REGULATION

Midnight marks deadline for corporate tax filing

Posted 3/15/13

PROVIDENCE – Midnight Friday marks the deadline for filing Rhode Island corporate income tax returns, said the R.I. Division of Taxation.

The 11:59 p.m. deadline applies to calendar-year C corporations, S corporations and limited liability companies that have elected to be treated as corporations.

In a release, the Division of Taxation said it expects to see a “sharp increase” in electronic filing, especially since the division began enforcing the state’s e-file corporate mandate in January.

The mandate applies to paid preparers and requires that returns on Form RI-1120C, Form RI-1120S and Form RI-1065 be e-filed.

The Division of Taxation reminded users that Rhode Island’s corporate e-file mandate does not apply to extension requests. The release said that normally, requests for an automatic, six-month filing extension are made on Form RI-7004, but the Division of Taxation does not accept e-filed extension.

Other filings due by 11:59 p.m. Friday include: the first corporate estimated tax payment for calendar year 2013, as well as estimated payments for bank deposits, banking institution excise, gross premium insurance and public service taxes; the annual return for political organizations with $100 or more of political organization taxable income; and the annual banking institution excise tax return.

In its release announcing the deadline, the division released an update on the status of the state’s tax refund offset program.

So far this filing season, the Division of Taxation has generated more than $175,000 for East Providence and $10,000 for Woonsocket as a direct result of the program.

Under the terms of the programs, municipalities provide a list of delinquents to the Division of Taxation. The list can be for any “outstanding liability,” including delinquent property tax, motor vehicle tax or municipal water of sewer fees.

Before issuing a personal income tax refund to the taxpayer, the Division of Taxation checks the list to see if the taxpayer has a delinquency on record and, if so, holds back a part of the taxpayer’s refund until their delinquent balance is reduced to zero.

“Many communities throughout the country are still feeling the effects of the recession, which was the worst since the Great Depression,” said Tax Administrator David M. Sullivan in prepared remarks. “East Providence and Woonsocket are no exception. If the state tax refund offset program can help them in any way, no matter how much, we’re happy to do it,” he said

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