Pennsylvania Code › Title 61 - REVENUE › Part I - Department of Revenue › Subpart B - General Fund Revenues › Article VI - Corporation Taxes › Chapter 153 - CORPORATE NET INCOME TAX › SETTLEMENT AND RESETTLEMENT › Section 153.65 - Corrected report

Current through Register Vol. 54, No. 28, July 13, 2024
(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.