VIRGINIA PEANUT EXCISE TAX (REPEALED)
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 (Repealed.)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).