Common Corporation Income Tax Filing Errors

02 Mar 2012 3:38 PM | Anonymous

These issues reflect some of the more common problems we encounter with corporate income tax returns.

  • If your corporate name has changed from the previous year when you filed the return, please check the “Name Change” box on the return. You should notify the Department of Taxation of any name change, in addition to the Virginia Corporation Commission.
  • If your physical address or mailing address is different from the previous year when you filed their last return, please check the applicable “Address Change” box.
  • Please be sure to verify that the nine-digit Federal Identification Number (FEIN) was entered correctly on the return and it is the correct number assigned to your corporation.
  • If you are claiming a subtraction, deduction or a credit, please be sure to attach the supporting documentation.  This documentation could be a Schedule ADJ or Schedule CR.  Also provide supporting documentation such as tax-credit certificates and statements.
  • If estimated payments or extension payments are being claimed on the return, please verify the amount of estimated or extension payments made during the year before filing the return.
  • If you are claiming a subtraction, deduction, or contribution, please enter the valid codes on the Schedule ADJ.
  • When submitting a paper tax return to the Virginia Department of Taxation, please ensure the front page and the back page are both sent (even if there are no entries on the back page).  Keep in mind, Virginia now accepts Corporation Income Tax returns through our e-File program.  For more information, see our Corporate Income Tax e-File page
  • When submitting a corporation tax return, please use the correct form for the year the return is being submitted.   
  • Please be sure to use the proper return based on your company’s entity type.  Corporations should be fling form 500 whereas a pass-through-entity should be filing form 502. All forms can be located on our website.
  • If the corporation return that you are submitting is a “final return” please do not request an overpayment credit.  Just request a refund.

Please ensure you have registered with the Department of Taxation prior to submitting your corporation tax return.  You may register the business online using our iReg system.  Notifying the Virginia Corporation Commission does not automatically register you with the Department of Taxation.
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