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P.O. Box 1115
Richmond, Va. 23218-1115
Tax Preparers' Hotline
(804) 367-9286

  
March 2015 e-Alerts Digest         TAX PREPARERS

The following returns and payments for the Virginia Individual Income Tax are due May 1, 2015:
  • Estimated payments for the first installment period of 2015 (if required).
  • 2014 tax returns and tax due payments for calendar year filers.

Paying estimated income tax using our free online service is the fastest and most efficient way to make payments. For information on determining whether estimated tax payment requirements apply, visit our Estimated Tax and Extension Payments webpage for individuals.

 

File individual income tax returns electronically for faster processing. Encourage your clients to choose direct deposit for refunds, and be sure you have accurate bank account information.
 
Corporation Income Tax Filing Reminderseleven

Corporation Income Tax returns (Form 500) are due electronically on or before March 16, 2015 from:
  • Fiscal year filers whose taxable year ends on Nov. 31, 2014.
  • Fiscal year filers whose taxable year ends on May 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 our Corporation Income Tax webpage. 


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Pass-Through Entity Tax Filing Reminderstwelve

Pass-through entity returns (Form 502) are due on or before March 16, 2015 from:

  • Fiscal year filers whose taxable year ends on Nov. 30, 2014. 
  • Fiscal year filers whose taxable year ends on May 31, 2014 and who are filing under Virginia's automatic six-month extension. 

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New Pass-Through Entity Electronic Forms Available Nowfourteen

New electronic forms for pass-through entities are now available on our website: 

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General Informationthirteen

Virginia Automatic Extension: Virginia law provides for an automatic six-month extension from the original due date for filing. To take advantage of the automatic extension, the return must be filed on or before the end of the extension period.
 

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.
 

Corporation Electronic Filing Mandate: Excluding Homeowners Associations, all taxpayers that are subject to the Corporation Income Tax must file their estimated tax payments, annual income tax returns, and final payments electronically. If this requirement imposes an undue hardship on a taxpayer, the taxpayer may request a waiver from the Tax Commissioner. 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.
 

Pass-Through Entity Electronic Filing Mandate: All pass-through entities required to file Form 502 must file their 2014 returns, related schedules (including VK-1s), and payments electronically. If this requirement imposes an undue hardship on a taxpayer, the taxpayer may request a waiver from the Tax Commissioner. Pass-through entities that are seeking a waiver of the requirement to file and/or pay electronically because of undue hardship should submit the Virginia Pass-Through Entity Electronic Filing Waiver Request form.


Remember: It's very important that we maintain accurate information regarding taxpayer businesses. Many tax account updates can be performed through our Business iFile system. Visit the Online Services FAQ webpage for information on what updates taxpayers can make through Business iFile.

 

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