Section 30. Report of change of federal taxable income

A. Report. If the amount of any corporation's federal taxable income is changed or corrected by the Internal Revenue Service or other competent authority or as the result of a renegotiation of a contract or subcontract with the United States, such corporation must report the change or correction to the department within 90 days from the date of the final determination of such change, correction, or renegotiation. In reporting a change, correction or renegotiation, the corporation shall either concede its accuracy or state why such is erroneous.

B. Amended return. When any corporation files an amended federal income tax return for any taxable year, it must also file an amended Virginia return for such taxable year. The amended return must be filed within 90 days of the filing of the complementary federal amended return, except that any amended return claiming a refund for over-payment of tax must be filed within 60 days of the final determination of any changes in its federal tax liability. (See 23VAC10-20-180.)

C. Final determination. For purposes of this section a "final determination" of a change in federal tax liability shall have the same meaning as set forth in 23VAC10-20-180 B.

Historical Notes

Derived from VR630-3-311, eff. January 1, 1985.

Statutory Authority

§§ 58.1-203 and 58.1-311 of the Code of Virginia.