Instructions for Schedule 500A Multistate Corporation Allocation and Apportionment of Income - Virginia

This document contains official instructions for Schedule 500A , Multistate Corporation Allocation and Apportionment of Income - a form released and collected by the Virginia Department of Taxation.

FAQ

Q: What is Schedule 500A?
A: Schedule 500A is a form used to allocate and apportion income for multistate corporations in Virginia.

Q: Who needs to file Schedule 500A?
A: Multistate corporations that operate in Virginia and have income from other states need to file Schedule 500A.

Q: What is the purpose of Schedule 500A?
A: The purpose of Schedule 500A is to determine the portion of a multistate corporation's income that is taxable in Virginia.

Q: What information is needed to complete Schedule 500A?
A: To complete Schedule 500A, you will need information about the corporation's total income, property, and payroll in Virginia compared to other states.

Q: When is the deadline to file Schedule 500A?
A: The deadline to file Schedule 500A is typically the same as the deadline for filing the corporation's state tax return, which is usually March 15th.

Q: Is Schedule 500A only for corporations operating in Virginia?
A: Yes, Schedule 500A is specifically for multistate corporations that operate in Virginia and have income from other states.

Q: What happens if I don't file Schedule 500A?
A: If you are required to file Schedule 500A and fail to do so, you may face penalties and interest charges from the Virginia Department of Taxation.

Q: Can I get help with completing Schedule 500A?
A: Yes, you can seek assistance from a tax professional or contact the Virginia Department of Taxation for guidance on completing Schedule 500A.

Q: Are there any exemptions or deductions on Schedule 500A?
A: Yes, there may be exemptions and deductions available on Schedule 500A. Consult the instructions and guidelines provided by the Virginia Department of Taxation for more information.