Missouri Code of State Regulations › Title 12 - DEPARTMENT OF REVENUE › Division 10 - Director of Revenue › Chapter 2 - Income Tax › Section 12 CSR 10-2.105 - Report of Changes in Federal Income Tax Return

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: Under the State Income Tax Law (section
				  143.011, RSMo), this rule
				  establishes the proper procedures for reporting any change in the taxpayer's
				  federal taxable income or federal income tax liability for the purpose of the
				  determination of the correct state income tax liability.
PUBLISHER'S NOTE: The secretary of state has
				  determined that-publication of the entire text of the material that is
				  incorporated by reference as a portion of this rule would be unduly cumbersome
				  or expensive. This material as incorporated by reference in this rule shall be
				  maintained by the agency at its headquarters and shall be made available to the
				  public for inspection and copying at no more than the actual cost of
				  reproduction. This note applies only to the reference material. The entire text
				  of the rule is printed here.
(1) In General. If the taxpayer's federal
				taxable income or federal tax reported on their federal income tax return is
				changed, the taxpayer shall file an amended return with the Department of
				Revenue reflecting the final determination.
(2) Time of Notice. The taxpayer must report
				any change within ninety (90) days after the final determination of the change
				and pay any tax due. Interest is due pursuant to section
				143.731, RSMo. Failure to pay
				the tax due within ninety (90) days will result in additions to tax of five
				percent (5%).
(3) Final
				Determination. For the purposes of this rule, the following shall be deemed a
				final determination:
(A) Payment of any
				additional federal income tax, not the subject of any other final determination
				described in subsections (3)(B)-(F) of this rule;
(B) The signing of a Federal Form 870 Waiver
				of Restrictions on Assessment and Collection of Deficiency in Tax and
				Acceptance of Overassessment or other IRS form consenting to the deficiencies,
				accepting any over-assessment shown on the form, or both. However, where the
				signature of an authorized representative of the IRS is also required, the
				final determination shall occur when the taxpayer receives notice of the
				signing by the IRS;
(C) The
				expiration of the ninety (90)-day time period (one hundred fifty (150)-day
				period in the case of notice addressed to a person outside the United States
				and the District of Columbia) within which a petition for redetermination may
				be filed with the United States Tax Court with respect to a statutory notice of
				deficiency issued by the IRS, if a petition is not filed with that court within
				that time;
(D) A closing agreement
				entered into with the IRS under Section 7121 of the
Internal Revenue
				Code
(IRC). The final determination shall occur when the taxpayer
				receives notice of the signing by the commissioner of internal
				revenue;
(E) A decision by the
				United States Tax Court, United States District Court, United States Court of
				Appeals, United States Court of Claims or the United States Supreme Court which
				has become final, or the date the court approves a voluntary agreement
				stipulating disposition of the case; and
(F) The allowance of a tentative carryback
				adjustment in accordance with Section 6411 of the IRC based on a net operating
				loss carryback.