58.1-394.2 - Fraudulent returns, etc., of pass-through entities; penalty. - Virginia Statutes

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

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

B. In addition to other penalties provided by law, any officer or owner of apass-through entity who makes a fraudulent return or statement with theintent of assisting or facilitating the evasion of the payment of the taxesprescribed by this chapter by the pass-through entity or an owner, or whowillfully fails or refuses to make a return required by this chapter at thetime or times required by law shall be guilty of a Class 1 misdemeanor. Aprosecution under this section shall be commenced within five years nextafter the commission of the offense.

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