{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-455.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-455.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-455.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-455.html"}],"law_id":83702,"edition_id":1,"section_id":83702,"structure_id":13546,"section_number":"58.1-455","catch_line":"Time of payment of corporation income taxes; penalty and interest for nonpayment","history":"Code 1950, \u00a7 58-151.093; 1971, Ex. Sess., c. 171; 1977, c. 396; 1984, c. 675; 1989, cc. 629, 642; 1991, cc. 316, 331.","full_text":"A\n\nEvery corporation liable for income tax shall pay the same to the Department at the time fixed by law for filing the return. The full amount of the tax payable as shown on the face of the return shall be so paid. A corporation may file its return and pay its tax in full in the closing days of its taxable year provided it is able to prepare a complete return.\n\t\t\tIf any payment is not made in full when due, there shall be added to the entire tax or to any unpaid balance of the tax, a penalty of six percent of the amount thereof, if the failure is for not more than one month, with an additional six percent for each additional month or fraction thereof during which such failure to pay continues, not exceeding thirty percent in the aggregate. The entire tax or any unpaid balance of the tax, together with such penalty, will immediately become collectible. Interest upon such tax or any unpaid balance of the tax, and on the accrued penalty, shall be added at a rate determined in accordance with § 58.1-15, from the date 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 return was made in good faith and the understatement of the amount in the return was not due to any fault of the taxpayer, there shall be no penalty on the additional tax because of such understatement, but interest shall be added to the 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.\n\t\t\tThe penalty under this subsection shall not be applicable to any month or fraction thereof for which the corporation is subject to the penalty imposed under § 58.1-450. In no event shall the total amount of penalty assessed under this subsection and under § 58.1-450 exceed thirty percent in the aggregate.B\n\nIf the understatement is false or fraudulent with intent to evade the tax, a penalty of 100 percent shall be added together with interest on the tax at a rate determined in accordance with § 58.1-15, from the time the return was required by law to be filed until paid.\n\t\t\tNothing contained in this section shall prevent the taxpayer from applying to the circuit court of the county or the city wherein the corporation is located for a correction of the assessment made by the Department, with right of appeal in the manner provided by law.","order_by":null,"text":{"0":{"id":300051,"text":"Every corporation liable for income tax shall pay the same to the Department at the time fixed by law for filing the return. The full amount of the tax payable as shown on the face of the return shall be so paid. A corporation may file its return and pay its tax in full in the closing days of its taxable year provided it is able to prepare a complete return.\n\t\t\tIf any payment is not made in full when due, there shall be added to the entire tax or to any unpaid balance of the tax, a penalty of six percent of the amount thereof, if the failure is for not more than one month, with an additional six percent for each additional month or fraction thereof during which such failure to pay continues, not exceeding thirty percent in the aggregate. The entire tax or any unpaid balance of the tax, together with such penalty, will immediately become collectible. Interest upon such tax or any unpaid balance of the tax, and on the accrued penalty, shall be added at a rate determined in accordance with § 58.1-15, from the date 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 return was made in good faith and the understatement of the amount in the return was not due to any fault of the taxpayer, there shall be no penalty on the additional tax because of such understatement, but interest shall be added to the 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.\n\t\t\tThe penalty under this subsection shall not be applicable to any month or fraction thereof for which the corporation is subject to the penalty imposed under § 58.1-450. In no event shall the total amount of penalty assessed under this subsection and under § 58.1-450 exceed thirty percent in the aggregate.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":300052,"text":"If the understatement is false or fraudulent with intent to evade the tax, a penalty of 100 percent shall be added together with interest on the tax at a rate determined in accordance with § 58.1-15, from the time the return was required by law to be filed until paid.\n\t\t\tNothing contained in this section shall prevent the taxpayer from applying to the circuit court of the county or the city wherein the corporation is located for a correction of the assessment made by the Department, with right of appeal in the manner provided by law.