Proposed Text
23VAC10-112-40. Failure by individual to pay estimated tax;
additions to the tax. (Repealed.)
In the case of any underpayment of estimated tax by an
individual, except as provided in 23VAC10-112-43, there shall be added to the individual
income tax for the taxable year an amount determined at the rate established
for interest, under ยง 58.1-15 of the Code of Virginia upon the amount of the
underpayment (determined under 23VAC10-112-41), for the period of the
underpayment (determined under 23VAC10-112-42). The amount of such addition to
the tax shall be reported and paid at the time of filing the individual income
tax return for the taxable year.
23VAC10-112-41. Failure by individual to pay estimated tax;
amount of underpayment. (Repealed.)
For purpose of 23VAC10-112-40, the amount of the
underpayment shall be the excess of:
1. The amount of the installment which would be required to
be paid if the estimated tax were equal to 90% (66-2/3% in the case of a
self-employed farmer or fisherman referred to in 23VAC10-112-23 B) of the tax
shown on the individual income tax return for the taxable year, or if no return
was filed, 90% (66-2/3% in the case of self-employed farmers or fishermen
referred to in 23VAC10-112-23 B) of the tax for such year, over
2. The amount, if any, of the installment paid on or before
the last date prescribed for such payment.