Incorporation; or 2) foreign corporation filing an Application for Certificate of Authority to Transact Business in the state. The secretary of state can’t process a form that isn’t accompanied by Articles of Incorporation or an Application for Certificate of Authority to Transact Business. The DOR ...