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P.O. Box 1115
Richmond, Va. 23218-1115
Tax Preparer's Hotline
(804) 367-9286 
 
 
November 2014 e-Alerts Digest         TAX PREPARERS
Live Chat Service to Be Eliminatedone

Live Chat will no longer be available after Dec. 31, 2014 due to required budget reductions at the Virginia Department of Taxation. 

 

For assistance, please call our Customer Support Center, Monday through Friday from 8:30 a.m. to 5 p.m. at (804) 367-8031 for individuals, (804) 367-8037 for businesses or (804) 367-8045 for collections.

 

You may also send us a secure email for matters that are not time sensitive. For more information, see Contact Us on our website. 

 

Corporation Income Tax Filing Reminderstwo
Corporation Income Tax returns (Form 500) are due electronically on or before Nov. 15, 2014 from:
  • Fiscal year filers whose taxable year ends on July 31, 2014.
  • Fiscal year filers who taxable year ends on Jan. 31, 2014 and who are filing under Virginia's automatic six-month extension.  

For details regarding Corporation Income Tax extensions and penalties, or for information on how to file and pay electronically, visit the Department's Corporation Income Tax web page. 

  
Pass-Through Entity Filing Remindersthree

Pass-through entity returns (Form 502) are due on or before Nov. 15, 2014 from: 

  • Fiscal year filers whose taxable year ends on July 31, 2014.
  • Fiscal year filers whose taxable year ends on Jan. 31, 2014 and who are filing under Virginia's automatic six-month extension

For details regarding pass-through entity filing extensions and penalties, visit the Department's Pass-Through Entity web page.


General Information Remindersfive

Virginia Automatic Extension Reminder: Virginia law provides for an automatic six-month extension from the original due date for filing for individual taxpayers, corporations filing Form 500, and pass-through entities filing Form 502. 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.

 

Electronic Filing Mandate Reminder: All taxpayers who 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 2013 returns, tax due payments, and extension payments, as well as Taxable Year 2014 estimated payments. Taxpayers seeking a waiver of the requirement to file and/or pay electronically because of 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. 


Helpful Resource: Virginia Taxpayer Bill of Rightssix
 

The Virginia Taxpayer Bill of Rights booklet outlines taxpayer rights in contacts with the Department of Taxation, and contains a wealth of other useful information, forms, and instructions.

 

Intended as a guide to the rights provided in the Code of Virginia under the Virginia Taxpayer Bill of Rights, the booklet also describes the role of the Taxpayer Rights Advocate and the agency's collections, office audit, and field audit processes in detail, and covers the basics for offers in compromise and administrative appeals. The booklet's appendices include forms and instructions for submitting an appeal or an offer in compromise, plus forms for designating a power of attorney.

 

The booklet is a valuable resource for both taxpayers and tax professionals. Be sure to bookmark or download a copy of the booklet for your tax reference library!

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