Kansas Statutes 79-3222. Report of moneys paid or payable during taxable year; who to make return; failure to report, penalties
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 79-3222
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Director: means the director of taxation. See Kansas Statutes 79-32,109
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States, and any foreign country or political subdivision thereof. See Kansas Statutes 79-3271
Every individual, partnership, corporation, joint stock company or association, or any other entity which does business in this state, which makes payments of income to any residents of this state or other persons and entities subject to taxation under the Kansas income tax act, and which is required to file an information return with respect to such payment with the internal revenue service, shall file a copy of such information return with the director of taxation at or before the time such return is required to be filed with the internal revenue service. Unless such income is so reported, the director may disallow the payments as deductions or credits in computing the tax of the payer or impose a penalty of $50 for each such failure.