Virginia Administrative Code
Title 23 - TAXATION
Agency 10 - DEPARTMENT OF TAXATION
Chapter 120 - Corporation Income Tax
Section 23VAC10-120-88 - Telecommunications companies; estimated taxes
Universal Citation: 3 VA Admin Code 10-120-88
Current through Register Vol. 41, No. 3, September 23, 2024
A. Generally. The requirements imposed under § 58.1-500 (et seq.) of the Code of Virginia regarding the filing of a declaration of estimated income taxes and the payment of estimated income taxes, shall be applicable to telecommunications companies regardless of whether such company expects to be subject to the minimum tax or to the corporate income tax.
B. Exceptions to the addition to tax.
1. For purposes of
determining the applicability of the exceptions under which the addition to tax
for the underpayment of any installment of estimated taxes will not be imposed,
it is irrelevant whether the tax shown on the return for the preceding taxable
year is corporate income tax, minimum tax or a license tax on gross
receipts.
2. The addition to tax
for the failure to pay estimated income tax (§ 58.1-504) will not be
imposed on the tax liability resulting from the transitional short taxable year
return required to be filed for the period that begins after December 31, 1988,
and ends before the first day of a telecommunications company's 1989 taxable
year.
Statutory Authority
§§ 58.1-203 and 58.1-400.1 of the Code of Virginia.
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