South Dakota Form 1045 2024-2025

South Dakota Form 1045: What You Should Know

A financial institution is engaged in business in South Dakota at any time, in this state or out of this state, if it operates in the state or operates out of this state for trade only, or as a bank, savings bank, savings and loan association, credit union or credit union agency. The filing fee for a bank franchise tax return is fifteen dollars. If the financial institution fails to file a return within sixty days after being required to do so, the financial institution shall pay a penalty of thirty dollars per failed return. The penalty will be collected by the Department of Revenue. The penalty is collected and may be added to the financial institution's tax account. The penalty may not be subtracted from the gross amount of tax due. A failure by a financial institution to file a return by its due date is cause for cancellation of the institution's franchise license on form 6-12. If the financial institution is required to file a return for any of the years from July 1, 2010, through August 9, 2025 and does not file the return until more than sixty days after the due date, and the financial institution notifies the Department in writing within the time provided, the Department shall immediately suspend the financial institution's franchise tax account without penalty, and the suspended tax account shall be considered a closed account for purposes of the franchise tax. This section does not restrict a financial institution from filing a franchise tax if it is required to file a return because it fails to file a return for a particular tax year which it fails to file in a timely manner (or, for information reporting purposes, under any other applicable requirements) before the close of the business year or any subsequent tax years on the same taxable transaction, the tax account of which is subject to cancellation for failure to file a return under this section. This section is not a prohibition on a financial institution from paying a fee for filing its tax return. Bank Franchise Tax — S.D. Codified Laws The financial institution shall pay to the Department fifteen dollars for each return required to be filed by it's authorized to transact business in the state by January first of that year and a fifteen dollar per return filed after January first of that year. All payment for financial institution's failure to file its return must be made with one installment payment in one-twelfth month's time. The five dollars paid to the Department is the penalty for each return filed after the return is due. An annual interest rate of two percent shall not be charged on refunds due under the provisions of this Article.

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