Missouri Code of State Regulations — Title 12 (Department of Revenue)
12 CSR 10-10.060
Multiple Assessments of Credit Unions and Savings and Loan Associations for a Single Year
PURPOSE: This rule clarifies that the director of revenue may issue multiple assessments against a taxpayer for a given period on separate issues.
# (1)
The director of revenue may issue multiple assessments against the taxpayer for a single taxable year pursuant to section 148.680, RSMo when the director determines, based on separate findings or evidence adduced at the hearing provided in section 148.680, RSMo that the correct amount of the tax is greater than that tax computed by the taxpayer. The director, upon making the determination, shall notify the taxpayer by certified mail. The director will state on each assessment the reason for which it is issued. The taxpayer may seek independent review of each determination of the director of revenue by the Administrative Hearing Commission.
# (2)
Example: The taxpayer files a return for the taxable year and remits an underpayment of the tax for the period. The director determines based on the return and payment that the correct amount of the tax is greater than that remitted by the taxpayer and issues an assessment for the underpayment. At a later date, an audit conducted by the Department of Revenue of the credit union or savings and loan reveals additional findings based on separate issues not associated with the underpayment and the director determines that the correct amount of the tax is greater than that previously computed and based on these findings issues a separate assessment for the same taxable year. The taxpayer may seek independent review of each assessment by the Administrative Hearing Commission.
The first assessment generated will be for the amount of the underpayment and will contain the language underpayment as the basis for the assessment. The second assessment for the same taxable period will be based on the audited findings and will contain the language additional audit findings as the basis for the assessment.
AUTHORITY: section 148.700, RSMo 1986.* Original rule filed Sept.
16, 1985, effective Dec. 26, 1985.
*Original authority: 148.700, RSMo 1982.
Amendment history
AUTHORITY: section 148.700, RSMo 1986.* Original rule filed Sept. 16, 1985, effective Dec. 26, 1985. *Original authority: 148.700, RSMo 1982.
Source: view the official PDF
In this chapter (24 sections)
- 12 CSR 10-10.010 · Sales Tax/Bank Tax Credit
- 12 CSR 10-10.020 · Allocation of Bank Tax
- 12 CSR 10-10.030 · Statute of Limitations for Bank Tax
- 12 CSR 10-10.040 · Statute of Limitations for Credit Union and Savings…
- 12 CSR 10-10.050 · Statute of Limitations for Credit Institutions Tax
- 12 CSR 10-10.060 · Multiple Assessments of Credit Unions and Savings…
- 12 CSR 10-10.070 · Extension of Time to File Credit Unions and Savings…
- 12 CSR 10-10.080 · Multiple Assessments of Credit Institutions for a…
- 12 CSR 10-10.090 · Extension of Time to File Credit Institutions Tax…
- 12 CSR 10-10.100 · Multiple Assessments of Banking Institutions for a…
- 12 CSR 10-10.110 · Extension of Time to File Bank Tax Returns
- 12 CSR 10-10.120 · Delinquent Interest Rate for Insurance Premium and…
- 12 CSR 10-10.125 · Income Period
- 12 CSR 10-10.130 · Bank Franchise Tax
- 12 CSR 10-10.135 · Federal Income Tax Deduction
- 12 CSR 10-10.140 · Interest, Additions to Tax and Penalty
- 12 CSR 10-10.145 · Refund of Overpayment of Bank Tax— Refund From Other…
- 12 CSR 10-10.150 · Tax Credits on Bank Tax Return
- 12 CSR 10-10.155 · Bank Tax/Sales Tax Credit
- 12 CSR 10-10.160 · Neighborhood Assistance Credit (NAC)
- 12 CSR 10-10.165 · Method of Computing Federal Income Tax Deduction for…
- 12 CSR 10-10.170 · Method of Computing Federal Income Tax Deduction for…
- 12 CSR 10-10.175 · Personal Property Tax Credits—Definition,…
- 12 CSR 10-10.180 · Interest Earned by Banking Institutions From the…