                                 CODE OF VIRGINIA

REPORTING AND PAYMENT REQUIREMENTS FOR A PARTNERSHIP SUBJECT TO A FINAL FEDERAL
ADJUSTMENT (§ 58.1-399)

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 &#xA7; 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 &#xA7; 58.1-395 if such return
   previously was filed on behalf of nonresident partners;

   4. File an amended return pursuant to &#xA7; 58.1-392; and

   5. Pay any additional amount that may be required pursuant to the provisions
   of &#xA7;&#xA7; 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.

HISTORY: 2020, c. 1030.