Tax 2.96
Tax 2.96
Extensions of time to file corporation franchise or income tax returns. Tax 2.96(1)(a)(a) General. Except as provided in pars.
(am) and
(b), corporation franchise or income tax returns are due on or before the 15th day of the 4th month following the close of a corporation's taxable year unless an extension of time for filing has been granted.
Tax 2.96(1)(am)
(am) For tax exempt corporations with unrelated business taxable income, the franchise or income tax return is due on or before the 15
th day of the 5
th month following the close of the corporation's taxable year unless an extension of time for filing has been granted.
Tax 2.96(1)(b)
(b) Short-period returns. Corporation franchise or income tax returns for periods of less than 12 months are due on or before the federal due date.
Tax 2.96(2)(a)
(a)
Automatic extension. For corporation franchise or income tax returns, an automatic extension is allowed for a period of 7 months or until the original due date of the corporation's corresponding federal return, whichever is later. If any extension is obtained for federal purposes, that extension also applies for Wisconsin purposes and is further extended for another 30 days after the federal due date. A copy of federal extension form
7004, or other federal extension form, if applicable, shall be attached to any Wisconsin franchise or income tax
return filed under extension, even if the extension was not requested for federal purposes.
Tax 2.96(2)(b)
(b) Combined returns. For corporations required to use combined reporting under s.
71.255, Stats., any extension granted to the designated agent of the combined group is considered granted to each corporation in the combined group.
Tax 2.96(2)(c)
(c) Estimated tax payment. A taxpayer who desires to minimize interest charges during the extension period may pay the estimated tax liability on or before the original due date of the franchise or income tax return. The estimated tax liability includes the economic development surcharge imposed under s.
77.93, Stats.
Tax 2.96 Note
Note: See s.
Tax 2.66 for rules relating to the payment of estimated taxes by combined groups.
Tax 2.96(3)(a)(a) Regular interest. Except as provided in par.
(b), additional tax due with the complete return and the economic development surcharge imposed under s.
77.93, Stats., which are not paid by the original due date are subject to interest at 12% per year during the extension period and 1 1/2% per month from the end of the extension period until the date of payment.
Tax 2.96(3)(b)
(b) Delinquent interest. If 90% of the tax shown on the return is not paid by the unextended due date of the return, the difference between that amount and the estimated taxes paid along with any interest due is subject to interest at 1 1/2% per month until paid regardless of any extension granted for filing the return. The tax shown on the return includes the economic development surcharge imposed under s.
77.93, Stats.
Tax 2.96(3)(c)
(c) Late filing fee. A corporation return filed after the extension period is subject to a $150 late filing fee.
Tax 2.96 History
History: Cr.
Register, February, 1978, No. 266, eff. 3-1-78; am. (1), (2) (a) and (c), (3) (a) and (c), (4) and (5),
Register, September, 1983, No. 333, eff. 10-1-83; am. (1), (2) (a) and (b), (4) and (5), r. (2) (c), renum. (2) (d) to be (2) (c),
Register, February, 1990, No. 410, eff. 3-1-90; r. and recr.
Register, December, 1995, No. 480, eff. 1-1-96;
CR 10-095: am. (1) (a), (3) (a), (b), cr. (1) (am), r. and recr. (2), r. (4)
Register November 2010 No. 659, eff. 12-1-10;
CR 12-011: am. (2) (c), (3) (a) to (c)
Register July 2012 No. 679, eff. 8-1-12;
CR 19-141: am. (1) (a)
Register September 2020 No. 777, eff. 10-1-20.
Tax 2.96 Annotation
Cross Reference: See s. Tax 2.60 for combined reporting definitions relating to this section. See s. Tax 2.65 for rules relating to the designated agent. See s. Tax 2.66 for rules relating to the payment of estimated taxes by combined groups. See s. Tax 2.67 for rules relating to the filing of a combined return.
Tax 2.98(1)(a)
(a) Hurricanes, fires, storms, floods, and other similar casualties may cause persons to suffer losses from damage to property used in a trade or business or for income-producing purposes for which insurance coverage is nominal or nonexistent. Losses sustained from casualties of this kind may be deductible on a federal and a Wisconsin income tax return.
Tax 2.98(1)(b)
(b) If a taxpayer sustains a casualty loss from a disaster in an area subsequently determined by the president of the United States to warrant federal assistance, section
165 (i) of the Internal Revenue Code gives taxpayers the election to deduct the loss on the return for the current tax year or on the return for the immediately preceding tax year.
Tax 2.98(2)(a)(a) The Wisconsin income tax treatment is determined under the federal Internal Revenue Code in effect under s.
71.22 (4), Stats., for corporations and s.
71.01 (6), Stats., for individuals.
Tax 2.98(2)(b)
(b) If a corporation, designated agent of a combined group, or an individual desires to make the election after having filed a Wisconsin income tax return for the preceding taxable year, the casualty loss may be claimed by filing an amended Wisconsin return for that year.
Tax 2.98 History
History: Cr.
Register, April, 1978, No. 268, eff. 5-1-78; r. (2), renum. (3) to be (2) and am. (2) (a) 1. and (b),
Register, September, 1983, No. 333, eff. 10-1-83; am. (1) (a), r. (2) (b), renum. (2) (a) 1. and 2. to be (2) (a) and (b) and am.,
Register, February, 1990, No. 410, eff. 3-1-90;
CR 10-095: am. (2) (b)
Register November 2010 No. 659, eff. 12-1-10;
CR 13-012: am. (1) (b)
Register August 2013 No. 692, eff. 9-1-13.
Tax 2.986
Tax 2.986
Registration of a business under s. 73.03 (69), Stats. Tax 2.986(1)(1)
Purpose. This section establishes the method of valuing property and the registration deadline for purposes of s.
73.03 (69), Stats.
Tax 2.986(2)
(2) Definition. In this section, “doing business in this state" has the meaning given in s.
71.22 (1r), Stats.
Tax 2.986(3)
(3) Method of valuing property. For purposes of s.
73.03 (69) (b) 2., Stats., real and tangible personal property owned by the business shall be valued at its original cost and real and tangible personal property rented by the business shall be valued at an amount equal to the annual rental paid by the business, less any annual rental received by the business from sub-rentals, multiplied by 8.
Tax 2.986(4)(a)
(a) Except as provided in par.
(b), a business shall register with the department under s.
73.03 (69), Stats., on or before the close of the calendar year for which the business desires registration. A business may not be registered for a calendar year if the registration is not within the time provided in this subsection.
Tax 2.986(4)(b)
(b) A business that desires registration for the calendar year in which it begins doing business in this state shall register with the department during the following calendar year.
Tax 2.986 Note
Example: Business A begins doing business in Wisconsin on March 8, 2014. Business A must register with the department for calendar year 2014 between January 1, 2015, and December 31, 2015.
Tax 2.986 History
History: CR 14-005: cr.
Register August 2014 No. 704, eff. 9-1-14.
