Section 6-3-4.5-8 - Filing of amended partnership return; remittance; tiered partners; direct or indirect partners; payment of tax; tax attributes(a) If a partnership: (1) determines that it did not correctly report any tax attribute for a taxable year;(2) determines that it did not correctly allocate any tax attribute for a taxable year; or(3) receives final federal adjustments as a result of a federal partnership audit or administrative adjustment request for a taxable year; the partnership shall file an amended partnership return with the department and provide its direct partners with amended statements or a report in the form and manner prescribed by the department reflecting the correctly reported and allocated tax attributes for any applicable year.
(b) If the partnership files an amended partnership return under this section for a taxable year:(1) the partnership shall remit any composite tax or withholding tax due under IC 6-3-4-12 or IC 6-5.5-2-8 and any pass through entity tax due under IC 6-3-2.1 on its direct partners resulting from the amended return at the time of filing;(2) any tiered partners shall, not later than the applicable deadline for the tiered partner: (A) file an amended return and, if applicable, remit any tax due under IC 6-3, IC 6-3.6, or IC 6-5.5, including any amounts due under IC 6-3-2.1, IC 6-3-4-12, IC 6-3-4-13, IC 6-3-4-15, or IC 6-5.5-2-8; and(B) report any adjustments to the tiered partner's owners or beneficiaries by providing amended statements to the tiered partner's owners or beneficiaries, or a report in the form and manner prescribed by the department; and(3) any direct or indirect partners who are not tiered partners and who are required to file a return under IC 6-3 or IC 6-5.5 or who have filed a return under IC 6-3 or IC 6-5.5 shall file amended returns with the department for any taxable year affected by the amended partnership return and remit any tax due not later than the applicable deadline for the partner.(c) Notwithstanding any other provision of this chapter or IC 6-3-4-11: (1) A partnership that has filed an amended partnership return under this section, or a tiered partner that is a partnership and that is a partner of a partnership that has filed an amended partnership return under this section, may elect to pay any tax due arising from an amended partnership return.(2) Such election must be filed with the department not later than the date on which the amended partnership return is filed with the department or, in the case of an election by a tiered partner that is a partnership, not later than the date by which the tiered partner is required to file an amended return under this section.(3) The computation and payment of tax and other provisions governing this election shall be in a manner consistent with an election under section 9(c) of this chapter.(4) If a partnership has made an election under this chapter to report and remit all tax otherwise due at the partnership level for a taxable year, the partnership shall be considered to have made a timely election under this subsection with regard to any changes arising from an amended return under this section for that taxable year.(5) No election may be made under this subsection for an amended return filed after April 30, 2023.(d) If the department determines that a partnership:(1) did not correctly report any tax attributes for a taxable year;(2) did not correctly allocate any tax attributes for a taxable year; or(3) did not report the proper amount of tax under IC 6-3-2.1, IC 6-3-4-12, or IC 6-5.5-2-8; the department may proceed against the partnership in the manner provided under sections 3 through 6 of this chapter.
Amended by P.L. 1-2023,SEC. 15, eff. 2/22/2023, app. retroactive to 1/1/2022.Amended by P.L. 137-2022,SEC. 45, eff. 7/1/2021.Added by P.L. 159-2021,SEC. 18, eff. 7/1/2021.