2019 South Carolina Code of Laws
Title 12 - Taxation
Chapter 8 - Income Tax Withholding
Section 12-8-1520. Withholding agents' duties to deposit and pay withholdings.
(A)(1) Resident withholding agents who deposit and pay withholding to the Internal Revenue Service under the provisions of the Internal Revenue Code as defined in Section 12-6-40(A) and applicable regulations shall remit all South Carolina taxes withheld pursuant to this chapter on or before the date their federal withholding taxes are due.
(2) If a resident withholding agent is required under the Internal Revenue Code to deposit withheld funds at a financial institution, then the withholding agent shall deposit the funds required to be withheld under this chapter at a financial institution selected by the State Treasurer, unless otherwise instructed by the department.
(3) If a resident withholding agent is not required to deposit and pay federal withholding to the Internal Revenue Service under the provisions of the Internal Revenue Code and applicable regulations, the resident withholding agent shall remit South Carolina withholding to the department in accordance with subsection (B).
(B) A nonresident withholding agent and a resident withholding agent described in (A)(3) must remit South Carolina taxes withheld under this chapter as follows:
(1) on or before the fifteenth day of the month following the month in which the aggregate amount withheld is five hundred dollars or more; or
(2) on or before the last day of the month following the quarter in which funds were withheld if the aggregate amount withheld in a calendar quarter is less than five hundred dollars.
(C) In order to maintain conformity with the federal withholding system, the department may by rule adopt new federal withholding regulations.
(D) Any withholding agent making at least twenty-four payments in a year must do so as provided in Section 12-54-250.
HISTORY: 1995 Act No. 76, Section 2; 1997 Act No. 83, Section 1; 2005 Act No. 145, Section 20.A, eff July 1, 2005; 2005 Act No. 145, Section 20.B, eff June 7, 2005.
Editor's Note
2005 Act No. 145, Section 20.C, provides as follows:
"Section 12-8-1520(A)(2) of the 1976 Code, as amended in subsection A. of this section, takes effect July 1, 2005. The amendment to Section 12-8-1520 in the 1976 Code in subsection B. of this section applies for payments due after January 1, 2006."
