VA Tax News

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  • 22 Apr 2022 11:06 AM | Anonymous

    Effective July 1, 2022, a new one percent additional retail sales and use tax will be levied in the City of Danville (the “additional local tax”). The sales and use tax levied in the City
    of Danville will total 6.3%, comprised of the 4.3% state tax, the 1% local option tax, and the 1% additional local tax.

    View the Tax Bulletin

    If you have additional questions, go to www.tax.virginia.gov, or contact us at 804.367.8031 for individual income tax questions and 804.367.8037 for business tax questions.


  • 15 Apr 2022 11:41 AM | Anonymous

    Under legislation enacted by the 2022 General Assembly, Virginia established a new elective pass-through entity (“PTE”) tax. This bulletin provides taxpayers with preliminary guidance regarding this new elective tax and Taxable Year 2021 Virginia income tax returns.

    View the Tax Bulletin

    If you have additional questions, go to www.tax.virginia.gov, or contact us at 804.367.8031 for individual income tax questions and 804.367.8037 for business tax questions.


  • 23 Mar 2022 3:30 PM | Anonymous

    Effective March 24, 2022, the temporary Retail Sales and Use Tax exemption for qualifying business purchases of Personal Protective Equipment (PPE) related to COVID-19 will expire.

    Purchases that were eligible for the exemption and were purchased on or before March 23, 2022 continue to be exempt. However, any purchases made after March 23, 2022 are not eligible for the PPE exemption.

    View the Tax Bulletin

    If you have additional questions, go to www.tax.virginia.gov, or contact us at 804.367.8031 for individual income tax questions and 804.367.8037 for business tax questions.


  • 23 Mar 2022 12:24 PM | Anonymous

    Effective March 22, 2022, House Bill 1239 (Chapter 30, 2022 Acts of Assembly) creates a new class of tangible personal property for local personal property tax purposes. This new class includes the following types of vehicles:

    • Automobiles as described in Va. Code 58.1-3503(A)(3);
    • Passenger trucks as described in Va. Code 58.1-3503(A)(4)-(5);
    • Motor vehicles with specially designed equipment for use by the handicapped as
      described in Va. Code 58.1-3503(A)(9); and
    • Motorcycles, mopeds, all-terrain vehicles, and off-road motorcycles, campers, and other recreational vehicles as described in Va. Code 58.1-3503(A)(10).

    Localities now have the option to assign a tax rate to this class that's different from the rate applicable to the general class of tangible personal property. This legislation is applicable to taxable years beginning on or after January 1, 2022, but before January 1, 2025. 

    View the Tax Bulletin

    If you have additional questions, go to www.tax.virginia.gov, or contact us at 804.367.8031 for individual income tax questions and 804.367.8037 for business tax questions.


  • 07 Mar 2022 7:41 AM | Anonymous

    Virginia Interest Rates Change for the Second Quarter

    Virginia's interest rates will change for the second quarter of 2022. The underpayment and overpayment rates for Virginia taxes are 2% higher than the corresponding federal rates. Federal rates for the second quarter of 2022 are 4% for tax underpayments and 4% for tax overpayments by taxpayers other than corporations. Accordingly, the Virginia rates for the second quarter of 2022 will be 6% for tax underpayments (assessments) and 6% for tax overpayments (refunds).

    Details about these interest rates can be found in Tax Bulletin 22-3 and in the Laws, Rules, and Decisions section of our website.  

    View the Tax Bulletin

    If you have additional questions, go to www.tax.virginia.gov, or contact us at 804.367.8031 for individual income tax questions and 804.367.8037 for business tax questions.


  • 03 Mar 2022 2:06 PM | Anonymous

    The City of Falls Church has adopted the Virginia Disposable Plastic Bag Tax effective April 1, 2022.

    Falls Church joins the following localities that currently impose a disposable plastic bag tax:

    • Alexandria City
    • Fredericksburg City
    • Roanoke City
    • Arlington County
    • Fairfax County

    View the Tax Bulletin

    For more information on the disposable plastic bag tax, see our website. If you have additional questions, contact us at 804.367.8031 for individual income tax questions and 804.367.8037 for business tax questions.


