BEFORE THE UTAH STATE TAX COMMISSION
In Re: )
: INFORMAL DECISION
: Appeal No. 92-1456
: Account No. XXXXX
STATEMENT OF CASE
This matter came before the Utah State Tax Commission pursuant to the Administrative Procedures Act and the rules of the Utah State Tax Commission for informal proceedings. This decision is based upon information contained in the Tax Commission's file.
Petitioners made a mathematical error in computing their income for the XXXXX tax year. The same error was made on both their federal and state income tax returns. As a result, Petitioners paid less federal and state income tax than was actually due. The error was subsequently corrected, and Petitioners paid the additional tax due on XXXXX. The Commission has already waived late payment penalties in this matter. Petitioner now asks the Commission to waive interest charges as well.
DECISION AND ORDER
Interest charges are merely a charge for the use of tax funds during the period such funds were in the Petitioners' possession. In this case, Petitioners held the funds from XXXXX, to XXXXX. The Tax Commission finds no basis to waive the interest associated with the Petitioners 1988 income tax liability. It is so ordered.
DATED this 30th day of June, 1992
BY ORDER OF THE UTAH STATE TAX COMMISSION.