Virginia Code 58.1-399.3: Alternative reporting and payment method.
Under procedures adopted by and subject to the approval of the Department, an audited partnership or a tiered partner may enter into an agreement with the Department to use an alternative reporting and payment method. However, the Department shall enter into such agreement only if such audited partnership or tiered partner demonstrates, to the satisfaction of the Department, that the alternative method is reasonably expected to provide for the reporting and payment of taxes, penalties, and interest due under the provisions of this article. Application for approval of an alternative reporting and payment method shall be made by the audited partnership or tiered partner within the applicable time period specified in § 58.1-399.1 or 58.1-399.2.
Terms Used In Virginia Code 58.1-399.3
- Audited partnership: means a partnership subject to a partnership-level audit that results in a federal adjustment. See Virginia Code 58.1-396
- Department: means the Department of Taxation. See Virginia Code 58.1-1
- 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
- Tiered partner: means any partner that is a partnership or a pass-through entity and is not an individual. See Virginia Code 58.1-396
2020, c. 1030.