Form 500 Virginia Corporation Income Tax Return - Virginia

What Is Form 500?

This is a legal form that was released by the Virginia Department of Taxation - a government authority operating within Virginia. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 500?
A: Form 500 is the Virginia Corporation Income Tax Return.

Q: Who needs to file Form 500?
A: All corporations doing business in Virginia, including S-Corporations, limited liability companies (LLCs), and partnerships with limited liability companies (LLCs) must file Form 500.

Q: What information is required to complete Form 500?
A: Information required to complete Form 500 includes details about the corporation's income, deductions, credits, and tax liability.

Q: When is Form 500 due?
A: Form 500 is due on or before the 15th day of the fourth month following the close of the tax year.

Q: What happens if Form 500 is filed late?
A: If Form 500 is filed late, penalties and interest may be assessed on any unpaid tax balance.

Q: Are there any other forms or attachments required with Form 500?
A: Depending on the corporation's activities and circumstances, additional forms or attachments may be required, such as Schedule 500ADJ for adjustments to taxable income or Schedule 500CP for computing tax credits.

Q: Can I get an extension to file Form 500?
A: Yes, corporations can request an extension of time to file Form 500 by submitting Form 500EP by the original due date of the return.

Q: Is estimated tax payment required for corporations in Virginia?
A: Yes, corporations in Virginia are required to make estimated tax payments if their expected tax liability exceeds a certain threshold.