Instructions for Schedule 500AB Schedule of Related Entity Add Backs and Exceptions - Virginia

This document contains official instructions for Schedule 500AB , Schedule of Add Backs and Exceptions - a form released and collected by the Virginia Department of Taxation.

FAQ

Q: What is Schedule 500AB?
A: Schedule 500AB is a tax form used in Virginia.

Q: What is the purpose of Schedule 500AB?
A: The purpose of Schedule 500AB is to report related entity add backs and exceptions for tax purposes.

Q: Who is required to file Schedule 500AB?
A: Taxpayers in Virginia who have related entities and need to report add backs and exceptions are required to file Schedule 500AB.

Q: What are related entity add backs and exceptions?
A: Related entity add backs and exceptions refer to adjustments made to taxable income for transactions between entities that are closely related.

Q: How do I fill out Schedule 500AB?
A: To fill out Schedule 500AB, you will need to provide detailed information about the related entity transactions and make the necessary calculations and adjustments.

Q: When is Schedule 500AB due?
A: The due date for Schedule 500AB varies each year and is typically aligned with the due date for Virginia tax returns.

Q: Are there any penalties for not filing Schedule 500AB?
A: Yes, failure to file Schedule 500AB when required may result in penalties and interest.

Q: Can I request an extension to file Schedule 500AB?
A: Yes, you can request an extension to file Schedule 500AB, but any tax payment owed should still be made by the original due date.

Q: Do I need to attach supporting documents to Schedule 500AB?
A: You may be required to attach supporting documents to Schedule 500AB, such as detailed transaction records or financial statements.