Daily Tax Report: State provides authoritative coverage of state and local tax developments across the 50 U.S. states and the District of Columbia, tracking legislative and regulatory updates,...
By Galit Allemeier
Virginia will waive all penalties plus 50 percent of interest on outstanding tax liabilities paid under a tax amnesty program scheduled to run some time between July 1, 2009, and June 30, 2010. [S.B. 1120, enacted 3/27/09]
Under S.B. 1120, the exact dates will be established by the tax commissioner, but the legislation specifies that the program will run between 60 and 75 days.
The program is available for tax years beginning before Jan. 1, 2008, and applies to any person, individual, corporation, estate, trust or partnership, with the following exceptions:
• taxpayers currently under investigation or prosecution for filing a fraudulent return or failing to file a return with the intent to evade tax; and
• taxpayers facing an assessment within 90 days of the amnesty program or a liability arising from the failure to file a return for which the due date is less than 90 days prior to the first day of the program.
Taxpayers eligible for amnesty but who retain any outstanding balance after the close of the program will be subject to a 20 percent penalty on the unpaid tax in addition to all otherwise applicable penalties.
Moreover, any taxpayer that defaults on an amnesty agreement is subject to reinstatement of the forgiven interest and penalties as well as the additional 20 percent amnesty penalty described above.
The legislation takes effect July 1.
View the full text at http://leg1.state.va.us/cgi-bin/legp504.exe?091+ful+SB1120ER.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)