58.1-486.3 - Penalty. - Virginia Statutes

§ 58.1-486.3. Penalty.

A. If any payment is not made in full when due, there shall be added to theentire tax or to any unpaid balance of the tax a penalty of six percent ofthe amount thereof, if the failure is for not more than one month, with anadditional six percent for each additional month or fraction thereof duringwhich such failure to pay continues, not exceeding 30 percent in theaggregate. The entire tax or any unpaid balance of the tax, together withsuch penalty and interest, shall immediately become collectible. Interestupon such tax or any unpaid balance of the tax and on the accrued penaltyshall be added at a rate determined in accordance with § 58.1-15 from thedate the tax or any unpaid balance of the tax was originally due until paid.In the case of an additional tax assessed by the Department, if the returnwas made in good faith and the understatement of the amount in the return wasnot due to any fault of the taxpayer, there shall be no penalty on theadditional tax because of such understatement, but interest shall be added tothe amount of the deficiency at a rate determined in accordance with §58.1-15 from the time the return was required by law to be filed until paid.

B. In any month or fraction thereof for which the pass-through entity issubject to the penalty imposed under § 58.1-394.1 and the penalty under thissection, the greater of the two penalties shall apply.

C. The penalty under this section shall not apply to any tax attributable toincome that was included in a return filed pursuant to § 58.1-395.

(2010, c. 120.)