Virginia Code 58.1-399.2: Tiered partners.
A. The following categories of partners shall be subject to the reporting and payment requirements specified in § 58.1-399, entitled to make elections as provided in § 58.1-399.1, and entitled to elect an alternative reporting and payment method as provided in § 58.1-399.3:
Terms Used In Virginia Code 58.1-399.2
- Audited partnership: means a partnership subject to a partnership-level audit that results in a federal adjustment. See Virginia Code 58.1-396
- Department: means the Department of Taxation. See Virginia Code 58.1-1
- Direct: means , with respect to a partner, that such partner holds a direct interest in a partnership or a pass-through entity and that such interest is not held indirectly through another partnership or pass-through entity. See Virginia Code 58.1-396
- Indirect: means , with respect to a partner, that such partner does not hold a direct interest in a partnership or pass-through entity but instead holds a direct interest in another partnership or pass-through entity that itself holds an interest directly, or through another indirect partner, in the partnership or pass-through entity. See Virginia Code 58.1-396
- Partner: means a person that holds an interest directly or indirectly in a partnership or pass-through entity. See Virginia Code 58.1-396
- Tiered partner: means any partner that is a partnership or a pass-through entity and is not an individual. See Virginia Code 58.1-396
1. Any direct tiered partner of an audited partnership;
2. Any indirect tiered partner of an audited partnership; and
3. Any partner of a partner specified in subdivision 1 or 2.
B. A partner subject to the provisions of subsection A shall make required reports and payments no later than 90 days after the time for filing and providing statements to tiered partners and their partners pursuant to the provisions of § 6226 of the Internal Revenue Code and any regulations promulgated thereunder. The Department may establish procedures and deadlines for reports and payments required pursuant to this section.
2020, c. 1030.