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 for the allocation and apportionment of income for corporations in Virginia.

Q: Who needs to file Schedule 500A?
A: Corporations that conduct business in Virginia and have income from both in-state and out-of-state sources need to file Schedule 500A.

Q: What is the purpose of Schedule 500A?
A: The purpose of Schedule 500A is to determine the portion of a corporation's income that is attributable to Virginia and subject to Virginia taxes.

Q: What information is required on Schedule 500A?
A: Schedule 500A requires information about the corporation's total income, both from Virginia sources and from all sources, and calculates the portion of income attributable to Virginia.

Q: When is Schedule 500A due?
A: Schedule 500A is generally due at the same time as the corporation's annual tax return, which is usually due on or before May 1st of each year.

Q: Are there any penalties for not filing Schedule 500A?
A: Yes, failure to file Schedule 500A or providing false or misleading information may result in penalties imposed by the Virginia Department of Taxation.

Q: Are there any exemptions or adjustments available on Schedule 500A?
A: Yes, there are certain exemptions and adjustments available on Schedule 500A that may affect the calculation of the portion of income attributable to Virginia.

Q: What should I do if I have questions about Schedule 500A?
A: If you have any questions about Schedule 500A or need assistance with completing the form, you can contact the Virginia Department of Taxation for guidance.