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

This document contains official instructions for Schedule 500AB , Schedule of Related Entity 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 form used in Virginia for reporting Related Entity Add Backs and Exceptions.

Q: What are Related Entity Add Backs?
A: Related Entity Add Backs are expenses incurred by a business with its related entities that need to be added back to the business's taxable income.

Q: What are Exceptions?
A: Exceptions are expenses incurred by a business with its related entities that do not need to be added back to the business's taxable income.

Q: Who needs to complete Schedule 500AB?
A: Businesses in Virginia that have expenses with related entities need to complete Schedule 500AB.

Q: Is Schedule 500AB required for all businesses in Virginia?
A: No, Schedule 500AB is only required for businesses that have expenses with related entities.

Q: Do I need to provide supporting documents for Schedule 500AB?
A: Yes, you will need to provide supporting documentation for the expenses reported on Schedule 500AB.

Q: What happens if I don't complete Schedule 500AB?
A: Failure to complete Schedule 500AB or provide accurate information may result in penalties or additional taxes.

Q: Are there any deadlines for filing Schedule 500AB?
A: Yes, Schedule 500AB must be filed along with the business's Virginia income tax return by the applicable deadline.