143A.070 Bond of taxpayer may be required.

221 words·~1 min read·/ky/chapter-143a/143a-070

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Whenever it is deemed necessary to insure compliance with KRS 143A.050 to

143A.130, the department may require any taxpayer to post a cash or corporate

surety bond.

(2)The amount of the bond shall be fixed by the department but, except as provided in

subsection

(3)of this section, shall not be greater than three

(3)times the average

quarterly liability of taxpayers filing returns for quarterly periods, five

(5)times the

average monthly liability of taxpayers required to file returns for monthly periods,

or two

(2)times the average periodic liability of taxpayers permitted or required to

file returns for other than monthly or quarterly periods.

(3)Notwithstanding the provisions of subsection

(2)of this section, no bond required

under this section shall be less than five hundred dollars ($500).

(4)The amount of the bond provided herein may be increased or decreased by the

department at any time subject to the limitations herein provided.

(5)The Commonwealth may bring an action for a restraining order or a temporary or

permanent injunction to restrain or enjoin the operation of a taxpayer's business

until the bond is posted and any delinquent tax, including applicable interest and

penalties, has been paid. Such action may be brought in the Franklin Circuit Court

or in the Circuit Court having jurisdiction of the taxpayer.