District of Columbia Extends Deadline for Combined Report!!
If your company or your client is required to file a combined report to the District of Columbia, you now have until October 15, 2012 to file. The original deadline was September 17, 2012.
According to DC's website, effective for tax years beginning on or after December 31, 2010, a taxpayer corporation that is a member of a combined group and that must report income derived from the activities of that group in a combined report ("combined reporting filer") on September 17, 2012, may receive an automatic extension until October 15, 2012, in lieu of the six-month extension allowed to filers under DC Official Code § 47-1805.03(b), to file its combined report.
Final combined reporting regulations are expected to become effective September 14, 2012. To ensure that each entity included in the combined report is properly reported, determined, computed, assessed, collected, or adjusted, OTR, pursuant to the authority in DC Official Code § 47-1805.02a(d) finds that allowing combined reporting filers extra time in which to file is reasonable in light of the significant and complex tax law change in the District and the compliance challenges for combined reporting filers.
The Second Notice of Proposed Rulemaking issued on August 31, 2012 will be amended to reflect the above extension.
Brian Strahle is the owner of LEVERAGE SALT, LLC where he provides state and local tax technical services to accounting firms, law firms and tax research organizations across the United States. He also writes a weekly column in Tax Analysts State Tax Notes entitled, "The SALT Effect." For more info, visit his website: www.leveragestateandlocaltax.com
You can reach Brian at firstname.lastname@example.org.
Because state and local taxes are deceptively simple and endlessly complicated.