{"data":{"id":"us-ky/krs-136.550","jurisdiction":"us-ky","citation":"KRS 136.550","heading":"Examination and audit of tax returns -- Assessment of excess.","body":"(1) As soon as practicable after each return is received, the department shall examine\nand audit it. If the amount of tax computed by the department is greater than the\namount returned by the financial institution, the excess shall be assessed by the\ndepartment within four (4) years from the date prescribed by law for the filing of a\nreturn including an extension of time for filing, except as provided in this\nsubsection. A notice of the assessment shall be mailed to the financial institution.\n(a) In the case of a failure to file a return or of a fraudulent return, the excess may\nbe assessed at any time.\n(b) In the case of a return wherein a financial institution understates its net capital\nor omits from net capital an amount properly includible therein or both, which\nunderstatement or omission or both is in excess of twenty -five percent (25%)\nof the amount of net capital stated in the return, the excess may be assessed at\nany time within six (6) years after the return was filed.\n(2) For the purpose of subsection (1) of this section, a return filed before the last day\nprescribed by law for the filing shall be considered as filed on the last day. The\ntimes provided for in subsection (1) of this section may be extended by agreement\nbetween the financial institution and the department.","path":["KRS Chapter 136"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=28575","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:28Z","sha256":"9347703695bb9bde3fa9a346c3e60e2b713d90eca3b44034bf06fb608d18f85e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-136.545","next":"us-ky/krs-136.555"},"notice":"GroundRules: Original legal text. Not legal advice."}