Title 15 . Revenue

Chapter 21 . (Repealed)

Section 700. Returns and assessments

15 AAC 21.700. Returns and assessments

(a) A taxpayer reporting on a calendar-year basis shall file, on or before April 15 of each year, a tax return on such forms as may be prescribed by the department, setting out all the information required in determining that taxpayer's net taxable income under this chapter for the previous year and the amount of tax due on that income.

(b) A fiscal-year taxpayer shall file, on or before the 15th day of the fourth month after the month in which the taxpayer's fiscal year ends, a tax return on such forms as may be prescribed by the department, setting out all the information required in determining that taxpayer's net taxable income under this chapter for the taxpayer's fiscal year last ended and the amount of tax due on that income.

(c) In its discretion, the department will grant a taxpayer an extension of as many as 60 days from the deadlines for filing returns specified in (a) and (b) of this section. An application for an extension must be on a form prescribed by the department, setting forth all the information required to support the application.

(d) Returns required under this section must be filed by the corporation deriving income (or to which income is attributed under 15 AAC 21.040) from one or more of the sources described in 15 AAC 21.010. Where two or more such corporations are parts of the same consolidated business, they shall file a single consolidated return.

(e) On or before August 15 (for fiscal-year taxpayers, the 15th day of the eighth month after the month in which the taxpayer's fiscal year ends), the department will assess the taxpayer and send the taxpayer a notice of assessment showing the amount of net taxable income under this chapter for that taxpayer during the previous year, the total amount of tax due under this chapter, and the amount (if any) of that tax remaining unpaid or overpaid. Returns and assessments under this section are subject to amendment for three years from the date of the original notice of assessment.

(f) The taxpayer shall notify the department in writing of any amendments to forms, reports, or other materials required to be submitted to the department as a part of a return within 60 days after the amendment is made. The reasons for and facts supporting the amendments must be described in detail. The applicable statute of limitation periods set out in AS 43.05.260 and 15 AAC 21.700(e) runs from the time the department is notified by the taxpayer of the amendment.

History: Eff. 2/22/79, Register 69; am 5/21/81, Register 78

Authority: AS 43.05.080

AS 43.21.030

AS 43.21.050

AS 43.21.090