VA Tax - 2014 Accelerated Sales Tax Guidelines Released

08 May 2014 8:06 AM | Anonymous

The Department of Taxation ("the Department") has published updated Accelerated Sales Tax Guidelines.   The updated guidelines supersede any prior guidelines that were published by the Department.

Effective beginning with the accelerated sales tax payment due in June, 2014, House Bill 1500 (Acts of Assembly 2013, Chapter 806) and House Bill 5001 (Acts of Assembly 2014 Special Session I, Chapter 1) increase the threshold for the 2014 accelerated sales tax payment to taxable sales and/or purchases of $48.5 million or greater in the previous fiscal year.  Dealers and direct payment permit holders ("Dealers") meeting this threshold are required to make an accelerated sales tax payment in June equal to 90 percent of their Retail Sales and Use Tax liability for June of the previous year.

 

The Guidelines for the Accelerated Sales Tax Payment have been updated to reflect the increased threshold and payment dates for 2014.  The full text of the Guidelines are available here and in the Laws, Rules & Decisions section of the Department's website as Public Document 14-58.  The Department has mailed notification letters to all affected dealers.  More information on the Accelerated Sales Tax can be found on the Department's website at www.tax.virginia.gov

 

Where to Find the Published Guidelines 

The guidelines have been published on the Laws, Rules and Decisions section of the Department's website and on the Virginia Regulatory Town Hall website

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