VIRGINIA SOYBEAN EXCISE TAX REGULATIONS (REPEALED)
Records to be kept by handler; examination by
Commissioner. (Repealed.) A. Every handler of soybeans subject to the soybean excise
tax must keep complete records on the soybeans handled by him. The handler must
keep and preserve the records for at least three years following the date the
tax is reported on such soybeans. Note: While § 3.1-684.15 of the Code of Virginia specifies
records must be preserved for a period not less than two years from the time
the soybeans were handled, 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
assessment 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 handler to verify the truth and accuracy of any return,
statement, or other relevant information. FORMS (23VAC10-75) Business Registration Application, Form R-1 (rev. 3/08).