{"data":{"id":"us-sc/s.c.-code-ann.-12-6-4420","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 12-6-4420","heading":"Method of accounting.","body":"(A) A taxpayer's method of accounting under this chapter must be the same as for federal income tax purposes.\n(B) If a taxpayer's method of accounting is changed for federal income tax purposes:\n(1) The method of accounting for South Carolina income tax purposes is changed. The taxpayer shall provide the department with a copy of the written permission received from the Internal Revenue Service. When written permission is not required to change a method of accounting, the taxpayer shall provide the department with a copy of the election or statement provided to the Internal Revenue Service.\n(2) Additional South Carolina income or deductions which result from adjustments that are necessary because of a change in the method of accounting are included in or deducted from income as provided in the Internal Revenue Code.","path":["Title 12 - TAXATION","CHAPTER 6 South Carolina Income Tax Act","ARTICLE 33 Tax Years, Accounting Methods, and \"S\" Corporation Elections"],"source_url":"https://www.scstatehouse.gov/code/t12c006.php","current_through":"2025 Session of the General Assembly","vintage":"","retrieved_at":"2026-09-02T06:34:54Z","sha256":"dfe0529ee6c5282e2ba780f350db91d2760cc07a99a72f99dcf7b36ab3b30cbb","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-12-6-4410","next":"us-sc/s.c.-code-ann.-12-6-4430"},"notice":"GroundRules: Original legal text. Not legal advice."}