10-43-50.3. Failure to file supplementary return--Secretary's determination of additional tax--Interest and penalties.
If a taxpayer fails to file a supplementary return as required by §10-43-50.1, the secretary may determine the amount of additional tax due, if any, based on information available to the secretary. The secretary's determination of additional tax due, together with interest and penalty as provided in §10-59-6, shall be made within six years after the time the supplementary return was due.
The secretary may also impose a penalty of five thousand dollars or ten percent of the additional tax due, whichever is greater, for failure to timely file a supplementary return and pay any additional tax and applicable interest as required by §10-43-50.1. This penalty is in addition to all other penalties provided by law and shall be deposited in the state general fund.
Source: SL 2016, ch 63, §3.
Structure South Dakota Codified Laws
Chapter 43 - Income Tax On Banks And Financial Corporations
Section 10-43-1 - Definition of terms.
Section 10-43-2 - Tax imposed on financial institutions.
Section 10-43-4 - Time of liability for tax--Rate of tax--Minimum.
Section 10-43-5 - Income tax in lieu of other taxes.
Section 10-43-10.1 - Net income defined.
Section 10-43-10.2 - Additions to taxable income.
Section 10-43-10.3 - Subtractions from taxable income.
Section 10-43-10.4 - Carryback of net operating losses not deductible.
Section 10-43-10.5 - Carryforward of net operating losses deductible.
Section 10-43-23.1 - Property factor.
Section 10-43-23.2 - Valuation of property owned or rented--Net annual rental rate.
Section 10-43-23.3 - Average value determination.
Section 10-43-24.1 - Payroll factor.
Section 10-43-24.2 - Compensation paid in state.
Section 10-43-25.1 - Receipts factor.
Section 10-43-25.3 - Fees, commissions, service charges, and other receipts included in numerator.
Section 10-43-25.4 - Rental property receipts included in numerator.
Section 10-43-25.8 - Affiliated service income included in numerator.
Section 10-43-25.9 - Affiliated service income defined.
Section 10-43-29.1 - Alternative apportionment methods.
Section 10-43-30.1 - Extension of time to file return_Conditions--Interest.
Section 10-43-34 - Final return on dissolution.
Section 10-43-36 - Consolidated report of related corporations.
Section 10-43-42.1 - Administration of chapter by secretary of revenue--Promulgation of rules.
Section 10-43-43.1 - Records kept by taxpayers--Inspection by secretary--Out-of-state records.
Section 10-43-77 - Apportionment of funds among taxing subdivisions.
Section 10-43-88 - Financial institution authorized to engage in trust business.
Section 10-43-89 - Tax on financial institutions engaging in trust business.
Section 10-43-91 - Tax on trustee of extended term trust.