Virginia State Tax Extensions: Business, Personal, Information and Nonprofit Tax Returns
Virginia Taxpayers are granted an automatic six-month extension for filing an income
tax return. No application for extension is required however, any tentative tax
due must be paid with a special voucher, Form 760IP. The penalty for underpayment of tentative tax has increased to
2% per month.
For business tax extension, the 2020-2021 Appropriations Act requires all corporations to file their annual income tax returns and make all payments electronically beginning January 1, 2021. If you are unable to file and pay electronically you may request a waiver. You can obtain the waiver request form at http://www.tax.virginia.gov or by calling (804) 440-2541.
How to make my Tentative Tax Payments?The Department provides two secure online options for submitting an extension payment: eForms and Business iFile. Payments are made by Debit EFT and you may schedule your payment for a future date. A corporation may also make its extension payments using an ACH Credit transaction through its bank. Some banks may charge a fee for this service. An Electronic Payment Guide is available on our website with information on how to submit ACH Credit payments to the Department.
Should I get extension to pay my taxes also by getting extension to file my returns?No. You are allowed an automatic six-month extension of time to file your corporation income tax return. But this provision does not extend the due date for payment of taxes; and you must pay at least 90% of your tax by the original due date for filing the return (April 15, 2021 for calendar year filers).
What is the purpose of Form 500CP?Form 500CP is a payment coupon that can be used only if you have an approved waiver from filing electronically. File Form 500CP to submit your payment by check or money order.
When and Where to File Form 500CPIf you have an approved waiver, file Form 500CP with your payment on or before April 15, for calendar year filers, or as soon as you realize you owe tax. For fiscal year filers, file Form 500CP with your payment on or before the due date of your return. Note: The due date for a non-profit corporation with unrelated business income is the 15th day of the sixth month following the close of the taxable year. If the due date falls on a Saturday, Sunday or legal holiday, file Form 500CP, on the next business day.
Be sure to write your Federal Employer Identification Number, tax year and "VA 500CP" on your payment.
Send the completed Form 500CP and payment to:
Department of Taxation
PO Box 1500
If you need assistance please call (804) 367-8037.
- For calendar year filers, the filing date is automatically extended to November 1.
- You are NOT required to file Form 760IP in order to obtain this automatic extension.
- You must pay any tentative tax due by May 1.
- An extension of time to file does NOT extend the amount of time you have to make your payment.
- Penalties and interest will accrue on all late payments.
What is the purpose of Form 760IP?Form 760IP, Automatic Extension Payment, is a payment coupon and worksheet that provides taxpayers who are unable to file their individual income tax return by May 1 a means of calculating and remitting a payment to avoid penalty and interest.
Who Must File Form 760IP?Form 760IP is required if ALL of the following apply to you:
- You cannot file your individual income tax return by the due date;
- You owe tax (this is determined by completing the Tax Payment Worksheet on the back of this page); and
- You submit your payment by paper check or money order (i.e., you do not use any electronic means, such as VATAX Online for Individuals, to make your payment).
Do not file Form 760IP if you determine that you do NOT owe additional tax, or you make your extension payment electronically using VATAX Online for Individuals.
Completing Form 760IPComplete the Tax Computation Worksheet on the back, then enter the payment amount in the Payment Amount box on Form 760IP. Instructions for the worksheet and the form are on the back.
If additional tax is due when you file your return, you may owe penalty and interest charges in addition to the tax.
When and Where to File Form 760IP?The quickest and most convenient way to make payment is online at our website: http://www.tax.virginia.gov .
If you are paying with a paper check or money order, file Form 760IP along with your payment on or before May 1, for calendar year filers, or as soon as you realize you owe any additional tax. For fiscal year filers, file Form 760IP on or before the due date of your return with payment of the balance due.
If the due date falls on a Saturday, Sunday or legal holiday, Form 760IP, with payment, may be filed on the next day that is not a Saturday, Sunday or legal holiday.
Be sure to write your Social Security Number, tax year and "VA 760IP" on your payment.
Send the completed return, with payment to:
Department of Taxation,
P.O. Box 760,
Richmond, VA 23218-0760,
Why should I use Express Extension?ExpressExtension has an experienced and competent team to meet all your individual and business tax solutions.We provide a complete and easy solution to all your tax needs.
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