ABC Corp. filed a federal Form 1120 and RCT-101 for the tax year ending 12/31/06 on 4/15/07. The Department of Revenue did not settle the report prior to 1/1/08. On April 15, 2008, ABC Corp. filed a federal Form 1120-X for the tax year ending 12/31/06 which resulted in (a) an increase in federal and PA taxable income, i.e., additional tax is owed, and (b) a decrease in federal and PA taxable income, i.e., corporation is entitled to a refund. Since 4/15/08, ABC Corp. has never reported the changes on a RCT-101-X.
Assuming that the amendments to the amended report regulations have been published, is ABC Corp. required to report the federal changes on an RCT- 101-X or RCT-128?
Section 406 of the Tax Reform Code as amended by Act 119-2006 provides that a Report of Change, Form RCT-128, shall be filed.