Missouri Proposes Changes To Credit Union Tax-Assessment Deadlines
By CU Today Staff —
JEFFERSON CITY, Mo.—The Missouri Department of Revenue has proposed consolidating and updating the statute-of-limitations rules governing state tax assessments for credit unions, savings and loan associations and other credit institutions.
Under the proposal, credit institutions would be added to 12 CSR 10-10.040, which currently applies to credit unions and savings and loans. The department simultaneously proposed rescinding a nearly identical, separate rule for credit institutions, 12 CSR 10-10.050, because the provisions would be combined into the amended rule.
The underlying deadlines would largely remain unchanged. The department generally must mail an assessment within three years after a return is filed, although the period increases to six years when a taxpayer omits more than 25% of its gross income. There is no deadline when no return is filed or when a fraudulent return is filed to evade taxes, according to the current regulations.
The proposal also would specify that the department’s Taxation Division—rather than its Business Tax or Field Audit bureaus—triggers a one-year assessment period after learning of an unreported federal taxable-income adjustment. It would eliminate language automatically treating certain early returns as filed April 15 and instead deem an early return filed on the applicable statutory deadline, without considering extensions. The department projected no public- or private-sector costs exceeding $500. Comments must be received by Oct. 1, and no public hearing is scheduled, according to the Sept. 1 Missouri Register.
Originally reported by CU Today.