South Carolina Seller's Affidavit of Nonforeign Status
Description
How to fill out Seller's Affidavit Of Nonforeign Status?
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FAQ
The Seller's Affidavit of Non-Foreign Status ( AS-14) is used to document the exemption if the Seller is not a NRA. This can be signed by a: US citizen; US green card holder; or. Non-citizen who meets the substantial presence test (based on the number of days actually present in the US).
The affidavit is used by a nonresident shareholder or partner to request an exemption from the withholding required pursuant to SC Code Section 12-8-590. Shareholders or partners who will be included in a composite Individual Income Tax return do not need to complete this affidavit.
S Corporations are required to withhold 5% of the South Carolina taxable income of shareholders who are nonresidents of South Carolina. To avoid penalty and interest, file the SC1120S-WH and submit your Withholding Tax payment by the 15th day of the third month following the S Corporation's taxable year end.
If the seller gives the buyer a ?Seller's Affidavit? stating that, for South Carolina income tax purposes, he will elect out of installment sales treatment, as defined by Internal Revenue Code §453, then the buyer will remit the entire amount of withholding tax in one payment.
A person is not required to withhold taxes for a nonresident taxpayer who submits an affidavit (Form I-312) certifying that they are registered with either the South Carolina Secretary of State or the South Carolina Department of Revenue.
The transferee can obtain from the transferor a ?Transferor Affidavit.? The purpose of this affidavit is to protect the transferee who is not receiving business assets or where the transferor is not transferring a majority of the assets of a business in this and other related or planned transfers from a tax lien that ...
Partnership taxpayers whose South Carolina tax liability is $15,000 or more per filing period must file and pay electronically. To file by paper, use the SC 1065 Partnership Return.
