Sec. 5. (a) For purposes of this chapter, a report of proposed partnership adjustments for a taxable year is considered a report of final partnership adjustments upon the latest of:
(1) the last day a protest of the report of proposed partnership adjustments could have been filed by the partnership, if no protest is filed;
(2) if a protest is filed, but no original tax appeal is filed pursuant to IC 6-8.1-5, the last day on which an original tax appeal could have been filed;
(3) if an original tax appeal has been filed, the last day on which no further appeal may be taken from a decision requested; or
(4) the date set in subsection (b).
(b) If, upon protest or appeal, an adjustment in a report of proposed partnership adjustments is determined to be incorrect, the department shall issue a report of final partnership adjustments consistent with the determination not more than one hundred eighty (180) days after the determination is otherwise determined to be final under subsection (a)(1) through (a)(3). If the report of final partnership adjustments is not issued within one hundred eighty (180) days, one (1) day for each day that the report of final partnership adjustments is issued after the one hundred eighty (180) day deadline is added to the deadline for which a partnership or tiered partner may act without being subject to assessment under section 18 of this chapter. In the case of a partnership with multiple tiers, this extension applies to each tier.
(c) Notwithstanding subsection (a), if the partnership and the department enter into a settlement agreement under IC 6-8.1-3-17 to resolve all matters related to the report of proposed partnership adjustments for a taxable year, the report of final partnership adjustments for that taxable year reflected in the agreement shall be issued final one hundred eighty (180) days after the date of the signature of the last party required to sign the agreement.
As added by P.L.159-2021, SEC.18. Amended by P.L.137-2022, SEC.44.
Structure Indiana Code
Chapter 4.5. Partnership Audit and Administrative Adjustments
6-3-4.5-4. Partnership's Right to Protest and Appeal
6-3-4.5-5. Report of Partnership Adjustments; Timing; Protest; Appeal; Settlement Agreement
6-3-4.5-7. Partner Level Adjustments Report; Assessment; Adjustments to Tax Attributes
6-3-4.5-10. Reporting and Payment Requirements; Tiered Partners; Rules
6-3-4.5-11. Procedures; Alternative Reporting and Payment Method; Application; Timing
6-3-4.5-12. Irrevocable Election; No Deduction or Credit; Other State or Local Tax Jurisdictions
6-3-4.5-13. Designation of a State Partnership Representative; Qualifications
6-3-4.5-14. Changes to a Report of Final Partnership Adjustments; Timing
6-3-4.5-15. Reports; Proposed Assessment; Timing; Protest; Appeal
6-3-4.5-19. Remitting Payment on Behalf of a Partner; Claim for Refund