All taxpayers 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 returns, tax payments, and extension payments, as well as Taxable Year 2013 estimated payments. For information on how to file and pay electronically, see the Department's Corporate e-File and Corporation Income Tax pages.
Please note: 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 recently updated
Virginia Corporation and Pass-Through Entity Electronic Filing Waiver Request Form.
Corporation Income Tax returns for the taxable year ending on May 31, 2013, must be filed on or before September 16, 2013. Virginia law also provides for an automatic six-month extension of time to file. However, the 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 automatic six-month extension to file Corporation Income Tax returns for the taxable year ending on November 30, 2012, ends on September 16, 2013. In order to take advantage of Virginia's automatic extension, the return must be filed on or before the end of the extension period. Please bear in mind that the extension 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. For more details regarding Corporation Income Tax extensions and penalties, visit the Department's Corporation Income Tax page.
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 for information on what updates taxpayers can make through Business iFile.
Common Corporation Income Tax Filing Errors
Below are some of the more common problems that the Department encounters with corporation income tax returns.
- Use the proper return based on the entity type. Corporations should file Form 500 whereas pass-through entities should file Form 502. Also, choose the correct year's form for the return being submitted. All forms and instructions, including those for prior taxable years, are located on the Department's website.
- Always notify the Department and the State Corporation Commission of any corporate name changes. If a corporation's name has changed from the name used on the last return filed, please check the "Name Change" box on the return to notify the Department.
- If a corporation's physical address or mailing address is different from the address used on the last return filed, please check the applicable "Address Change" box.
- Please be sure to verify that a corporation's nine-digit Federal Identification Number ("FEIN") was entered correctly on the return and that it is the correct number that was assigned to the corporation.
- If your client has an electronic filing waiver and are submitting a paper tax return, ensure that the front and back pages are both sent (even if there are no entries on the back page). Also be sure that all required schedules are attached to the return.
- If your client claims an addition, subtraction, or deduction please be sure to enter any required codes on the Schedule ADJ.
- If your client claims an item requiring you to submit additional supporting documentation, such as tax-credit certificates or statements, please be certain that the documentation is attached to the return.
- If estimated payments or extension payments are claimed on the return, please verify the amount of estimated or extension payments made during the year before filing the return.
- If the Corporation Income Tax return that you are submitting is a "final return," do not request an overpayment credit. Request a refund instead.