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Virginia Regulatory Town Hall

Proposed Text


Repeal of Peanut Excise Tax Regulation Not Necessary for the ...
Stage: Fast-Track



23VAC10-65-40. Record to be kept by processor. (Repealed.)

A. Every processor of peanuts subject to the peanut excise tax must keep complete records on the amount of peanuts processed by him. The processor must keep and preserve the records for at least three years following the date the tax is reported on such peanuts.

NOTE: While § 3.1-659 of the Code of Virginia specifies records must be preserved for a period not less than two years from the time the peanuts were processed, the statute of limitations under § 58.1-1812 of the Code of Virginia provides a three year period for assessment of deficiencies. In order to prevent any undue burden upon the taxpayer, in the event of audit, the record retention period has been extended to the same limitation as the statute of limitations.

B. The Tax Commissioner, or his duly authorized agents, may examine, during the usual business hours of the day, records, books, papers, or other documents of the processor to verify the truth and accuracy of any return, statement, or other relevant information.


FORMS (23VAC10-65)

Virginia Peanut Excise Tax Return, Form PN-1 (rev. 5/06).

Business Registration Application, Form R-1 (rev. 3/08).