As Federal measures to mitigate the economic effects of the COVID-19 (Coronavirus) pandemic continue to roll out, states are slowly adopting their own guidance. On March 19, 2020, Governor Northam announced a delay in the income tax filing deadline to assist Virginia residents and businesses in hope of lessening the economic impact caused by COVID-19. Additional taxpayer friendly changes were passed at the Virginia General Assembly session on Wednesday, April 22. The representatives voted to extend the Virginia payment deadline, without interest or penalty, to June 1, 2020.

[ Updated April 27, 2020 | 12:35pm ]

Virginia Filing & Payment Deadline Update

Key Takeaways:

  • Virginia is now allowing anyone who owes income taxes to delay filing and payment to June 1 without penalties or interest.
  • 2020 Q1 estimates that were originally due May 1 now have until June 1 to make 2020 Q1 estimates.

At the Virginia General Assembly session on Wednesday, April 22, the representatives voted to extend the Virginia payment deadline, without interest or penalty, to June 1, 2020.  This now changes both the filing and payment deadline to June 1 without any extension filing required. The new revision passed by the Assembly is extremely taxpayer friendly as it eliminates interest charges for payments received after May 1 through the extended deadline of June 1.

If an Extension is Needed Beyond June 1

Key Takeaways:

  • If you do not owe any Virginia income tax, Virginia also has an automatic 6-month extension to file (7 months for certain corporations).
  • If you do owe Virginia income tax you must file an extension by June 1 and make payments by June 1 to avoid interest or penalties.

Anyone that needs to file an extension to file after June 1, 2020 is still required to pay at least 90% of their total tax liability by June 1 in order for the interest waiver to apply. If the interest waiver is approved, no interest will accrue on the amount of tax paid by June 1, 2020. It’s important to note interest will accrue from the original due date to the date of payment on any amount left unpaid after June 1, 2020.


Below is a breakdown of due dates for individual income tax deadlines for filing 2019 returns:

Federal
Filing Date: July 15, 2020
Payment Deadline: July 15, 2020
Virginia
Filing Date: June 1, 2020
Payment Deadline: June 1, 2020
Washington, D.C.
Filing Date: July 15, 2020
Payment Deadline: July 15, 2020
Maryland
Filing Date: July 15, 2020
Payment Deadline: July 15, 2020
West Virginia
Filing Date: July 15, 2020
Payment Deadline: July 15, 2020
Pennsylvania
Filing Date: July 15, 2020
Payment Deadline: July 15, 2020

Virginia Sales Tax Payments

In addition to an income tax payment delay, Virginia has also made changes to provide relief on Sales Tax payments. February sales tax payments that were due on March 20, 2020, may be deferred until April 20, 2020. Businesses wishing to defer must submit a request filed with the Department of Taxation to defer the filing of the return and payment of tax due. 

While penalties will be waived if the deferral is granted, businesses will still be charged interest on the late payments.

The AICPA has created a PDF to help track changes in each state. CLICK HERE to view the document.


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