A. Except as otherwise provided in this article, any final federal adjustment shall be reported pursuant to the provisions of subsection B. This subsection shall not apply to a final federal adjustment for which election has been properly made pursuant to § 58.1-399.1.
B. No later than 90 days after the final determination date, a partnership shall:
1. File with the Department a completed federal adjustments report, which shall include any information required by the Department;
2. Notify each direct partner of its distributive share of the final federal adjustments and provide to each direct partner any other information required by the Department;
3. File an amended composite return pursuant to § 58.1-395 if such return previously was filed on behalf of nonresident partners;
4. File an amended return pursuant to § 58.1-392; and
5. Pay any additional amount that may be required pursuant to the provisions of §§ 58.1-395 and 58.1-486.2.
C. Except as provided under § 58.1-321, no later than one year after the final determination date, each direct partner subject to tax pursuant to the provisions of Article 2 (§ 58.1-320 et seq.), 6 (§ 58.1-360 et seq.), or 10 (§ 58.1-400) shall:
1. File a federal adjustments report that identifies the distributive share of adjustments reported to such direct partner under subdivision B 2; and
2. Pay any additional amount of tax due as if final federal adjustments had been properly reported, including any penalty and interest due under this title. Such payment may be reduced by any credit for related amounts paid or withheld and remitted on behalf of the direct partner pursuant to subdivision B 3, 4, or 5.