S.D. Admin. R. 64:06:01:02

Current through Register Vol. 50, page 159, June 17, 2024

Section 64:06:01:02 - Bond

A cash bond endorsed in the name of the department or a bond issued by a corporate surety company authorized to do business in South Dakota in an amount sufficient to guarantee payment of tax for a six-month period is required from retailers engaged in business within the state of South Dakota in the following circumstances:

(1) A taxpayer is delinquent in either reporting or paying tax for two reporting periods in any twelve-month period;

(2) A taxpayer is engaged in a type of business which, in the experience of the department, has had problems with tax delinquency; or

(3) A taxpayer does not have sufficient unencumbered assets in this state to ensure that a possible future delinquent tax liability is collected.

If a taxpayer has no prior history of tax payment, the amount of the bond is based upon the taxpayer's estimate of gross receipts in a six-month period, provided that the taxpayer's estimate is determined by the department to approximate known receipts of similar businesses.

S.D. Admin. R. 64:06:01:02

SL 1975, ch 16, § 1; 2 SDR 40, effective 12/8/1975; 5 SDR 60, effective 1/25/1979; 9 SDR 28, effective 9/5/1982; 11 SDR 1, effective 7/19/1984; 13 SDR 129, 13 SDR 134, effective 7/1/1987; 21 SDR 219, effective 7/1/1995; 28 SDR 178, effective 7/1/2002; 32 SDR 225, effective 7/3/2006.

General Authority: SDCL 10-45-47.1(1), 10-45D-13(1), 10-46E-11(1), 10-52A-7(1).

Law Implemented: SDCL 10-45-24, 10-45-26, 10-45D-12, 10-46E-8, 10-52A-6.