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":13546,"edition_id":1,"name":"Accounting, Returns, Procedures for Corporations","identifier":"14","label":"article","depth":4,"order_by":1,"parent_id":13152,"metadata":{},"date_created":"2026-06-26 03:45:11","date_modified":"2026-06-26 03:45:11","permalink":{"id":253719,"object_type":"structure","relational_id":13546,"identifier":"14","token":"58.1\/I\/3\/14","url":"\/58.1\/I\/3\/14\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13152,"edition_id":1,"name":"Income Tax","identifier":"3","label":"chapter","depth":3,"order_by":1,"parent_id":12837,"metadata":{},"date_created":"2026-06-26 03:44:21","date_modified":"2026-06-26 03:44:21","permalink":{"id":253267,"object_type":"structure","relational_id":13152,"identifier":"3","token":"58.1\/I\/3","url":"\/58.1\/I\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12837,"edition_id":1,"name":"Taxes Administered by the Department of Taxation","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:55","date_modified":"2026-06-26 03:43:55","permalink":{"id":252075,"object_type":"structure","relational_id":12837,"identifier":"I","token":"58.1\/I","url":"\/58.1\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":60123,"structure_id":13546,"section_number":"58.1-440","catch_line":"Accounting","url":"\/58.1-440\/","token":"58.1\/I\/3\/14\/58.1-440","metadata":false},{"id":54651,"structure_id":13546,"section_number":"58.1-440.1","catch_line":"Accounting-deferred taxes","url":"\/58.1-440.1\/","token":"58.1\/I\/3\/14\/58.1-440.1","metadata":false},{"id":72207,"structure_id":13546,"section_number":"58.1-441","catch_line":"Reports by corporations","url":"\/58.1-441\/","token":"58.1\/I\/3\/14\/58.1-441","metadata":false},{"id":69106,"structure_id":13546,"section_number":"58.1-442","catch_line":"Separate, combined, or consolidated returns of affiliated corporations","url":"\/58.1-442\/","token":"58.1\/I\/3\/14\/58.1-442","metadata":false},{"id":85145,"structure_id":13546,"section_number":"58.1-443","catch_line":"Prohibition of worldwide consolidation or combination","url":"\/58.1-443\/","token":"58.1\/I\/3\/14\/58.1-443","metadata":false},{"id":54510,"structure_id":13546,"section_number":"58.1-444","catch_line":"Several liability of affiliated corporations","url":"\/58.1-444\/","token":"58.1\/I\/3\/14\/58.1-444","metadata":false},{"id":63978,"structure_id":13546,"section_number":"58.1-445","catch_line":"Consolidation of accounts","url":"\/58.1-445\/","token":"58.1\/I\/3\/14\/58.1-445","metadata":false},{"id":65477,"structure_id":13546,"section_number":"58.1-445.1","catch_line":"Repealed","url":"\/58.1-445.1\/","token":"58.1\/I\/3\/14\/58.1-445.1","metadata":false},{"id":73547,"structure_id":13546,"section_number":"58.1-446","catch_line":"Price manipulation; intercorporate transactions; parent corporations and subsidiaries","url":"\/58.1-446\/","token":"58.1\/I\/3\/14\/58.1-446","metadata":false},{"id":59908,"structure_id":13546,"section_number":"58.1-447","catch_line":"Execution of returns of corporations","url":"\/58.1-447\/","token":"58.1\/I\/3\/14\/58.1-447","metadata":false},{"id":70673,"structure_id":13546,"section_number":"58.1-448","catch_line":"Forms to be furnished","url":"\/58.1-448\/","token":"58.1\/I\/3\/14\/58.1-448","metadata":false},{"id":55649,"structure_id":13546,"section_number":"58.1-449","catch_line":"Supplemental reports","url":"\/58.1-449\/","token":"58.1\/I\/3\/14\/58.1-449","metadata":false},{"id":54972,"structure_id":13546,"section_number":"58.1-450","catch_line":"Failure of corporation to make report or return","url":"\/58.1-450\/","token":"58.1\/I\/3\/14\/58.1-450","metadata":false},{"id":56719,"structure_id":13546,"section_number":"58.1-451","catch_line":"Fraudulent returns, etc., of corporations; penalty","url":"\/58.1-451\/","token":"58.1\/I\/3\/14\/58.1-451","metadata":false},{"id":81878,"structure_id":13546,"section_number":"58.1-452","catch_line":"Fraudulent returns; criminal liability; penalty","url":"\/58.1-452\/","token":"58.1\/I\/3\/14\/58.1-452","metadata":false},{"id":57652,"structure_id":13546,"section_number":"58.1-453","catch_line":"Extension of time for filing returns by corporations","url":"\/58.1-453\/","token":"58.1\/I\/3\/14\/58.1-453","metadata":false},{"id":59422,"structure_id":13546,"section_number":"58.1-454","catch_line":"Department may estimate corporation's tax when no return filed","url":"\/58.1-454\/","token":"58.1\/I\/3\/14\/58.1-454","metadata":false},{"id":83702,"structure_id":13546,"section_number":"58.1-455","catch_line":"Time of payment of corporation income taxes; penalty and interest for nonpayment","url":"\/58.1-455\/","token":"58.1\/I\/3\/14\/58.1-455","metadata":false}],"previous_section":{"id":59422,"structure_id":13546,"section_number":"58.1-454","catch_line":"Department may estimate corporation's tax when no return filed","url":"\/58.1-454\/","token":"58.1\/I\/3\/14\/58.1-454","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-455\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1977, chapter 396; in 1984, chapter 675; in 1989, chapters 629 and 642; in 1991, chapters 316 and 331.<\/p>","references":[{"id":57652,"section_number":"58.1-453","catch_line":"Extension of time for filing returns by corporations","order_by":null,"url":"\/58.1-453\/"}],"refers_to":[{"id":77006,"section_number":"58.1-15","catch_line":"Rate of interest","order_by":null,"url":"\/58.1-15\/"},{"id":54972,"section_number":"58.1-450","catch_line":"Failure of corporation to make report or return","order_by":null,"url":"\/58.1-450\/"}],"permalink":{"id":253789,"object_type":"law","relational_id":83702,"identifier":"58.1-455","token":"58.1\/I\/3\/14\/58.1-455","url":"\/58.1-455\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-455\/","token":"58.1\/I\/3\/14\/58.1-455","dublin_core":{"Title":"Time of payment of corporation income taxes; penalty and interest for nonpayment","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-455","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Every corporation<\/span> liable for income tax shall pay the same to the Department<\/span> at the time fixed by law<\/span> for filing the return. The full amount of the tax payable as shown on the face of the return shall be so paid. A corporation<\/span> may file its return and pay its tax in full in the closing days of its taxable year provided it is able to prepare a complete return.