Tax Type
Intangible Personal Property Tax
Description
Penalty for late filing and payment
Topic
Penalties and Interest
Date Issued
01-13-1984
January 13, 1984
Re:
Capital Not Taxed
For the Years 1978, 1979, 1980, 1981 & 1982
Intangible Personal Property Tax
For the Year 1983 Request for the abatement of late filing and paying penalties
Dear ****
This will acknowledge receipt of your letter dated December 15, 1983, in regard to penalties assessed for late filing and late payment of tax on capital not otherwise taxed and intangible personal property tax captioned above.
The law specifically provides two separate penalties, a penalty for late filing and an additional penalty for late payment. § 58-438, Code of Virginia, provides a penalty of 10 percent for late filing and § 58-441 provides an additional penalty of 5 percent for late payment based on the total assessment of tax, plus the late filing penalty.
While both penalties were assessed in accordance with applicable laws, in consideration of the circumstances surrounding your failure to file the returns, we will relieve one-half of the late filing and all of the late paying penalties.
In the near future you will receive revised assessments and these should be paid upon receipt.
Sincerely,
W. H. Forst
State Tax Commissioner
Rulings of the Tax Commissioner