Neb. Admin. Code § 316-24-007 — Corporation Income Tax Returns: Extensions of Time for Filing or Payment

007.01 Extensions of time for filing. The Nebraska Department of Revenue (Department) may grant an extension of time to file the Nebraska corporation income tax return, if an Application for Automatic Extension of Time to File Nebraska Corporation, Fiduciary, or Partnership Return, Form 7004N is filed and the amount of tentatively computed tax liability is paid on or before the original due date for filing the corporation income tax return. This extension will not be granted for a period exceeding seven months from the original due date of the return and may be terminated at any time by the Tax Commissioner by a mailing the taxpayer a notice of termination at least ten days prior to the termination date as fixed in the notice. This will allow the corporation taxpayer ten days from the date of the termination notice to file the Nebraska corporation return. If a federal extension of time has been granted, then a state extension will be granted if confirmation that the federal application for automatic extension of time to file is submitted with the Nebraska return when filed. 007.01A When the time for filing the annual return is extended by the Department, or because of a federal extension, interest will be imposed at the rate specified in Neb. Rev. Stat. § 45-104.02, from the original due date of the return to the date paid if the tax ultimately due exceeds the tentative remittance, any estimated payments made, and any applicable credits. Interest is due on the difference between the amount of tax ultimately due, and the sum of the tentative remittance, any estimated payments made, and any applicable credits. 007.01B Affiliated and unitary groups. A corporate taxpayer filing a combined return with Nebraska must list each corporation to be included in the combined return in the request for an extension of time to file. The automatic extension (Form 7004N) must include the name, address, and federal ID number of each corporation to be included in the combined return on the applicable schedule attached to Form 7004N. An automatic extension of time granted to the corporate taxpayer will not apply to any nonunitary member of an affiliated group filing a separate return with Nebraska. 007.01C If the application is denied, the Department will send a notice of denial to the corporate taxpayer at the address specified by the applicant on the extension form. 007.01D If the application is approved, no notice will be sent. 007.02 Extensions of time for payment. There can be no extension of time for payment of tax for a corporate taxpayer unless a request is filed with the Department, and granted by the Tax Commissioner. The Tax Commissioner may only grant an extension upon a proper showing by the taxpayer that payment by the due date will result in undue hardship upon the taxpayer. 007.02A Any request for an extension of time for payment must be made prior to the due date for payment of the tax. Any extension granted by the Tax Commissioner cannot exceed seven months. 007.02B If an extension of time for paying the tax is granted, the Tax Commissioner may require the taxpayer to furnish a bond in an amount not exceeding double the amount of tax due, or to furnish other security, approved in advance by the Tax Commissioner. If a bond is required, it must be filed with the Department within ten days after notice that a bond is required. The bond must comply with the terms of the extension and must be approved by the Tax Commissioner with regard to form and content before it will be accepted as security by the Department. 007.02C If an extension of time for payment is granted, the tax must be paid on or before the expiration of the extension, together with interest at the rate specified in Neb. Rev. Stat. § 45-104.02. Interest is due on the tax payment from the original date for payment until the date the payment is actually made, regardless of any extension of time. 007.02D All applications for extension of time for payment must be made to the Department and must contain a complete statement of the reasons for the request. 007.03 Any reference in this regulation to the term corporate taxpayer applies to any corporation or any entity taxed as a corporation under the Internal Revenue Code. (Neb. Rev. Stat. § 77-2770. July 3, 2013.)