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Filing Reminders
Corporation Income Tax returns (Form 500) are due electronically on or before Jan. 15, 2014 from:
- Fiscal year filers whose taxable year ended on Sept. 30, 2013.
- Fiscal year filers whose taxable year ended on March 30, 2013 and who are filing under Virginia's automatic 6-month extension.
Virginia Automatic Extension Reminder:
Virginia law provides for an automatic 6-month extension from the original due date for filing. In order to take advantage of the automatic extension, the return must be filed on or before the end of the extension period. Please note: The automatic extension does not allow for additional time to pay any balance of tax due. Penalty and/or interest may apply to returns with a tentative tax due that was not paid by the original due date for filing the return. Also, the extension penalty may apply to returns that were filed during the extension period if less than 90 percent of the return's total tax liability was paid by the original due date.
For details regarding Corporation Income Tax extensions and penalties or for information on
Electronic Filing Mandate Reminder: All taxpayers that are subject to the Corporation Income Tax must file their estimated tax payments, annual income tax returns, and final payments electronically. This includes taxable year 2012/2013 returns, tax-due payments, and extension payments, as well as taxable year 2013/2014 estimated payments. Taxpayers subject to the Corporation Income Tax that are seeking a waiver of the requirement to file and/or pay electronically due to undue hardship should submit the Virginia Corporation Electronic Filing Waiver Request form.
Remember: It is very important that the Department maintains accurate information regarding taxpayer businesses. Many tax account updates can be performed through the Department's Business iFile system. Visit the Online Services FAQ web page for information on what updates taxpayers can make through Business iFile.
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Advancement of Virginia's Fixed Date Conformity with the IRC
Virginia's date of conformity with the Internal Revenue Code (IRC) was advanced from Dec. 31, 2011, to Jan. 2, 2013, with limited exceptions. Virginia will continue to disallow federal income tax deductions for the 30 percent and 50 percent bonus depreciation allowed for certain assets and the five-year carryback of federal net operating loss deductions generated in taxable years 2008 or 2009. Also, Virginia will continue to disallow the income tax deductions related to applicable high yield discount obligations under IRC § 163(e)(5)(F).
At the time of this writing, the only required adjustments for "fixed date conformity" were those mentioned above. However, if federal legislation is enacted that results in changes to the IRC for the taxable year 2013, taxpayers will be required to make adjustments to their Virginia returns that are not described in the instruction booklets. Information about any such adjustments will be posted on the Department's website at www.tax.virginia.gov. See the Schedule 500 ADJ instructions section for additional information regarding fixed date conformity.
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Virginia's Income Tax Treatment of Same-Sex Marriage
The Virginia income tax treatment of same-sex marriage may impact the fringe benefit business deductions of certain corporations, pass-through entities, and sole proprietorships. See the Department's website for details.
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Manufacturer's Modified Apportionment Method Phase-In
Qualifying manufacturers may elect to use a triple-weighted sales factor for taxable years beginning on or after July 1, 2011, but before July 1, 2013. For taxable years beginning on or after July 1, 2013, but before July 1, 2014, such manufacturers may elect to use a quadruple-weighted sales factor. Such manufacturers may elect to use a single sales factor for taxable years beginning on and after July 1, 2014. See the instructions for Schedule 500A for details on how to apportion income.
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Apportionment for Retail Companies
For taxable years beginning on or after July 1, 2012, but before July 1, 2014, retail companies are required to determine their Virginia taxable income by using an apportionment formula with a triple-weighted sales factor. A single sales factor apportionment formula will be phased in over a three-year period beginning with a triple-weighted sales factor, followed by a quadruple-weighted sales factor, and then a single sales factor for taxable years beginning on and after July 1, 2015. See the Schedule 500A instructions for further information and qualifications.
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Worker Retraining Tax Credit
Effective for taxable years beginning on or after Jan. 1, 2013, the credit amount for worker retraining courses taken by employees at private schools increased from a maximum of $100 per year per qualified employee to $200 per year per qualified employee. If the worker retraining includes retraining in a STEM or STEAM discipline, the credit increased to $300 per year per qualified employee.
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Port Volume Increase Tax Credit
Effective for taxable years beginning on or after Jan. 1, 2013, the Port Volume Increase Tax Credit was expanded so that it may be claimed by agricultural entities, manufacturing-related entities, and mineral and gas entities.
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