58.1-631 - Jeopardy assessment. - Virginia Statutes

§ 58.1-631. Jeopardy assessment.

If the Tax Commissioner is of the opinion that the collection of any tax orany amount of tax required to be collected and paid under this chapter willbe jeopardized by delay, he shall make an assessment of the tax or amount oftax required to be collected and shall mail or issue a notice of suchassessment to the taxpayer together with a demand for immediate payment ofthe tax or of the deficiency in tax declared to be in jeopardy includingpenalties. In the case of a tax for a current period, the Tax Commissionermay declare the taxable period of the taxpayer immediately terminated andshall cause notice of such finding and declaration to be mailed or issued tothe taxpayer together with a demand for immediate payment of the tax based onthe period declared terminated and such tax shall be immediately due andpayable, whether or not the time otherwise allowed by law for filing a returnand paying the tax has expired. Assessments provided for in this sectionshall become immediately due and payable, and if any such tax, penalty orinterest is not paid upon demand of the Tax Commissioner, he shall proceed tocollect the same by legal process, or, in his discretion, he may require thetaxpayer to file such bond as in his judgment may be sufficient to protectthe interest of the Commonwealth.

(Code 1950, § 58-441.32; 1966, c. 151; 1984, c. 675.)