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P.O. Box 1115
Richmond, Va. 23218-1115
Tax Preparers' Hotline
(804) 367-9286
 
 
May 2015 e-Alerts Digest         TAX PREPARERS
Individual Income Tax Filing Remindersoneone

The following payments for the Virginia Individual Income Tax are due June 15, 2015:
  • Estimated payments for the second installment period of 2015 (if required). 

To determine whether estimated tax payment requirements apply, visit our Estimated Tax and Extension Payments webpage for individuals.


Paying your estimated income tax using our free online service is the fastest and most efficient way to make your payment. You can also make a payment using the Virginia Estimated Income Tax Payment Vouchers for Individuals (Form 760ES). This is a fillable form in portable document format (PDF). Or to order forms by mail, call (804) 367-8031. 

 
Corporation Income Tax Filing Reminderstwotwo

Corporation Income Tax returns (Form 500) are due electronically on or before June 15, 2015 from: 
  • Fiscal year filers whose taxable year ends on Jan. 31, 2015.
  • Fiscal year filers whose taxable year ends on July 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.


Corporation Electronic Filing Mandate: If your business is subject to the Corporation Income Tax, you must file estimated tax payments, annual income tax returns and final payments electronically. If this requirement causes undue hardship, you may request a waiver from the Tax Commissioner by submitting the Virginia Corporation Electronic Filing Waiver Request form. 

 

Virginia Automatic Extension: Virginia grants an automatic six-month extension from the original due date to file Form 500. However, the extension doesn't allow for additional time to pay any balance of tax due. Corporate taxpayers should pay any tentative tax due using Form 500CP (Virginia Automatic Extension Payment) at the time the return is due. Penalty and/or interest may apply if the tentative tax due wasn't paid by the original date the return was due. A penalty may apply to returns filed during the extension period if less than 90 percent of the return's total tax liability was paid by the original due date. 
 

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Pass-Through Entity Filing Remindersthreethree

Pass-Through Entity Return of Income Tax and Return of Nonresident Withholding Tax (Form 502) is due on or before May 15, 2015 from:

  • Fiscal year filers whose taxable year ends on Jan. 31, 2015. 
  • Fiscal year filers whose taxable year ends on July 31, 2014 and who are filing under Virginia's automatic six-month extension. 
Virginia Automatic Extension: Virginia grants an automatic six-month extension from the original due date to file Form 502. However, the extension doesn't allow for additional time to pay any balance of tax due. Taxpayers should pay any tentative tax due using Form 502W (Pass-Through Entity Withholding Tax Payment) at the time the return is due. Penalty and/or interest may apply if the tentative tax due wasn't paid by the original date the return was due. A penalty may apply to returns filed during the extension period if less than 90 percent of the return's total tax liability was paid by the original due date. 

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Sales and Use Tax Filing Remindersfourfour

Sales and Use Tax returns and payments for the reporting period ending April 2015 are due May 20, 2015. Remember, if you file any of the returns below, you must file the return even if no tax is due (except for Business Consumer Use Tax, ST-7).
  • Retail Sales Tax return (ST-9) - Electronic filing and payment is required for Form St-9.
  • Out of State Dealer's Use Tax return (ST-8)
  • Communications Tax return (CT-75)
  • Digital Media Fee return (DM-1)
  • Business Consumer Use Tax return (ST-7)
  • Vending Machine Tax return (VM-2)
  • Public Facilities Tax return (PF-1)
  • Watercraft Sales and Use Tax return (WCT-2)
  • Aircraft Sales Tax return (AST-2)
  • Motor Vehicle Rental Tax Return (MVR-420) 

Retail Sales Tax returns must be submitted electronically each period they are due, even if there is no tax due for that month. Returns and payments must be submitted electronically on or before the due date to be considered filed and paid on time.

 

The Tax Commissioner can waive the requirement for an employer to file and/or pay electronically if this causes undue hardship. To request a waiver, complete the Virginia Sales Tax Electronic Filing Waiver Request form. 


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Electronic Forms Available for Pass-Through Entity Returns and Paymentsfivefive

Effective Jan. 1, 2015, all pass-through entities required to file Form 502 must file their returns and related schedules (including VK-1s) and make payments electronically. 


To help taxpayers comply with this requirement, we offer several electronic forms on our website.

  • Short Return of Income and Return of Nonresident Withholding Tax (eForm 502EZ): A return for eligible taxpayers to file Form 502 and required VK-1 (Owner's Share of Income and Virginia Modifications and Credits) statements. Taxpayers may also make a payment with this return if there is an amount due. 
  • Pass-Through Entity Withholding Payment (eForm 502W): An electronic voucher for taxpayers who need to make an extension payment towards the withholding due for nonresident owners of a pass-through entity.
  • Pass-Through Entity Payment Voucher (eForm 502V): An electronic voucher for taxpayers who have filed Form 502 and need to make a payment. 

All electronic forms are free, available 24/7 and don't require registration or login credentials. Pass-through entities may also file returns and make payments electronically using commercial software eFile software. Go to our PTE eFile webpage for a list of approved software products and information about making payments by direct debit. 

 

If the electronic filing requirement causes undue hardship, taxpayers may request a waiver from the Tax Commissioner by submitting the Virginia Pass-Through Entity Electronic Filing Waiver Request form. 

 

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Use New Form to Request Previously-Filed Tax Returnssixsix

We have recently adopted a new process to request copies of previously-filed tax returns. Use the new form, VA-1, to request copies of business and individual tax returns for up to five years back.


Only the authorized taxpayer, power of attorney, court appointed representative or officer of a company may request copies.


Please allow 30 days for processing. 


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Form 1099G/1099INT Available Onlinesevenseven

Individual income taxpayers who reported overpayments and itemized deductions have access to Form 1099G/1099INT online through the VATAX 1099G Lookup. 


Taxpayers will need the following information to access their Form 1099G/1099INT statements:

  • Social security number of the taxpayer
  • Date of birth
  • Last name
  • Tax year of the last filed Virginia return
  • Line 1 (Adjusted Gross Income) of the last filed 760, 760PY, or 763 Virginia return. If a taxpayer filed a 760PY return, add both columns of line 1.
  • Spouse's social security number, if a joint return was filed 
The form, which is in portable document format (PDF), can be viewed, printed or saved.
Individuals will need Adobe Acrobat Reader software, which can be downloaded for free, to view the form.

For more information, visit our Form 1099G/1099INT webpage. 

NOTE: Individuals who elected to access their Form 1099G/1099INT electronically by checking the indicator on their 2013 returns were not mailed paper forms. Taxpayers who did not make this election received paper forms through the mail. 


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