TAX NEWS - May 2009

Alaska tax: Revision to Monthly Information Report Form

Alaska Department of Revenue, Tax Division
Economic Research

Second Revised Economic Monthly Information Report
May 14, 2009

The Department of Revenue has posted a second revised Economic Monthly Information Report, Form 0405-305, along with user documentation, available on our website at: http://www.tax.alaska.gov/programs/programs/forms/index.aspx

The second revision includes the following changes:

1. The Company Employer Identification Number (EIN) is now a required field on the sheet labeled "Cover&Instructions," in addition to the Company Name, Month for which information applies, and the Report Year.
2. The form version number was added to the "Cover&Instructions" sheet.
3. Additional instructions were added to the top of the sheet labeled "Specific Instructions" that discuss required fields in the Unit-specific sheets of the report, including requirements where zeroes must be entered. Failure to follow these instructions will result in an unsuccessful upload of your report.

Every entity (corporate level) involved in oil and gas operations in the State of Alaska is required to file a monthly information report with the department pursuant to 15 AAC 55.520(f). The revised monthly reporting process will continue to use the Online Tax Information System (OTIS) currently in place for production tax payments. Use of the revised Excel form for monthly reporting will be required beginning with the filing for the April 2009 production month, due June 1, 2009. Taxpayers will be able to upload their April 2009 reports beginning May 18, 2009.

There may be other slight modifications to the revised monthly reporting form that are not listed here. In addition, certain deficiencies or incorrectly entered information may cause your monthly form to be rejected by the system. Please consult the Economic Monthly Reporting Data Delivery Process user documentation, Form 0405-306, posted with this form at:
http://www.tax.alaska.gov/programs/programs/forms/index.aspx for more information on how to submit your data successfully.

If you have any difficulties accessing or entering information on the revised form, please contact the Tax Division at (907) 269-6620 or by email at Tax_EconomicResearch@alaska.gov.