{"data":{"id":"us-ky/krs-143.060","jurisdiction":"us-ky","citation":"KRS 143.060","heading":"Filing of return -- Review  of department  -- Assessment  on","body":"understatement of value.\n(1) As  soon as practicable after each return is received, the department shall\nexamine  and audit it. If the amount of tax computed by the department is\ngreater than the amount  returned by the taxpayer, the excess shall be\nassessed within four (4) years from the date the return was filed, except as\nprovided in subsection (2) of this section, and except that in the case of a\nfailure to file a return or of a fraudulent return, the excess may be assessed at\nany time. A notice of such assessment shall be mailed to the taxpayer. The\ntime herein provided may  be extended by agreement between the taxpayer\nand the department.\n(2) For the purpose of subsections (1) and (4) of this section, a return filed before\nthe last day prescribed by law for the filing thereof shall be considered as filed\non such last day.\n(3) Any  final ruling, order or determination of the department with regard to the\nadministration of this chapter may be reviewed only in the manner provided in\nKRS  49.200 to 49.250 and 131.110.\n(4) Notwithstanding the four (4) year time limitation of subsection (1), in the case\nof a return where the taxpayer understates the gross value by twenty-five\npercent (25%) or more, the excess shall be assessed by the department within\nsix (6) years from the date the return was filed.","path":["KRS Chapter 143"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=46256","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:36Z","sha256":"bafacbea2e943536650b50e08a6382205ffeb0708ef0a0bac989968d41974ae3","source_id":"us-ky","stale":false,"prev":"us-ky/krs-143.050","next":"us-ky/krs-143.070"},"notice":"GroundRules: Original legal text. Not legal advice."}