2006 Code of Virginia § 58.1-2266 - Late filing or payment; civil penalty

58.1-2266. Late filing or payment; civil penalty.

A. Any person committing any of the following acts shall be subject to thecivil penalty specified in subsections B and C:

1. Failure to submit a report required by this chapter on a timely basis;

2. Failure to submit the data required by this chapter; or

3. Failure to pay to the Commissioner or to a trustee on a timely basis theamount of taxes due under this chapter.

B. The amount of the civil penalty for any act described in subdivision A 1or 2 shall be as follows:

1. $50 for the first violation;

2. $200 for the second violation;

3. $500 for the third violation; and

4. $1,000 for the fourth and subsequent violations.

After imposition of the penalty under this subsection, the amount of thepenalty, if not paid within 30 days of receipt of notice of such penalty,shall bear interest at the rate of one percent per month until the penalty ispaid.

C. The amount of the civil penalty for any act described in subdivision A 3shall be equal to 10 percent of the tax due or $50, whichever is greater;however, penalties resulting from an audit shall be equal to 10 percent ofthe tax due. After imposition of the penalty under this subsection, theamount of the tax and the penalty, if not paid within 30 days of receipt ofnotice of such penalty, shall bear interest at the rate of one percent permonth until the tax and penalty are paid.

D. The Commissioner is authorized to reduce or waive any penalties under thissection if the violation is due to a reasonable or good cause shown to thesatisfaction of the Commissioner.

(2000, cc. 729, 758; 2004, c. 340.)