  • 23 Feb 2022 4:50 PM | Anonymous

    Important Information Regarding 2021 Virginia Income Tax Returns: Virginia's Conformity to the Internal Revenue Code Advanced to Dec. 31, 2021

    Under legislation enacted by the 2022 General Assembly, Virginia’s date of conformity to the Internal Revenue Code will advance from December 31, 2020 to December 31, 2021. This allows Virginia to generally conform to the American Rescue Plan Act of 2021 (ARPA) and provides additional benefits to recipients of certain COVID-19 business assistance programs during Tax Years 2021 and 2019. No changes have been made to the Virginia income tax treatment for recipients of COVID-19 business assistance for Tax Year 2020.

    Tax Bulletin 22-1 provides more information and explains the conformity adjustments that may be necessary as a result of this legislation.

    View the Tax Bulletin

    If you have additional questions, go to www.tax.virginia.gov, or contact us at 804.367.8031 for individual income tax questions and 804.367.8037 for business tax questions.


  • 31 Jan 2022 1:03 PM | Anonymous

    Important 1099-G Update For Taxpayers in the Virginia Beach Area

    We are addressing a reported issue affecting printed 1099-Gs for a number of taxpayers in the Virginia Beach area. We take protection of taxpayer information very seriously, and have thoroughly investigated this matter with the vendor and identified the specific taxpayers affected. Fortunately, any personal account information on the Form 1099-G is redacted, so the information of those taxpayers affected remains safe and secured.

    We are contacting each affected taxpayer to explain the situation and confirm they will receive a corrected 1099-G.

    In addition, taxpayers can always access correct Form 1099-G information online using our 1099-G Lookup Tool

    We deeply regret this error and apologize for any inconvenience. For more information, please see the Virginia Tax website

    Questions? 

    As always, you can contact our call center at 804.367.8031 with any questions. Agents are available Monday – Friday 8:30am-5pm.


  • 13 Jan 2022 12:32 PM | Anonymous

    It's time to file!

    Monday, Jan. 31, 2022 is the due date for businesses to submit their 2021 withholding records, including W-2 and 1099 forms.

    There are 2 free, online filing options:

    • Web Upload: a file-based system that accepts multiple file types, including those created by most payroll software; and
    • eForms: fillable electronic forms with no signup required (best if you have a small number of employees).

    Important: Late submissions can cause significantly delayed refunds for your employees, retirees, and customers.

    Changes this year

    • Do you issue 1099s? The IRS has added 2 new payment fields (fields 17 and 18) to the 1099 form. As a result, the position of several existing fields will change on Forms 1099R, 1099 MISC, 1099 NEC, and 1099K. We're following the IRS format, so make sure to send us your files using the updated federal specifications (which you can find in our W2/1099 Guide for Web Upload).
    • Do you need to correct a W-2? Starting this year, we’ll accept corrected W-2s (or “W-2Cs”) for Tax Year 2021 and beyond electronically. Use Form W-2C to update or change wage or withholding data. For Tax Year 2020 and prior years, payroll providers and employers will need to submit written copies of updated W-2s.

    Questions? 

    For more information on filing options and requirements, see the Withholding Tax page on our website. If you have additional questions, contact Virginia Tax Business Customer Service at 804.367.8037.


  • 20 Dec 2021 4:32 PM | Anonymous

    Important 1099 Forms Update

    IRS change impacts formatting of Forms 1099R, 1099 MISC, 1099 NEC, and 1099K 

    The IRS has added 2 new payment fields (fields 17 and 18) to the 1099 form. As a result, the position of several existing fields will change on the following forms: 

    • 1099R
    • 1099 MISC
    • 1099 NEC
    • 1099K

    We're following the IRS format, so please make sure to send us your files using the updated federal specifications (which you can find in our W2/1099 Guide for Web Upload). This change is retroactive, so if you are sending prior-year 1099s, you must use the new federal format.

    Questions? 

    For more information on filing options and requirements, see the Withholding Tax page on our website. If you have additional questions, contact us at 804.367.8037.


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