VA Tax News

<< First  < Prev   1   2   3   4   5   ...   Next >  Last >> 
  • 16 Jun 2021 11:47 AM | Anonymous

    Virginia Interest Rates Stay the Same

    Virginia Tax announces that Virginia's interest rates will stay the same for the third quarter of 2021. The underpayment and overpayment rates for Virginia taxes are 2% higher than the corresponding federal rates. Federal rates for the third quarter of 2021 are 3% for tax underpayments and 3% for tax overpayments by taxpayers other than corporations. Accordingly, the Virginia rates for the third quarter of 2021 will be 5% for tax underpayments (assessments) and 5% for tax overpayments (refunds).

    Details about these interest rates can be found in Tax Bulletin 21-7 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.


  • 14 May 2021 9:21 AM | Anonymous

    Virginia's New Electronic Payment Requirement for Some Individual Income Taxpayers

    Following an amendment to legislation approved by the Virginia General Assembly, some taxpayers may now be affected by a new requirement for certain tax payments. 

    Effective for taxable years beginning on or after Jan. 1, 2021, taxpayers who make estimated tax payments must submit all of their income tax payments electronically if:

    • Any estimated tax payment exceeds $2,500; or
    • Any extension payment exceeds $2,500; or
    • The total estimated income tax due in any taxable year exceeds $10,000.Taxpayers should refer to the estimated income tax instructions for details about how to compute the total estimated tax due.  

    This applies to all payments made on or after July 1, 2021, and includes all payments for estimated taxes, extension payments and any other amounts due when a taxpayer files a return. 

    Visit the Virginia Tax website for more information on individual income tax payment options.  

    If you have questions, please call Virginia Tax Customer Service at 804.367.8031. 


  • 03 May 2021 10:18 AM | Anonymous

    Additional Retail Sales and Use Tax in Charlotte, Gloucester, Northampton and Patrick Counties in Virginia

    Virginia Tax is announcing that effective July 1, 2021, a new 1% additional retail sales and use tax will be levied in Charlotte, Gloucester, Northampton, and Patrick counties in Virginia. The sales and use tax levied will total 6.3%, comprised of the 4.3% state tax, the 1% percent local option tax, and the 1% additional local tax.

    Sales made on or after July 1, 2021 will be subject to the new tax rate. Items delivered to a purchaser and paid for on or after July 1, 2021 will be taxed at the 6.3% rate, regardless of when the property was ordered. The increased rate will not apply to property delivered prior to July 1, 2021, but paid for on or after July 1, 2021. Also, the increased rate will not apply when a taxable sale or lease payment is paid for in full prior to July 1, 2021, even though delivery may occur on or after July 1, 2021, or the paid-in-full lease payment covers a lease period beginning on or after July 1, 2021.  

    The rate of tax on food purchased for home consumption and qualifying essential personal hygiene products is unaffected by the law change and will remain at the current 2.5% (1.5% state and 1% local) rate statewide.  

    More information can be found in Tax Bulletin 21-6 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 804.367.8037 for business tax questions.


  • 09 Apr 2021 1:36 PM | Anonymous

    Important Information Regarding Certain Filing and Payment Deadlines in Virginia: New Individual Income Tax Filing and Payment Deadline 

    Individual income tax returns and payments required to be made with such returns for Taxable Year 2020 that were originally due May 1, 2021, are now due on or before May 17, 2021. As a result, no penalties will apply so long as a return is filed and full payment is made by May 17, 2021. In addition, pursuant to Virginia Tax's authority to waive the accrual of interest during a declared state of emergency in the commonwealth, no interest will apply so long as a return is filed and full payment is made by May 17, 2021. 

    The new filing and payment deadline for certain Taxable 2020 returns applies to composite returns filed on behalf of nonresident owners. However, all other Virginia tax payment, withholding, and filing deadlines remain the same, including the requirement for calendar year filers to make their first estimated payments for Taxable Year 2021 by May 3, 2021.

    More information can be found in Tax Bulletin 21-5 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.


  • 22 Mar 2021 10:40 AM | Anonymous

    Effective March 11, 2021, Virginia House Bill 2185 and Senate Bill 1403 amend the Code of Virginia to add Va. Code § 58.1-609.14, providing a temporary exemption from the Retail Sales and Use Tax for qualifying purchases of personal protective equipment (PPE).

    The exemption is only valid for qualifying purchases of PPE made on or after March 11, 2021, and prior to the expiration of the last executive order issued by Governor Northam related to the COVID-19 pandemic and the termination of the COVID-19 Emergency Temporary Standard and any permanent COVID-19 regulations adopted by the Virginia Safety and Health Codes Board. No refunds will be provided regarding purchases made prior to March 11, 2021, or after the expiration of the exemption.

    Guidelines for the Retail Sales and Use Tax Exemption for PPE have been published to the Virginia Tax website. For additional information or questions, contact the Virginia Tax Business Customer Service hotline at 804-367-8037.

    View the Tax Guidelines 


  • 15 Mar 2021 4:51 PM | Anonymous

    Important Information Regarding 2020 Virginia Income Tax Returns: Virginia's Conformity to the Internal Revenue Code Advanced to Dec. 31, 2020

    Under emergency legislation enacted by the 2021 General Assembly, Virginia's date of conformity to the terms of the Internal Revenue Code advances from Dec. 31, 2019, to Dec. 31, 2020. This allows Virginia to generally conform to the Coronavirus Aid, Relief and Economic Security (CARES) Act and the Consolidated Appropriations Act (CAA). 