\n\t\t\tIf any payment is not made in full when due, there shall be added to the entire tax or to any unpaid balance of the tax, a penalty<\/span> of six percent of the amount thereof, if the failure is for not more than one month, with an additional six percent for each additional month or fraction thereof during which such failure to pay continues, not exceeding thirty percent in the aggregate. The entire tax or any unpaid balance of the tax, together with such penalty<\/span>, will immediately become collectible. Interest upon such tax or any unpaid balance of the tax, and on the accrued penalty<\/span>, shall be added at a rate determined in accordance with § 58.1-15<\/a>, from the date 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<\/span>, if the return was made in good faith and the understatement of the amount in the return was not due to any fault of the taxpayer<\/span>, there shall be no penalty<\/span> on the additional tax because of such understatement, but interest shall be added to the amount of the deficiency at a rate determined in accordance with § 58.1-15<\/a>, from the time the return was required by law<\/span> to be filed until paid.\n\t\t\tThe penalty<\/span> under this subsection shall not be applicable to any month or fraction thereof for which the corporation<\/span> is subject to the penalty<\/span> imposed under § 58.1-450<\/a>. In no event shall the total amount of penalty<\/span> assessed under this subsection and under § 58.1-450<\/a> exceed thirty percent in the aggregate. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If the understatement is false or fraudulent with intent<\/span> to evade the tax, a penalty<\/span> of 100 percent shall be added together with interest on the tax at a rate determined in accordance with § 58.1-15<\/a>, from the time the return was required by law<\/span> to be filed until paid.\n\t\t\tNothing contained in this section shall prevent the taxpayer<\/span> from applying to the circuit<\/span> court<\/span> of the county or the city wherein the corporation<\/span> is located for a correction of the assessment made by the Department<\/span>, with right of appeal<\/span> in the manner provided by law<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTIME OF PAYMENT OF CORPORATION INCOME TAXES; PENALTY AND INTEREST FOR NONPAYMENT\n(\u00a7 58.1-455)\n\nA. Every corporation liable for income tax shall pay the same to the Department\nat the time fixed by law for filing the return. The full amount of the tax\npayable as shown on the face of the return shall be so paid. A corporation may\nfile its return and pay its tax in full in the closing days of its taxable year\nprovided it is able to prepare a complete return.\n\t\t\tIf any payment is not made in full when due, there shall be added to the\nentire tax or to any unpaid balance of the tax, a penalty of six percent of the\namount thereof, if the failure is for not more than one month, with an\nadditional six percent for each additional month or fraction thereof during\nwhich such failure to pay continues, not exceeding thirty percent in the\naggregate. The entire tax or any unpaid balance of the tax, together with such\npenalty, will immediately become collectible. Interest upon such tax or any\nunpaid balance of the tax, and on the accrued penalty, shall be added at a rate\ndetermined in accordance with § 58.1-15, from the date the tax or any\nunpaid balance of the tax was originally due until paid. In the case of an\nadditional tax assessed by the Department, if the return was made in good faith\nand the understatement of the amount in the return was not due to any fault of\nthe taxpayer, there shall be no penalty on the additional tax because of such\nunderstatement, but interest shall be added to the amount of the deficiency at a\nrate determined in accordance with § 58.1-15, from the time the return was\nrequired by law to be filed until paid.\n\t\t\tThe penalty under this subsection shall not be applicable to any month or\nfraction thereof for which the corporation is subject to the penalty imposed\nunder § 58.1-450. In no event shall the total amount of penalty assessed\nunder this subsection and under § 58.1-450 exceed thirty percent in the\naggregate.\n\nB. If the understatement is false or fraudulent with intent to evade the tax, a\npenalty of 100 percent shall be added together with interest on the tax at a\nrate determined in accordance with § 58.1-15, from the time the return was\nrequired by law to be filed until paid.\n\t\t\tNothing contained in this section shall prevent the taxpayer from applying to\nthe circuit court of the county or the city wherein the corporation is located\nfor a correction of the assessment made by the Department, with right of appeal\nin the manner provided by law.\n\nHISTORY: Code 1950, \u00a7 58-151.093; 1971, Ex. Sess., c. 171; 1977, c. 396; 1984,\nc. 675; 1989, cc. 629, 642; 1991, cc. 316, 331.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}