                                 CODE OF VIRGINIA

REPORT OF CHANGE IN FEDERAL TAXABLE INCOME (§ 58.1-311)

If the amount of any individual, estate, trust or corporate taxpayer&#8217;s
federal taxable income reported on his federal income tax return for any taxable
year is changed or corrected by the United States Internal Revenue Service or
other competent authority, or as the result of a renegotiation of a contract or
subcontract with the United States, the taxpayer shall file an amended return,
or such other form as the Department may prescribe, reporting such change or
correction in federal taxable income within one year after the final
determination date, as defined in § 58.1-311.2, for such change, correction, or
renegotiation, or as otherwise required by the Department, and shall concede the
accuracy of such determination or state wherein it is erroneous. However, if the
Department has sufficient information from which to compute the proper
additional tax and the taxpayer has paid such tax, then the taxpayer is not
required to file an amended individual income tax return. Any taxpayer filing an
amended federal income tax return shall also file within one year thereafter an
amended return under this chapter and shall give such information as the
Department may require. The Department may by regulation prescribe such
exceptions to the requirements of this section as it deems appropriate.

HISTORY: Code 1950, § 58-151.0103; 1971, Ex. Sess., c. 171; 1984, c. 675; 1992,
c. 678; 2006, c. 234; 2020, c. 1030.