    However, it specifically deconforms from three provisions of the CARES Act that temporarily change limitations applicable to the net operating loss deduction, excess business losses and the business interest deduction. This legislation also deconforms from the provision of the CAA that permanently reduces the medical expense deduction threshold.

    The legislation conforms to the federal tax exemption for Paycheck Protection Program (PPP) loan forgiveness and certain funding received under the Economic Injury Disaster Loan (EIDL) program. However, it partially deconforms from the provision of the CAA that allows taxpayers to claim a federal deduction for business expenses funded by forgiven PPP loan proceeds. Instead, the bill permits a deduction for Taxable Year 2020 of up to $100,000 for business expenses funded by forgiven PPP loan proceeds. In addition, the legislation fully deconforms from the provision of the CAA that allows taxpayers to claim a federal deduction for business expenses funded by certain EIDL funding proceeds.

    The legislation also provides an individual and corporate income tax subtraction for Taxable Year 2020 for up to $100,000 of all grant funds received by a taxpayer under the Rebuild Virginia program.

    Tax Bulletin 21-4 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.


  • 08 Mar 2021 4:31 PM | Anonymous

    Virginia Interest Rates Stay the Same

    Virginia Tax announces that Virginia's interest rates will stay the same for the second quarter of 2021. The underpayment and overpayment rates for Virginia taxes are 2% higher than the corresponding federal rates. Federal rates for the second quarter of 2021 are 3% for tax underpayments and 3% for tax overpayments by taxpayers other than corporations. Accordingly, the Virginia rates for the second quarter of 2021 will be 5% for tax underpayments (assessments) and 5% for tax overpayments (refunds).

    Details about these interest rates can be found in Tax Bulletin 21-3 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.


  • 25 Feb 2021 8:36 AM | Anonymous

    Additional Sales and Use Tax in Henry County, Virginia

    Virginia Tax is announcing that effective April 1, 2021, a new 1% additional retail sales and use tax will be levied in Henry County, Virginia. The sales and use tax levied will total 6.3%, comprised of the 4.3% state tax, the 1% percent local option tax and the 1% Henry County additional tax.

    Sales made on or after April 1, 2021 will be subject to the new tax rate. Items delivered to a purchaser and paid for on or after April 1, 2021 will be taxed at the 6.3% rate, regardless of when the property was ordered. The increased rate will not apply to property delivered prior to April 1, 2021, but paid for on or after April 1, 2021. Also, the increased rate will not apply when a taxable sale or lease payment is paid for in full prior to April 1, 2021, even though delivery may occur on or after April 1, 2021, or the paid-in-full lease payment covers a lease period beginning on or after April 1, 2021.  

    The rate of tax on food purchased for home consumption and qualifying essential personal hygiene products is unaffected by the law change and will remain at the current 2.5% (1.5% state and 1% local) rate statewide.  

    More information can be found in Tax Bulletin 21-2 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 804.367.8037 for business tax questions.


  • 07 Jan 2021 11:23 AM | Anonymous

    Important Information Regarding Virginia's Litter Tax: Increased Litter Tax Rate and Additional Penalty

    Virginia Tax is notifying taxpayers of changes to the Virginia Litter Tax effective for returns due May 1, 2021.

    The Virginia Litter Tax is imposed annually on each establishment from which business is conducted by certain manufacturers, wholesalers, distributors and retailers.

    Previously, such tax applied at an annual rate of $10 per establishment. Effective for Litter Tax returns due May 1, 2021, this annual rate increases to $20 per establishment.

    An additional litter tax on each establishment is imposed on manufacturers, wholesalers, distributors, and retailers of groceries, soft drinks, carbonated waters, beer and other malt beverages. Under prior law, such tax applied at an annual rate of $15 per establishment. Effective for Litter Tax returns due May 1, 2021, this annual rate for the additional tax increases to $30 per establishment.  

    Under existing law, any taxpayer who fails to pay the Litter Tax by the May 1 deadline is subject to a penalty equal 100% of the tax due. In addition, interest accrues at the rate established pursuant to Va. Code § 58.1-1812. Effective for Litter Tax payments due May 1, 2021, an additional penalty of $100 will apply to any late payments. This new penalty applies in addition to the existing 100% penalty and any interest that may accrue.

    More information can be found in Tax Bulletin 21-1 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 804.367.8037 for business tax questions.
  • 10 Dec 2020 9:19 AM | Anonymous

    Virginia Interest Rates Stay the Same

    Virginia Tax announces that Virginia's interest rates will stay the same for the first quarter of 2021. The underpayment and overpayment rates for Virginia taxes are 2% higher than the corresponding federal rates. Federal rates for the first quarter of 2021 are 3% for tax underpayments and 3% for tax overpayments by taxpayers other than corporations. Accordingly, the Virginia rates for the first quarter of 2021 will be 5% for tax underpayments (assessments) and 5% for tax overpayments (refunds).

    Details about these interest rates can be found in Tax Bulletin 20-12 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.
<< First  < Prev   1   2   3   4   5   ...   Next >  Last >> 
©2019, Virginia Society of Tax & Accounting Professionals, formerly The Accountants Society of Virginia, 
is a 501(c)6 non-profit organization.

PO Box 3363 | Warrenton, VA 20188 | Phone: (800) 927-2731 | Fax: (888) 403-0920 | asv@virginia-accountants.org

Powered by Wild Apricot Membership Software