KRS 139.620 — Time for assessing taxes shown owing by the return

(1) 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 (2), 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.
(2) For the purposes 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.
(3) When a business is discontinued, a determination may be made at any time
thereafter within the periods specified in subsection (1) 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 this chapter.