Tax Type
Individual Income Tax
Description
760-C underpayment penalty for not filing estimated tax returns
Topic
Returns and Payments
Date Issued
02-22-1982
February 22, 1982
Re: §58-1118: Individual Income Tax
Estimated Taxes: 760-C Penalty for 1978 and 1979
Dear *********************
Reference is made to your letter of January 6, 1982, an application for correction from the 760-C underpayment penalty for not filing estimated tax returns for 1978 and 1979.
FACTS
As a self employed individual domiciled in Virginia, you filed estimated tax returns with the federal government. However, you failed to file State estimated tax returns as required by §58-151.21 of the Code of Virginia. Therefore, in September and December of 1981, the Department assessed penalty against you for underpayment of estimated taxes for 1978 and 1979, respectively.
DETERMINATION
The Department, in this assessment, is merely enforcing the various penalty provisions of the Code of Virginia applicable for underpayment of estimated taxes due (See §§ 58-151.23 and 58-151.26). Since you do not qualify for any of the four exceptions for estimated tax requirements as set forth on Form 760-C, lines 8 through 12, your application for correction is denied. For your information, a copy of this form is enclosed. Payment for this assessment should be made immediately.
Sincerely,
W. H. Forst
State Tax Commissioner
Rulings of the Tax Commissioner