58.1-1817 - Installment agreements for the payment of taxes. - Virginia Statutes

§ 58.1-1817. Installment agreements for the payment of taxes.

A. The Tax Commissioner is authorized to enter into a written agreement withany taxpayer under which such taxpayer is allowed to satisfy his taxliability in installment payments, if the Tax Commissioner determines such anagreement will facilitate collection.

B. Except as otherwise provided in this section, any agreement entered intoby the Tax Commissioner under subsection A shall remain in effect for theterm of the agreement.

The Tax Commissioner may terminate any installment agreement if:

1. Information which the taxpayer provided prior to the date such agreementwas entered into was inaccurate or incomplete; or

2. The Tax Commissioner determines that the collection of any tax to which anagreement relates is in jeopardy.

C. If the Tax Commissioner makes a determination that the financial conditionof a taxpayer who has entered into an installment agreement under thissection has significantly changed, the Tax Commissioner may alter, modify, orterminate such agreement. Such action may be taken only if (i) notice of theaction is provided to the taxpayer no later than thirty days prior to thedate of such action and (ii) such notice includes the reasons why the TaxCommissioner believes a significant change in the financial condition of thetaxpayer has occurred.

D. The Tax Commissioner may alter, modify, or terminate an installmentagreement in the case of the failure of the taxpayer:

1. To pay any installment at the time it is due;

2. To pay any other tax liability at the time it is due;

3. To provide a financial condition update as requested by the TaxCommissioner; or

4. To file with the Department any required tax or information return duringthe time period such agreement is in effect.

E. The Tax Commissioner may alter, modify, or terminate an installmentagreement under other exceptional circumstances as he deems appropriate.

(1996, c. 634.)