Instructions For Connecticut S Corporation Information And Composite Income Tax Return Form Ct-1120si - 1999 Page 5
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30LEGISLATIVE CHANGES
Phaseout of S Corporation Business
for a continuous period of at least twelve months. An
individual is not financially disabled during any period that
Tax
a spouse or other person is authorized to act on behalf of
Conn. Gen. Stat. §12-217(c)(2) provides for the phaseout
such individual in financial matters.
of the corporation business tax on S corporations by
(1999 Conn. Pub. Acts 48, §2)
reducing the percentage of net income subject to tax for
income years beginning on or after January 1, 1997.
Reporting Federal Changes
Net Income
For Income Years
Subject to
Beginning on or After But Before
If a taxpayer fails to report a change or correction by
Corporation
the Internal Revenue Service, a notice of proposed
Business Tax
deficiency may be mailed at any time. If a taxpayer
1/1/1997
1/1/1998
90%
fails to report a change or correction by tax officers of
1/1/1998
1/1/1999
75%
another jurisdiction, a notice of proposed deficiency
1/1/1999
1/1/2000
55%
assessment may be mailed to the taxpayer at any time.
1/1/2000
1/1/2001
30%
1/1/2001
—
0%
If a taxpayer reports a change or correction by the
Internal Revenue Service, an assessment, if not deemed
For income years beginning on or after January 1, 2001,
to have been made upon the filing of the report, may be
S corporations will no longer be subject to the minimum
made at any time but not later than three years after the
tax ($250).
report is filed. If a taxpayer reports a change or
Conn. Gen. Stat. §12-701(a)(20) provides for a similar
correction by tax officers of another jurisdiction, the
phaseout of the modification to the federal adjusted gross
assessment, if not deemed to have been made upon the
income for S corporation shareholders who are individuals.
filing of the report, may be made not later than three
Conn. Gen. Stat. §12-701(a)(10) provides for a similar
years after the report is filed.
phaseout with respect to S corporation shareholders that
(1999 Conn. Pub. Acts 121, §25)
are trusts or estates.
Designated Private Delivery Services
Refund Claim
On or after October 1, 1999, when sending payments to
In the case of any individual who files a claim for refund
the Department, taxpayers may use certain private
(under any provision of Title 12), the statute of limitations
delivery services and satisfy the timely mailing or timely
will be suspended during the period that the individual is
filing requirements. For more information, see When to
financially disabled. An individual is financially disabled
File Form CT-1120SI on Page 7.
if such individual is unable to manage financial affairs by
(1999 Conn. Pub Acts 48, §1).
reason of a medically determinable physical or mental
impairment which has lasted or can be expected to last
Page 5
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