40-2806. Same; failure to file return or pay tax; interest and penalties; waiver or reduction.
40-2806
40-2806. Same; failure to file return or pay tax; interest and penalties;waiver or reduction.(a) If any company, without intent to evade the tax imposed by this act,shall fail to file a return or pay the tax, if one is due, at the timerequired by or under the provisions of this act, but shall voluntarilyfile a correct return of income or pay the tax due within sixty (60)days thereafter, there shall be added to the tax an additional amountequal to ten percent of the unpaid balance of tax due plusinterest at the rate prescribed by K.S.A. 79-2968(a) for eachmonth or fraction of amonth from the date the tax was due until paid. Noadditional penalty and interest shall be imposed if the total amountthereof does not exceed one dollar ($1).
(b) If any company fails voluntarily to file a return of income, ifone is due, within sixty (60) days after the time required by or underthe provisions of this act, there shall be added to the tax anadditional amount equal to twenty-five percent of the unpaidbalance of tax due, plus interest at the rateprescribed by K.S.A. 79-2968(a) for eachmonth or fraction of a month from the date the tax was due until paid exceptthat no additional penalty and interest shall be imposedif the total amount thereof does not exceed one dollar ($1).
(c) If any company which has failed to file a return or has filed anincorrect or insufficient return, and after notice from the commissionerrefuses or neglects within twenty (20) days to file a proper return, orfiles a fraudulent return, the commissioner shall determine the incomeof such taxpayer according to the best information availableand assess the taxtogether with a penalty of fifty percent of the unpaid balance oftax due plus interest at the rate prescribed by K.S.A. 79-2968(a)for each month from the date thetax was originally due to the date of payment.
(d) Whenever, in the judgment of the commissioner, the failure ofthe taxpayer to comply with provisions of subsections (a), (b) and (c)of this section, was due to reasonable causes, the commissionermay, in the commissioner'sdiscretion, waive or reduce any of the penalties upon making a record ofits reasons therefor.
History: L. 1970, ch. 184, § 6; L. 1980, ch. 308, § 8; July 1.