DRS: 12-722(a)-2, Late filed declaration - Repealed Effective 1/1/04

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Repealed Effective 1/1/04

Conn. Agencies Regs. 12-722(a)-2.  Late filed declaration.

(a) Notwithstanding the provisions of 12-722(a)-1 of this Part, if a declaration of estimated tax is filed after the time prescribed in 12-721(a)-1 of this Part, including a late filing for which an extension of time has been granted, the taxpayer shall pay all installments of estimated tax which would have been payable on or before the time of late filing as if the declaration had been timely filed. Any remaining installments shall be paid at the time at which, and in the amounts in which, they would have been payable if the declaration had  been timely filed.

(b) Examples:

Example 1: A calendar year taxpayer met the requirements for filing a declaration of estimated tax on January 1, but did not file a declaration until June 15. Since the taxpayer should have filed the declaration on April 15, the estimated tax was to have been paid in four equal installments. Two of the four equal installments, or one-half of the total estimated tax, shall be paid at the time of the late filing. The remaining installments are due on September 15 and on January 15 of the succeeding taxable year.

Example 2: A calendar year taxpayer meets the requirements for filing a declaration of estimated tax on May 1, but does not file the declaration until September 15. Since the taxpayer should have filed the declaration on or before June 15, the estimated tax was to have been paid in three equal installments. Two of the three equal installments, or two-thirds of the total estimated tax, shall be paid at the time of late filing, and the remaining third is due on January 15 of the succeeding taxable year.

(c) While this section pertains to Section 12-722(a) of the general statutes, for purposes of supplementary interpretation, as the phrase is used in Section 12-2 of the general statutes, the adoption of this section is authorized by Section 12-740(a) of the general statutes.

(Effective November 18, 1994.)