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143A.100 Audit -- Additional assessment -- Determination of liability when
business discontinued -- Statute of limitations.
(1)
(2)
(3)
(4)
As soon as practicable after each return is received, the department shall
examine and audit it. If the amount of tax computed by the department is
greater than the amount returned by the taxpayer, the excess shall be
assessed by the department within four (4) years from the date the return was
filed, except as provided in subsection (4) of this section and except that in the
case of a failure to file a return or of a fraudulent return the excess may be
assessed at any time. A notice of such assessment shall be mailed to the
taxpayer. The time herein provided may be extended by agreement between
the taxpayer and the department.
For the purpose of subsections (1) and (4) of this section, a return filed before
the last day prescribed by law for the filing thereof shall be considered as filed
on such last day.
When a business is discontinued, a determination may be made at any time
thereafter within the periods specified in subsection (1) of this section as to
liability arising out of that business, irrespective of whether the determination is
issued prior to the due date of the liability as otherwise specified in KRS
143A.080.
Notwithstanding the four (4) year time limitation of subsection (1) of this
section, in the case of a return where the tax computed by the department is
greater by twenty-five percent (25%) or more than the amount returned by the
taxpayer, the excess shall be assessed by the department within six (6) years
from the date the return was filed.
Effective:June 20, 2005
History: Amended 2005 Ky. Acts ch. 85, sec. 550, effective June 20, 2005. -Created 1980 Ky. Acts ch. 392, sec. 10, effective June 1, 1980.
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