2015 Indiana Code TITLE 6. TAXATION ARTICLE 5.5. TAXATION OF FINANCIAL INSTITUTIONS CHAPTER 6. RETURNS
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IC 6-5.5-6
Chapter 6. Returns
IC 6-5.5-6-1
Annual returns required
Sec. 1. Annual returns with respect to the tax imposed by this
article shall be made by every taxpayer:
(1) having for the taxable year adjusted gross income or
apportioned income subject to taxation under this article; or
(2) that would have had adjusted gross income or apportioned
income subject to taxation under this article, but had a loss for
that taxable year.
However, taxpayer members of a unitary group are required to file
only one (1) return covering all members of the unitary group. The
taxpayer member that files the return may be designated by the
members of the unitary group pursuant to consents executed by each
member. Each taxpayer member of a unitary group is jointly and
severally liable for the tax liability of all members of the unitary
group.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.68-1991,
SEC.14.
IC 6-5.5-6-2
Time for filing returns; extensions
Sec. 2. Annual returns required by this chapter shall be filed with
the department on or before the fifteenth day of the fourth month
following the close of the taxpayer's taxable year. However, if a
taxpayer receives an extension of time from the United States Internal
Revenue Service for the filing of its federal income tax return for a
taxable year, the department shall grant a similar extension of time to
the taxpayer for the filing of a return required by this chapter for that
taxable year. In addition, the department may grant an additional
reasonable extension of time for filing a return required by this
chapter.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-6-3
Quarterly estimated tax; quarterly payment by electronic fund
transfer
Sec. 3. (a) Each taxpayer subject to taxation under this article shall
report and pay quarterly an estimated tax equal to twenty-five percent
(25%) of the taxpayer's total estimated tax liability imposed by this
article for the taxable year. A taxpayer that uses a taxable year that
ends on December 31 shall file the taxpayer's estimated quarterly
financial institutions tax return and pay the tax to the department on
or before April 20, June 20, September 20, and December 20 of the
taxable year, without assessment or notice and demand from the
department. If a taxpayer uses a taxable year that does not end on
December 31, the due dates for filing the estimated quarterly
Indiana Code 2015
financial institutions tax return and paying the tax are on or before the
twentieth day of the fourth, sixth, ninth, and twelfth months of the
taxpayer's taxable year. The department shall prescribe the manner
and furnish the forms for reporting and payment.
(b) Subsection (a) is applicable only to taxpayers having a tax
liability imposed under this article that exceeds two thousand five
hundred dollars ($2,500) for the taxable year.
(c) If the department determines that a taxpayer's:
(1) estimated quarterly financial institutions tax liability for the
current year; or
(2) average quarterly financial institutions tax payment for the
preceding year;
exceeds five thousand dollars ($5,000), the taxpayer shall pay the
quarterly financial institutions taxes due by electronic fund transfer
(as defined in IC 4-8.1-2-7) or by delivering in person or by
overnight courier a payment by cashier's check, certified check, or
money order to the department. The transfer or payment shall be
made on or before the date the tax is due.
(d) If a taxpayer's financial institutions tax payment is made by
electronic fund transfer, the taxpayer is not required to file a quarterly
financial institutions tax return.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.68-1991,
SEC.15; P.L.28-1997, SEC.21; P.L.129-2001, SEC.9; P.L.211-2007,
SEC.34.
IC 6-5.5-6-4
Payment of tax
Sec. 4. When a taxpayer is required to file a tax return under this
chapter, the taxpayer shall, without assessment or notice and demand
from the department, pay the tax to the department at the time fixed
for filing the return without regard to an extension of time for filing
the return. In making an annual return and paying the tax due for a
taxable year, a taxpayer is entitled to take a credit for any tax
previously paid by it for the taxable year under this chapter.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-6-5
Certified copy of return
Sec. 5. A taxpayer shall furnish to the department at the
department's request a true and correct copy of any tax return that the
taxpayer has filed with the United States Internal Revenue Service.
The copy shall be certified by the taxpayer under penalties of perjury.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-6-6
Alteration or modification of return; notice; form; time; penalty
Sec. 6. (a) Each taxpayer shall notify the department in writing of
any alteration or modification of a federal income tax return filed
with the United States Internal Revenue Service for a taxable year
Indiana Code 2015
that begins after December 31, 1988, including any modification or
alteration in the amount of tax, regardless of whether the modification
or assessment results from an assessment.
(b) The taxpayer shall file the notice in the form required by the
department within one hundred eighty (180) days after the alteration
or modification is made.
(c) For purposes of this section, a modification or alteration occurs
on the date on which a:
(1) taxpayer files an amended federal income tax return;
(2) final determination is made concerning an assessment of
deficiency;
(3) final determination is made concerning a claim for refund;
(4) taxpayer waives the restrictions on assessment and collection
of all, or any part, of an underpayment of federal income tax by
signing a federal Form 870, or any other Form prescribed by the
Internal Revenue Service for that purpose. For purposes of this
subdivision:
(A) a final determination does not occur with respect to any
part of the underpayment that is not covered by the waiver;
and
(B) if the signature of an authorized representative of the
Internal Revenue Service is required to execute a waiver, the
date of the final determination is the date of signing by the
authorized representative of the Internal Revenue Service;
(5) taxpayer enters into a closing agreement with the Internal
Revenue Service concerning the taxpayer's tax liability under
Section 7121 of the Internal Revenue Code that is a final
determination. The date the taxpayer enters into a closing
agreement under this subdivision is the date the closing
agreement is signed by an authorized representative of the
Internal Revenue Service; or
(6) modification or alteration in an amount of tax is otherwise
made that is a final determination;
for a taxable year, regardless of whether a modification or alteration
results in an underpayment or overpayment of tax.
(d) For purposes of subsection (c)(2) through (c)(6), a final
determination means an action or decision by a taxpayer, the Internal
Revenue Service (including the Appeals Division), the United States
Tax Court, or any other United States federal court concerning any
disputed tax issue that:
(1) is final and conclusive; and
(2) cannot be reopened or appealed by a taxpayer or the Internal
Revenue Service as a matter of law.
(e) If the federal modification or alternation results in a change in
the taxpayer's federal adjusted gross income or income within
Indiana, the taxpayer shall file an amended Indiana financial
institutions tax return (as required by the department) and a copy of
the taxpayer's amended federal income tax return with the department
not later than the date that is one hundred eighty (180) days after the
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modification or alteration is made.
(f) The taxpayer shall pay an additional tax or penalty due under
this article upon notice or demand from the department.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.242-2015,
SEC.32.
IC 6-5.5-6-7
Forms; certification of truth of information
Sec. 7. A return required by this chapter and other information that
is reasonably requested by the department must be on the forms that
are prescribed by the department. The taxpayer or other person,
corporation, or entity, when required by the department, shall certify
under penalties of perjury to the truth of all information on the return
or other document.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-6-8
Transfer of property; liability for tax
Sec. 8. In the case of a transferee of the property of a transferor,
liability for an accrued tax liability of the transferor is transferred to
the transferee as provided in Section 6901 of the Internal Revenue
Code.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-6-9
Preservation of records; examination
Sec. 9. A taxpayer subject to taxation under this article shall keep
and preserve records of the taxpayer's adjusted gross income and
other books or accounts necessary to determine the amount of tax for
which the taxpayer is liable under this article. Those records, books,
and accounts shall be kept open for examination at any time by the
department or its authorized agents.
As added by P.L.347-1989(ss), SEC.1.
Indiana Code 2015
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