§ 58.1-394.2 — Fraudulent returns, etc., of pass-through entities; penalty

Virginia § 58.1-394.2

• Jurisdiction: Virginia
• Title 58.1: TAXATION
• Subtitle I: TAXES ADMINISTERED BY THE DEPARTMENT OF TAXATION
• Ch. 3: INCOME TAX
• Art. 9: TAXATION OF PARTNERSHIPS

Text

A. Any officer or owner of any pass-through entity who makes a fraudulent return or statement with the intent of assisting or facilitating the evasion of the payment of the taxes prescribed by this chapter by the pass-through entity or an owner shall be liable for a penalty of not more than $1,000, to be assessed and collected in the manner provided for the assessment and collection of taxes under this chapter or in a civil action, at the instance of the Department.

B. In addition to other penalties provided by law, any officer or owner of a pass-through entity who makes a fraudulent return or statement with the intent of assisting or facilitating the evasion of the payment of the taxes prescribed by this chapter by the pass-through entity or an owner, or who willfully fails or refuses to make a return required by this chapter at the time or times required by law shall be guilty of a Class 1 misdemeanor. A prosecution under this section shall be commenced within five years next after the commission of the offense.

Legislative History

2004, Sp. Sess. I, c. 3.