Instructions for Form 500 Virginia Corporation Income Tax Return - Virginia

Form 500 Virginia Corporation Income Tax Return - Virginia

This document contains official instructions for Form 500 , Virginia Corporation Income Tax Return - a form released and collected by the Virginia Department of Taxation. An up-to-date fillable Form 500 is available for download through this link.

FAQ

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

Q: Who needs to file Form 500?
A: Any corporation doing business in Virginia or receiving income from Virginia sources must file Form 500.

Q: What is the deadline for filing Form 500?
A: The deadline for filing Form 500 is the 15th day of the fourth month following the close of the corporation's tax year.

Q: What information is required on Form 500?
A: Form 500 requires information about the corporation's income, deductions, credits, and tax liability.

Q: Are there any penalties for late filing?
A: Yes, there are penalties for late filing, including a failure-to-file penalty and interest on any unpaid taxes.

Q: Is Form 500 different from federal tax forms?
A: Yes, Form 500 is specific to Virginia state taxes and is separate from federal tax forms.

Q: Are there any exemptions or credits available on Form 500?
A: Yes, there are various exemptions and credits available on Form 500, such as the Virginia Jobs Investment Program Credit and the Neighborhood Assistance Program Credit.

Q: Can I amend a filed Form 500?
A: Yes, you can file an amended Form 500 using Form 500X if you need to make changes or corrections to a previously filed return.