Instructions For Rct-131 Return printable pdf download

Instructions for RCT-131 Return

RCT-131-I (11-11) (I)

Imposition, Base and Rate

Gross receipts tax is imposed under the Act of May 16, 1861 at the rate of 1 percent on gross receipts of private bankers authorized to

do business in Pennsylvania. The tax applies to commissions, discounts, abatements, allowances and all other receipts arising from

business.

Amended Report

Check this box if you are filing an amended report to add, delete or adjust information. Provide documentation to support all changes

being made. An amended report should only be filed if an original report was filed previously for the same period.

The department may adjust the tax originally reported based on information from the amended report. The department will not make

a tax adjustment three years beyond the receipt date of the original report unless the taxpayer consents to extending the assessment

period.

When filing an amended report, record the amended tax liability on Page 1, Column A.

Report Due Date, Payments and Mailing Addresses

This report is due on or before Feb. 15 for the preceding year ended Dec. 31. If Feb. 15 falls on a Saturday, Sunday or holiday, the

report is due the next business day. A penalty for late filing will be imposed as follows and assessed at the time of filing: 10 percent

of the first $1,000 of tax liability, 5 percent of the next $4,000 of tax liability and 1 percent on any tax liability in excess of $5,000.

Payments of $20,000 or more must be remitted electronically. For more information on electronic filing options, visit

Payments under $20,000 may be remitted by mail, made payable to the PA Department of Revenue.

Mail RCT-131 – with remittance, if applicable – to the following address:

PA DEPARTMENT OF REVENUE

PO BOX 280407

HARRISBURG, PA 17128-0407

Due Date Extension Request

To request a due date extension of up to 60 days to file the annual report you must file an extension request coupon by the original

report due date. However, an extension of time to file does not extend the deadline for payment of tax, and an extension request must

be accompanied by payment of taxes owed for the taxable year for which the extension is requested. Mail the extension coupon

separately from all other forms.

Taxpayers using an electronic method to make payment with an extension request should not submit the extension coupon.

Current Period Overpayment Instructions

If the remittance column is less than zero on Page 1 of your completed RCT-131, an overpayment exists, and you should instruct the

department how to transfer and/or refund the overpayment. Select only one option in the “Overpayment Instructions” area of Page 1.

If no option is selected, any overpayment will automatically be credited to the next tax period.

A. Overpayment is transferred automatically to offset other underpaid taxes in the current tax period, and any remaining credit is

then applied to the next tax period for estimated tax purposes.

B. Prior to issuing a refund, the department will apply overpayment to unpaid tax in the current tax period. The department may

also offset other unpaid liabilities or commonwealth obligations for the account.

Instructions For Rct-131 Return