61 Pa. Code § 153.65 - Corrected report

(a) General. A corrected report shall be filed by a taxpayer who files an amended return with the Federal government if the amended Federal return may result in a change in Pennsylvania taxable income or loss. In the case of a taxpayer participating in the filing of a consolidated Federal return, a corrected report shall be filed by the taxpayer if, had the taxpayer reported to the Federal government on a separate company basis, the taxpayer would have filed an amended return with the Federal government and the amended return may result in a change in Pennsylvania taxable income or loss. If the amended Federal return constitutes a claim for a credit or refund, it shall have been filed within the applicable Federal period of limitation for making the claim. Other amended Federal returns shall have been filed within the applicable Federal period of limitation on assessment. In the case of a taxpayer participating in the filing of a consolidated Federal return, the return which would have been filed shall be deemed timely if the corrected Pennsylvania report is filed within 30 days of the time the amended Federal return would have been required to be filed.

(b) Time for filing and payment. A corrected report shall be filed, and additional tax due paid, within 30 days of the date the amended Federal return is filed, or would have been filed in the case of a corporation participating in the filing of a consolidated Federal return.

(c) Effect of filing. A corrected report amends the original report as of the original due date, and tax due shall be resettled, in so far as possible, so that notice thereof reaches the taxpayer within 18 months after the corrected report was made.

(d) Limitations on resettlement. If, as a result of the filing of a corrected report, there is a change in the amount of the taxable income of a corporation, the Department has the power and duty to resettle the tax. Changes to the tax due made as a result of the filing of the corrected report are limited to those which result directly from the filing of the amended Federal return.

(e) Required documents. The taxpayer shall file the following:

(1) A corrected report which reflects a change in Pennsylvania taxable income or loss.

(2) A copy of the Federal 1120X Return or other amended Federal return filed with the Federal government. In the case of a corporation participating in the filing of a consolidated Federal return, the amended Federal return that would have been filed had the corporation filed on a separate company basis.

(3) If no Federal 1120X return or other amended Federal return has been filed with the Federal government, a complete and detailed statement sworn to by an authorized officer of the taxpayer indicating why the amended return was not filed.

(4) A complete and detailed statement sworn to by an authorized officer of the taxpayer indicating why the correction was not included in the original Pennsylvania Corporate Net Income Tax report.

(f) Proof of acceptance. The Department may, on a case-by-case basis, require the taxpayer to submit evidence that the amended Federal return has been accepted by the Federal government or was prepared in accordance with the Internal Revenue Code.

(g) Interest on underpayments and overpayments of tax. An underpayment of tax resulting from the filing of a corrected report shall bear interest from the original due date of the tax until paid. In the case of an overpayment, the corrected report will be deemed a final return or report under section 806.1(a)(5) of the FC (72 P. S. § 806.1(a)(5)).

Notes

61 Pa. Code § 153.65

The provisions of this § 153.65 adopted September 9, 1988, effective 9/10/1988, 18 Pa.B. 4100.

The provisions of this § 153.65 issued under section 6 of The Fiscal Code (72 P. S. § 6).

This section cited in 61 Pa. Code § 153.64 (relating to amended report); and 61 Pa. Code § 153.66 (relating to applicability).