Mo. Code Regs. tit. 12 § 10-10.050

Current through Register Vol. 49, No. 17, September 3, 2024

Section 12 CSR 10-10.050 - Statute of Limitations for Credit Institutions Tax

PURPOSE: This rule establishes a statute of limitations for the assessment of Credit Institutions Tax as set out in Chapter 148, RSMo.

(1) Except as otherwise provided in this rule, an assessment shall be mailed to the taxpayer within three (3) years after the return was filed. No deficiency shall be assessed or collected with respect to the year for which the return was filed unless the notice is mailed within the three (3)-year period or the period otherwise fixed.

(2) If a taxpayer omits from its return an amount of income that is properly includable in its gross income which is in excess of twenty-five percent (25%) of the amount of gross income stated in its return, an assessment may be mailed to the taxpayer within six (6) years after the return was filed. For purposes of this rule, in determining the amount omitted, there shall not be taken into account any amount which is omitted in the return if the amount is disclosed in the return, or in a statement attached to the return, in a manner adequate to apprise the director of revenue of the nature and amount of the item.

(3) If no return is filed or a false or fraudulent return is filed with intent to evade the tax, an assessment may be mailed to the taxpayer at any time.

(4) If a taxpayer fails to report a change or correction in federal taxable income which would increase its tax liability under Chapter 148, RSMo, an assessment may be mailed to the taxpayer within one (1) year after the Business Tax Bureau or Field Audit Bureau of the Department of Revenue shall become aware of the change or correction. A notice under this section shall be limited to the effects of the change or correction.

(5) Where, before the expiration of the time prescribed in this rule for the assessment of a deficiency, both the director of revenue and the taxpayer shall have consented in writing to its assessment after that time, the deficiency may be assessed at any time prior to the expiration of the period agreed upon. The period so agreed may be extended by subsequent agreement in writing made before the expiration of the period previously agreed upon.

(6) For purposes of this rule, a return filed before the last day prescribed by law or by a corresponding rule for the filing of that return, shall be deemed to be filed on the last day. If a return for any period ending with or within a calendar year is filed before April 15 of the succeeding calendar year, the return shall be deemed to be filed on April 15 of the succeeding calendar year.

12 CSR 10-10.050

AUTHORITY: sections 148.100, 148.200 and 148.700, RSMo 1986.* Original rule filed July 11, 1985, effective Oct. 11, 1985. 'Original authority: 148.100, RSMo 1945; 148.200, RSMo 1945 and 148.700, RSMo 1982.