Virginia Code 58.1-399.5: Failure to pay.
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If an audited partnership or tiered partner fails to timely make any report or payment required by this article, the Department may assess the direct and indirect partners of such partnership or partner for any taxes owed.
Terms Used In Virginia Code 58.1-399.5
- Department: means the Department of Taxation. See Virginia Code 58.1-1
- Direct: means , with respect to a partner, that such partner holds a direct interest in a partnership or a pass-through entity and that such interest is not held indirectly through another partnership or pass-through entity. See Virginia Code 58.1-396
- Indirect: means , with respect to a partner, that such partner does not hold a direct interest in a partnership or pass-through entity but instead holds a direct interest in another partnership or pass-through entity that itself holds an interest directly, or through another indirect partner, in the partnership or pass-through entity. See Virginia Code 58.1-396
- Partner: means a person that holds an interest directly or indirectly in a partnership or pass-through entity. See Virginia Code 58.1-396
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: means an entity subject to taxation under Subchapter K, Virginia Code 58.1-396
2020, c. 1030.