State Codes and Statutes
Statutes > Virginia > Title-58-1 > Chapter-3 > 58-1-394-1§ 58.1-394.1. Failure of pass-through entity to make a return.
A. Any pass-through entity that fails to file a return required by thisarticle within the time required shall be liable for a penalty of $200 if thefailure is for not more than one month, with an additional $200 for eachadditional month or fraction thereof during which such failure to filecontinues, not exceeding six months in the aggregate. In no case, however,shall the penalty be less than $200.
B. If any pass-through entity's failure to file a return required by thisarticle exceeds six months, the Department shall assess a penalty of sixpercent of the total amount of Virginia taxable income derived by its ownersfrom the pass-through entity for the taxable year. The Department maydetermine such penalty from any information in its possession. The penaltyassessed pursuant to this subsection shall be reduced by the penalty assessedpursuant to subsection A and any tax paid by the owners on their share ofincome from the pass-through entity for the taxable year.
C. The penalties set forth in this subsection shall be assessed and collectedby the Department in the manner provided for the assessment and collection oftaxes under this chapter or in a civil action, at the instance of theDepartment. In addition, such pass-through entity shall be compellable bymandamus to file such return.
(2004, Sp. Sess. I, c. 3.)
