Instructions For Rct-128c Return printable pdf download

Instructions for RCT-128C Return

RCT-128C-I (08-12

)

Tax Rate, Net Loss Deduction and Apportionment:

Any taxpayer filing a PA Report of Change in Corporate Net Income Tax, RCT-128C, is required to enter all dates along with applicable

tax rates, apportionment percentages and net operating loss deduction limitations in effect for the tax year being reported. This infor-

mation can be found at See the CT-1 PA Corporation Tax Booklet, REV-1200.

Net Operating Loss Deduction:

Any taxpayer claiming a net operating loss deduction is required to provide a completed Net Operating Loss Deduction Schedule,

RCT-103, showing the limitation on the deduction in effect for the tax year being reported. RCT-103 can be found at

Apportionment:

Any taxpayer apportioning income is required to provide a completed Tables Supporting Determination of Apportionment Percentages,

Page 2 of RCT-106, showing the weighting of the factors. Taxpayers are also required to calculate the corporate net income tax appor-

tionment in effect for the tax year being reported. RCT-106 can be found at

Interest:

All taxes due the commonwealth shall bear interest from the date they become due and payable until paid. (72 PS § 806)

Filing:

If the amount of taxable income, as returned by a corporation to the federal government, is finally changed or corrected, such corpo-

ration must file a Report of Change in Corporate Net Income Tax, RCT-128. This includes changes in federal taxable income resulting

from the taxpayer filing an amended federal income tax return for years in which the department did not issue an Official Notice of

Settlement, as well as changes initiated by the federal government due to an audit or examination of the federal return regardless of

the year involved. In cases where the change was based on a federal amended return, RCT-128 must be filed within 30 days of the fil-

ing of the federal amended return. If RCT-128 is being filed to report changes due to an audit or examination of the federal return, the

report must be filed within 30 days after the receipt of the final change or correction.

The timeframe to file a report of change is increased to six months for tax years beginning on or after Jan. 1, 2013.

Penalty:

In case a corporation fails to file a report of such correction, which results in an increase in taxable income within the time prescribed,

there shall be added to the tax a penalty of $5 for every day during which such corporation is in default. The department may abate

any such penalty in whole or in part.

ATTACH A COPY OF THE INCOME TAX EXAMINATION CHANGES OR AMENDED FEDERAL RETURN.

Instructions For Rct-128c Return