Section 1111-C. Assessment and Notice of Tax; Review.--(a) If any person shall fail to pay any tax imposed by this article for which he is liable, the department is hereby authorized and empowered to make an assessment of additional tax and interest due by such person based upon any information within its possession or that shall come into its possession. All of such assessments shall be made within three years after the date of the recording of the document, subject to the following:
(1) If the taxpayer underpays the correct amount of the tax by twenty-five per cent or more, the tax may be assessed at any time within six years after the date of the recording of the document.
(2) If any part of an underpayment of tax is due to fraud or an undisclosed, intentional disregard of rules and regulations, the full amount of the tax may be assessed at any time.
(b) Promptly after the date of such assessment, the department shall send a copy thereof, including the basis of the assessment, to the person against whom it was made. Any taxpayer against whom an assessment is made may petition the department for a reassessment pursuant to Article XXVII.
(c) ((c) deleted by amendment Oct. 18, 2006, P.L.49, No.119)
(d) (Deleted by amendment).
(1111-C amended July 2, 2012, P.L.751, No.85)
Compiler's Note: Section 15 of Act 55 of 2007, which amended section 1111-C, provided that the amendment of section 1111-C shall apply to assessments issued after December 31, 2007.
Compiler's Note: See section 33 of Act 119 of 2006 in the appendix to this act for special provisions relating to determinations and assessments of tax liability by the Department of Revenue after December 31, 2007, and applicability of Act 119 on proceedings, prosecutions, actions, suits or appeals involving assessments, determinations or settlements of tax liability by the Department of Revenue prior to January 1, 2008.
Compiler's Note: Section 24(5)(i) of Act 40 of 2005, which amended section 1111-C, provided that the amendment shall apply to any document made, executed, delivered, accepted or presented for recording 90 days after the effective date of section 24(5).