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New Corporate Tax Reporting Requirements for Virginia Announced
Posted by Tarra Curran on Thu, Apr 22, 2021 @ 03:27 PM

On April 7, the Virginia Department of Taxation announced that certain corporations subject to Virginia state income tax must file a one-time report by July 1, 2021. Corporate taxpayers that fail to file the report timely, or make a material misstatement or omission, may be subject to a $10,000 penalty. The purpose of the report is to show the difference between the amount of tax the corporation would pay if it filed as part of a unitary combined group and the amount of the corporation’s tax based on the current filing requirements.

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Topics: Tarra Curran, reporting requirements, Virginia, Virginia Department of Taxation

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