Deficiency Assessment -- Penalty And Interest -- Statute Of Limitations

15-64-104 . Deficiency assessment -- penalty and interest -- statute of limitations.

# (1)

If the department determines that the amount of the tax due is greater than the amount disclosed by a return, it shall mail to the licensee a notice, pursuant to 15-1-211 , of the additional tax proposed to be assessed. The notice must contain a statement that if payment is not made, a warrant for distraint may be filed. The licensee may seek review of the determination pursuant to 15-1-211 .

# (2)

Penalty and interest must be added to a deficiency assessment as provided in 15-1-216 . The department may waive any penalty pursuant to 15-1-206 .

# (3)

The amount of tax due under any return may be determined by the department within 5 years after the return was filed, regardless of whether the return was filed on or after the last day prescribed for filing. For purposes of this section, a return due under this part and filed before the last day prescribed by law or rule is considered to be filed on the last day prescribed for filing.

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