Montana Code Annotated 2021



Part 34. Partnership Audit Adjustments

Reporting And Payment Requirements For Partnerships Subject To Final Federal Adjustment And Their Direct Partners

15-30-3403. Reporting and payment requirements for partnerships subject to final federal adjustment and their direct partners. (1) Except for final federal adjustments that are reported under the procedures set forth in 15-30-3404, the final federal adjustments required to be reported by taking those adjustments into account in the partnership return for the year of the adjustment or the distributive share of adjustments that have been reported as required under 15-30-2619, partnerships and direct partners shall report final federal adjustments arising from a partnership level audit or an administrative adjustment request pursuant to this section.

(2) No later than 90 days after the final determination date, the partnership shall:

(a) file a completed federal adjustments report, including information required by the department. A partnership that fails to file a timely completed federal adjustments report must be assessed a late file penalty as provided for in 15-30-3302(5)(d).

(b) notify each of its direct partners of their distributive share of the final federal adjustments, including information required by the department; and

(c) file an amended composite return for the reviewed year if direct partners participated in a composite tax return under 15-30-3312, file an amended information return for direct partners as required under 15-30-2619, and pay the additional amount of composite and withholding tax as required under 15-30-3312 and 15-30-3313 that would have been due had the final federal adjustments been reported properly as required.

(3) No later than 180 days after the final determination date, each direct partner that is taxed under chapter 30 or 31 shall:

(a) file an amended return for the reviewed year reporting their distributive share of the final federal adjustments reported to them under subsection (2)(b) as required under chapters 30 and 31; and

(b) pay any additional amount of tax due as if final federal adjustments had been properly reported, plus any penalty and interest due under 15-1-216, and less any credit for related amounts paid or withheld and remitted on behalf of the direct partner under subsection (2)(c).

History: En. Sec. 3, Ch. 108, L. 2021.