Virginia Regulatory Town Hall

Proposed Text

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Action:
Repeal Unnecessary Sections of the Declaration of Estimated ...
Stage: Fast-Track
 
23VAC10-112-40

23VAC10-112-40. Failure by individual to pay estimated tax; additions to the tax. (Repealed.)

In the case of any underpayment of estimated tax by an individual, except as provided in 23VAC10-112-43, there shall be added to the individual income tax for the taxable year an amount determined at the rate established for interest, under ยง 58.1-15 of the Code of Virginia upon the amount of the underpayment (determined under 23VAC10-112-41), for the period of the underpayment (determined under 23VAC10-112-42). The amount of such addition to the tax shall be reported and paid at the time of filing the individual income tax return for the taxable year.

23VAC10-112-41

23VAC10-112-41. Failure by individual to pay estimated tax; amount of underpayment. (Repealed.)

For purpose of 23VAC10-112-40, the amount of the underpayment shall be the excess of:

1. The amount of the installment which would be required to be paid if the estimated tax were equal to 90% (66-2/3% in the case of a self-employed farmer or fisherman referred to in 23VAC10-112-23 B) of the tax shown on the individual income tax return for the taxable year, or if no return was filed, 90% (66-2/3% in the case of self-employed farmers or fishermen referred to in 23VAC10-112-23 B) of the tax for such year, over

2. The amount, if any, of the installment paid on or before the last date prescribed for such payment.