45 IAC 3.1-1-109 Withholding requirements for subchapter S corporations

Authority: IC 6-8.1-3-3

Affected: IC 6-3-4-8.1; IC 6-3-4-13

Sec. 109. Subchapter S Corporations–Withholding Requirements. Small business corporations electing Subchapter S status under Internal Revenue Code section 1372 are required to withhold adjusted gross income tax and county adjusted gross income tax on any nonresident shareholder's share of taxable income of the corporation, whether distributed or undistributed, and pay such amounts to the Department in the manner described in Regulation 6-3-4-12(010) $45 IAC 3.1-1-107$ and (020) $45 IAC 3.1-1-108$. Such corporations shall make monthly (or quarterly) and annual returns as provided in Regulation 6-3-4-12(020) $45 IAC 3.1-1-108$ and furnish a copy of form WH-18 to each nonresident shareholder as provided in that regulation.

(Department of State Revenue; Reg 6-3-4-13(010); filed Oct 15, 1979, 11:15 am: 2 IR 1552; errata, 2 IR 1743)