Rhode Island Code of Regulations › Title 280 - Department of Revenue › Chapter 20 - Division of Taxation › Subchapter 25 - Business Corporation Tax › Part 10 - Combined Reporting (280-RICR-20-25-10) › Section 280-RICR-20-25-10.17 - Filing of Return

Current through June 14, 2024
A. For purposes of
				 combined reporting, the Tax Administrator intends to make the necessary
				 schedule(s) and instructions available in a timely fashion for taxpayers, their
				 advisers, and software developers.
B. For tax years beginning on or after
				 January 1, 2015, the designated agent of a combined group shall file the Rhode
				 Island Business Corporation Tax Return, Form RI-1120C and, on schedules
				 attached to the return, include information required by the Tax Administrator
				 for each member of the combined group. (Please see §
										10.19     of this Part
				 below, for appointment of a designated agent.) Thus, for combined reporting
				 purposes, the annual return shall be filed as a single unit, with all the
				 required combined reporting schedules attached to the Form RI-1120C; the
				 schedules shall not be filed separately from the return. The return shall be
				 filed in accordance with the provisions of R.I. Gen. Laws §
										44-11-3,
				 subject to any extended due dates permitted by the Tax Administrator under the
				 authority granted in R.I. Gen. Laws §
										44-11-5,
				 as set forth below in §
										10.17     of this Part.
C. The extended due date for a combined
				 group's return on Form RI-1120C shall be seven months after the normal due
				 date. Thus, for a calendar-year filer whose normal filing due date is March 15,
				 the extended due date shall be October 15. It is an extension of the time to
				 file, not of the time to pay; payments continue to be due by the regular due
				 date.
D. If the statute of
				 limitations applicable to refund claims and assessments is open with respect to
				 a particular member of the combined group, the statute of limitations is open
				 with respect to that particular taxpayer notwithstanding the fact that the
				 statute of limitations may have expired for one or more other members of the
				 combined group. The statute of limitations applicable to refund claims and
				 assessments for members of a combined group which have filed their tax return
				 based on a fiscal reporting period matched to the accounting period of the
				 designated agent shall be the statute of limitations determined and computed
				 based on the fiscal accounting period.
E. If a combined return is filed on behalf of
				 a combined group, the Tax Administrator may examine and audit that return, and
				 collect any deficiency from a combined group member for whom the statute of
				 limitations for assessments has not expired, even if the statute of limitations
				 for other members which filed included in the same combined return has expired.
				 Any deficiency assessed pursuant to the audit or examination will not cause a
				 reopening of the statute of limitations for those other members for whom the
				 statute of limitations has expired and who were included in the same combined
				 report.
F. A paid preparer filing a
				 Rhode Island corporate income tax return reflecting combined reporting must
				 file the return electronically in accordance with R.I. Gen. Laws §
										44-1-31.1 and Rhode Island Division of Taxation regulation Electronic Filing for Paid
				 Preparers, Subchapter 30 Part 2 of this Chapter.
G. A combined group's application of the
				 rules set forth in this regulation must be based on objective criteria and must
				 consider all sources of information reasonably available to the taxpayer at the
				 time of its tax filing including, without limitation, the taxpayer's books and
				 records kept in the ordinary course of business. A taxpayer's method of
				 determining the composition of the combined group and assigning its sales must
				 be determined in good faith, applied in good faith, and applied consistently
				 with respect to similar transactions and year to year. A taxpayer must retain
				 contemporaneous records that explain the determination and application of its
				 method of determining the composition of the combined group and assigning its
				 sales, including underlying assumptions, and must provide such records to the
				 Tax Administrator upon request.
H.
				 The provisions of §
										10.17     of this Part shall also apply to affiliated
				 groups making the federal consolidated group election for Rhode Island combined
				 reporting purposes (as described in §
										10.9     of this Part).