Important Information Regarding Virginia's Income Tax Payment Deadlines: Interest Waiver for Certain Tax Payments in Response to the COVID-19 Crisis
PO Box 1115 Richmond, VA 23218-1115 804.367.8031 (Individual) 804.367.8037 (Business)
Virginia Tax Bulletin 20-5 - April 27, 2020
Virginia Tax is announcing that certain income tax payments originally due during the period from April 1, 2020, to June 1, 2020, may now be submitted to the agency without the accrual of interest as would otherwise be required for late payments.
This waiver of interest only applies if full payment is made on or before June 1, 2020. For a taxpayer filing on extension, at least 90% of the total tax liability must be paid by June 1, 2020, in order for the interest waiver to apply.
If the interest waiver applies to such a taxpayer, no interest will accrue on the amount of tax paid by June 1, 2020, but interest will accrue from the original due date to the date of payment on any amount left unpaid after June 1, 2020.
This waiver of interest applies to any payment required to be made with a Taxable Year 2019 individual, corporate, or fiduciary income tax return, as well as any such payment required to be made with respect to an election to file on extension. In addition, this waiver of interest applies to any individual, corporate, or fiduciary estimated income tax payments that are required to be paid during the period from April 1, 2020, to June 1, 2020. The waiver also applies to payments associated with composite returns.
Dealers that were granted an extension of the due date for the February 2020 sales tax return and payment due in March pursuant to Tax Bulletin 20-3 will receive a waiver of the interest that would have otherwise accrued for such late payment. This waiver of interest only applies to such payments submitted to Virginia Tax no later than April 20, 2020.
More information can be found in Tax Bulletin 20-5 and in the Laws, Rules, and Decisions section of our website.
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.