Missouri Code of State Regulations
Title 12 - DEPARTMENT OF REVENUE
Division 10 - Director of Revenue
Chapter 10 - Financial Institutions
Section 12 CSR 10-10.140 - Interest, Additions to Tax and Penalty

Universal Citation: 12 MO Code of State Regs 10-10.140

Current through Register Vol. 49, No. 18, September 16, 2024

PURPOSE: This rule establishes an effective period for computing interest, additions to tax and penalty as provided in section 148.062, RSMo.

(1) The interest, additions to tax and penalty provisions provided in section 148.062, RSMo shall be effective for all returns beginning with the taxable year 1987.

(2) The interest provisions shall apply as follows:

(A) If the tax is not paid by the due date, interest shall apply at a rate as established by section 32.065, RSMo;

(B) If the penalty or additions to tax are not paid within ten (10) days of notice and demand for them, interest will be imposed for the period from date of notice and demand to date of payment; and

(C) Any tax, interest, penalty or additions to tax which has been erroneously refunded shall bear interest as established by section 32.065, RSMo.

(3) The additions to tax provisions shall be applied in the following situations:

(A) If any return required under sections 148.010-148.110, RSMo is not filed by the due date, there shall be added to the amount of tax due, five percent (5%) per month, or fraction of a month, not to exceed twenty-five percent (25%); and

(B) If the estimated payment is not equal to ninety percent (90%) of the tax shown on the return for the taxable year, there shall be added to the balance due five percent (5%).

(4) The penalty provisions shall be applied in the following situations:

(A) If any part of deficiency is due to negligence or intentional disregard of rules (but without intent to defraud), penalty shall be calculated at the rate of five percent (5%) of the deficiency;

(B) If any part of deficiency is due to fraud, penalty shall be calculated at fifty percent (50%) of the deficiency; or

(C) If any person who, with fraudulent intent, shall fail to pay any tax or to make, render, sign or certify any return or supply any information within the time required, the person shall be subject to a penalty of not more than one thousand dollars ($1000) which shall be added to any other amounts required to be imposed.

*Original authority: 148.100, RSMo 1945.

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