                                 CODE OF VIRGINIA

FRAUDULENT RETURNS, ETC., OF PASS-THROUGH ENTITIES; PENALTY (§ 58.1-394.2)

A. Any officer or owner of any pass-through entity who makes a fraudulent return
or statement with the intent of assisting or facilitating the evasion of the
payment of the taxes prescribed by this chapter by the pass-through entity or an
owner shall be liable for a penalty of not more than $1,000, to be assessed and
collected in the manner provided for the assessment and collection of taxes
under this chapter or in a civil action, at the instance of the Department.

B. In addition to other penalties provided by law, any officer or owner of a
pass-through entity who makes a fraudulent return or statement with the intent
of assisting or facilitating the evasion of the payment of the taxes prescribed
by this chapter by the pass-through entity or an owner, or who willfully fails
or refuses to make a return required by this chapter at the time or times
required by law shall be guilty of a Class 1 misdemeanor. A prosecution under
this section shall be commenced within five years next after the commission of
the offense.

HISTORY: 2004, Sp. Sess. I, c. 3.