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Important Updates
Standard Occupational Classification(SOC) Codes
South Carolina employers will be required to report SOC codes on their wage reports for the first quarter of 2024
Please refer to the page above for more information.
Notice for South Carolina Employers:
Beginning with the first quarter of 2024 wage reports, which are due by April 2024, South Carolina Employers will be required to provide SOC codes for their employees and the hours their employees worked when submitting their quarterly wage reports. Standard Occupational Classification (SOC) codes are the federal standard used to classify workers into the specific category that best matches their job. This data will be utilized by stakeholders to support various factors, such as education, transportation, and childcare, to effectively promote a robust and thriving workforce. SOC code information entered by an employer is saved from quarter to quarter.
DEW's tools to help you look up the correct SOC code for your employees:
OccuCoder
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This look up job code matching application allows you to enter the search job titles to find the appropriate SOC code.
​SOC Code Descriptions Page
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This page on the DEW website allows you to quickly choose the area of work and then use the drop-down menu to see all the SOC codes and their descriptions in that category.
For a comprehensive how-to on how to fulfil this requirement, please refer to this guide.
What is the ERC?
The Employee Retention Credit (ERC) was developed to encourage and support employers who retained existing employees throughout 2020 and for the first three quarters of 2021 by offering a generous payroll tax refund through the IRS.
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Eligible businesses could receive a refund of up to $5,000 per employee for all of 2020, and up to $7,000 per employee kept on the payroll for each quarter for Q1 through Q3 of 2021. That’s a total refund of up to $26,000 per employee on your payroll.
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Is my business eligible for tax credits?
Did you know…that the federal R&D tax credit has been a part of the tax code since 1981? These incentives are designed to reward businesses over a wide range of industries for improving their products, processes, or techniques. The credit is designed to encourage large as well as small companies to invest in research & development activities including but not limited to design, development, engineering, experimentation, trial and error, process improvement, software development, quality assurance, and more. This wage-based credit is intended to stimulate R&D activities among businesses like yours.
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The federal credit (and the 43 state versions of the credit) have been put in place over the years to reward companies that are thinking bigger and better about their products or services. These valuable tax credits allow for additional R&D investment. Currently, the R&D tax credit and other related tax breaks save U.S. businesses more than $12 billion a year, as noted in the Washington Post.
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Certainly an impressive figure—and one that would be even larger if all eligible businesses actually applied for the credit. The R&D credit is one of the most overlooked opportunities afforded to large & small businesses. Unfortunately, the vast majority of eligible small companies are unaware of these benefits or how they may qualify.
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For example, when a business makes any changes to the design or development process to make it more affordable, greener, or more efficient, the business could earn tax credits. This tax credit can be applied to both new product development as well as the production side of manufacturing, software development, fabrication, machine shops, agriculture, architecture, biotechnology, as well as a broad range of other industries. These dollar-for-dollar credits may have a huge impact on your bottom line.
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