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Tax returns for businesses and individuals are still due on May 1, however.
Richard Foster //March 20, 2020//
Tax returns for businesses and individuals are still due on May 1, however.
Kate Andrews // March 20, 2020//
Virginia is granting a one-month extension for payment of individual and corporate state income taxes by June 1, although tax returns are still due May 1, Virginia Secretary of Finance Aubrey Layne Jr. said during a state coronavirus news briefing Thursday.
Anyone who pays their state income tax after June 1 will not incur late penalties but will have to pay interest, he added.
Businesses can apply for an extension on submitting their sales-tax returns, which are due Friday, to April 20. Layne Jr. emphasized that businesses must request the extension, which will come from the Virginia Department of Taxation. He expects the one-month delay will cost the state $145 billion, and localities will directly feel about $30 billion of that total. “We must balance our budget,” he said. “We can’t print money.”
About 10,000 Virginians have applied for unemployment benefits with the Virginia Employment Commission as of Wednesday, the governor said.
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