Schedule 500A Corporation Allocation and Apportionment of Income - Virginia

What Is Schedule 500A?

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 Schedule 500A?
A: Schedule 500A is a form used to allocate and apportion income for corporations in the state of Virginia.

Q: Which corporations need to file Schedule 500A?
A: Corporations who derive income from Virginia sources and have a net income before apportionment greater than $25,000 need to file Schedule 500A.

Q: What is the purpose of Schedule 500A?
A: The purpose of Schedule 500A is to determine the proper allocation and apportionment of income for corporations doing business in Virginia.

Q: How is income allocated and apportioned on Schedule 500A?
A: Income is allocated and apportioned using a formula that takes into account factors such as sales, property, and payroll in Virginia compared to the total sales, property, and payroll of the corporation.

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

Q: Is Schedule 500A required for individual taxpayers?
A: No, Schedule 500A is specifically for corporations and is not required for individual taxpayers.

Q: Are there any penalties for not filing Schedule 500A?
A: Yes, failure to file Schedule 500A or filing a false or incomplete form may result in penalties and interest.

Q: Can I e-file Schedule 500A?
A: Yes, Schedule 500A can be filed electronically through the Virginia Department of Taxation's e-File system.