§ 58.1-316. Information reporting on rental payments to nonresident payees;penalties.
A. Notwithstanding any other provision of this chapter, every nonresidentpayee receiving gross payments of $600 or more in any calendar year from therental of real property in this Commonwealth shall register with theDepartment of Taxation pursuant to forms and regulations adopted by the TaxCommissioner.
B. Any broker as defined in § 6045(c) of the Internal Revenue Code makingpayments to a nonresident payee attributable to the rental of real propertyin this Commonwealth shall obtain from the nonresident payee the registrationform required in subsection A of this section or satisfactory evidence ofprior registration. The broker shall retain a copy of the registration formin his files and shall transmit the original copy to the Department ofTaxation on or before the fifteenth day of the month following the month inwhich the form was received from the payee.
C. If a nonresident payee fails to provide a completed registration form tothe broker within sixty days after being requested by the broker or if suchpayee provides the broker with a registration form that is incomplete orfalse on its face, the broker shall file a registration form on behalf of thepayee providing the payee's name, address, identification number, and suchother information as may be required by the Tax Commissioner. In the case ofeach failure to file a registration form with the Tax Commissioner on thedate prescribed therefor, the broker failing to file such registration formshall pay a $50 penalty for each month that each such failure to filecontinues, not exceeding six months in the aggregate.
D. Any payee who willfully supplies false or fraudulent information to abroker with the intent to evade the payment of income taxes properly due onthe rental of real estate in this Commonwealth and any broker who has actualknowledge that any information supplied by a payee is false or fraudulent andfails to notify the Department of Taxation of such shall be guilty of a Class1 misdemeanor.
E. For purposes of this section, the term "nonresident payee" means everyindividual who is not a resident, every nonresident estate or trust, everypartnership and S corporation which has nonresident partners or shareholders,or every corporation which is not formed or organized under Virginia law.
§ 58.1-316. Information reporting on rental payments to nonresident payees;penalties.
A. Notwithstanding any other provision of this chapter, every nonresidentpayee receiving gross payments of $600 or more in any calendar year from therental of real property in this Commonwealth shall register with theDepartment of Taxation pursuant to forms and regulations adopted by the TaxCommissioner.
B. Any broker as defined in § 6045(c) of the Internal Revenue Code makingpayments to a nonresident payee attributable to the rental of real propertyin this Commonwealth shall obtain from the nonresident payee the registrationform required in subsection A of this section or satisfactory evidence ofprior registration. The broker shall retain a copy of the registration formin his files and shall transmit the original copy to the Department ofTaxation on or before the fifteenth day of the month following the month inwhich the form was received from the payee.
C. If a nonresident payee fails to provide a completed registration form tothe broker within sixty days after being requested by the broker or if suchpayee provides the broker with a registration form that is incomplete orfalse on its face, the broker shall file a registration form on behalf of thepayee providing the payee's name, address, identification number, and suchother information as may be required by the Tax Commissioner. In the case ofeach failure to file a registration form with the Tax Commissioner on thedate prescribed therefor, the broker failing to file such registration formshall pay a $50 penalty for each month that each such failure to filecontinues, not exceeding six months in the aggregate.
D. Any payee who willfully supplies false or fraudulent information to abroker with the intent to evade the payment of income taxes properly due onthe rental of real estate in this Commonwealth and any broker who has actualknowledge that any information supplied by a payee is false or fraudulent andfails to notify the Department of Taxation of such shall be guilty of a Class1 misdemeanor.
E. For purposes of this section, the term "nonresident payee" means everyindividual who is not a resident, every nonresident estate or trust, everypartnership and S corporation which has nonresident partners or shareholders,or every corporation which is not formed or organized under Virginia law.
§ 58.1-316. Information reporting on rental payments to nonresident payees;penalties.
A. Notwithstanding any other provision of this chapter, every nonresidentpayee receiving gross payments of $600 or more in any calendar year from therental of real property in this Commonwealth shall register with theDepartment of Taxation pursuant to forms and regulations adopted by the TaxCommissioner.
B. Any broker as defined in § 6045(c) of the Internal Revenue Code makingpayments to a nonresident payee attributable to the rental of real propertyin this Commonwealth shall obtain from the nonresident payee the registrationform required in subsection A of this section or satisfactory evidence ofprior registration. The broker shall retain a copy of the registration formin his files and shall transmit the original copy to the Department ofTaxation on or before the fifteenth day of the month following the month inwhich the form was received from the payee.
C. If a nonresident payee fails to provide a completed registration form tothe broker within sixty days after being requested by the broker or if suchpayee provides the broker with a registration form that is incomplete orfalse on its face, the broker shall file a registration form on behalf of thepayee providing the payee's name, address, identification number, and suchother information as may be required by the Tax Commissioner. In the case ofeach failure to file a registration form with the Tax Commissioner on thedate prescribed therefor, the broker failing to file such registration formshall pay a $50 penalty for each month that each such failure to filecontinues, not exceeding six months in the aggregate.
D. Any payee who willfully supplies false or fraudulent information to abroker with the intent to evade the payment of income taxes properly due onthe rental of real estate in this Commonwealth and any broker who has actualknowledge that any information supplied by a payee is false or fraudulent andfails to notify the Department of Taxation of such shall be guilty of a Class1 misdemeanor.
E. For purposes of this section, the term "nonresident payee" means everyindividual who is not a resident, every nonresident estate or trust, everypartnership and S corporation which has nonresident partners or shareholders,or every corporation which is not formed or organized under Virginia law.
