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

This document contains official instructions for Schedule 500A , 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 by corporations in Virginia to allocate and apportion income.

Q: Why is Schedule 500A important?
A: Schedule 500A is important because it determines how a corporation's income is allocated and apportioned for tax purposes in Virginia.

Q: Who needs to file Schedule 500A?
A: Corporations in Virginia that have income from both inside and outside the state need to file Schedule 500A.

Q: What information is required on Schedule 500A?
A: Schedule 500A requires information about a corporation's income, factors of apportionment, and the calculation of its apportioned income.

Q: When is the deadline to file Schedule 500A?
A: The deadline to file Schedule 500A is generally the same as the deadline to file the corporation's income tax return in Virginia.

Q: Are there any penalties for not filing Schedule 500A?
A: Yes, there are penalties for not filing Schedule 500A or filing it late in Virginia. It is important to comply with the filing requirements to avoid these penalties.

Q: Can I get help with filling out Schedule 500A?
A: Yes, you can seek assistance from a tax professional or the Virginia Department of Taxation if you need help with filling out Schedule 500A.

Q: Is Schedule 500A used for both Virginia and federal taxes?
A: No, Schedule 500A is specific to Virginia taxes and is not used for federal tax purposes.

Q: What happens after I file Schedule 500A?
A: After you file Schedule 500A, it will be reviewed by the Virginia Department of Taxation, and they will determine if any adjustments or additional information is required.