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Business groups ask Va. lawmakers for higher PPP tax deductions
Virginia’s two legislative bodies have not yet agreed on an amount that Virginia businesses can deduct from federal Paycheck Protection Program loans they received last year, and how much of the loans they’ll have to pay state taxes on. Business groups are asking state lawmakers to allow higher deductions — especially for sectors like hospitality […]
Northam announces $730.2M state revenue forecast increase
Gov. Ralph Northam‘s revised budget released Monday shows that the commonwealth expects a $730.2 million increase in this year’s revenues forecast over December 2020, from $46 billion to more than $46.7 billion during the next two years. “These revised budget numbers tell us that Virginia‘s economy continues to thrive, in spite of the pandemic,” Northam […]
Va. General Fund revenue dropped 2.4% in January
Virginia‘s General Fund revenue for January 2021 decreased 2.4% compared with January 2020, Gov. Ralph Northam announced Thursday. Total revenue collections rose 6% through January on a fiscal year-to-date basis, which was well ahead of the 1.2% growth forecast. “As we work to put this pandemic behind us, we must stay focused on positioning our […]
2020 withholding records from employers due Feb. 1
The commonwealth of Virginia‘s Department of Taxation reminded employers/payers Wednesday that the final date to submit 2020 withholding records is Monday, Feb. 1. The final date to submit withholding records is typically Jan. 31, which falls on a weekend this year, and the deadline was moved to Feb. 1. “If you’re an employer or payer […]
Va. General Fund revenue increased 15.1% in December 2020
Virginia’s General Fund revenue for December 2020 increased 15.1% compared with December 2019, Gov. Ralph Northam announced Wednesday. Total revenue collections rose 7.8% through December on a fiscal year-to-date basis, which was well ahead of the 1.2% growth forecast. The increase was driven by growth in payroll withholding, corporate income tax, sales and use taxes, […]
Northam orders companies held temporarily harmless for pandemic layoffs
Gov. Ralph Northam issued an executive order Tuesday that will hold Virginia businesses harmless for any layoffs made during three months of the pandemic. The end-of-year order protects businesses from having to pay an additional $200 million in payroll taxes to replenish the Virginia Employment Commission’s Unemployment Insurance Trust. Due to the COVID-19 economic fallout, […]
Ten Va. companies make 2021 Forbes list of top tax, accounting firms
Ten Virginia-based companies made Forbes’ top tax and accounting firms list for 2021. Of 450 companies across the nation, 250 companies were awarded the America’s Best Tax Firm 2021 title and 200 companies were awarded the America’s Best Accounting Firm 2021 title. Tax and account professionals and their clients were surveyed between August and September. […]
Norfolk startup initiative launches
The Norfolk Innovation Corridor (NIC), an initiative to attract and retain startups in the region, launched on Thursday, Old Dominion University announced. Qualifying startups and company expansions can receive tax incentives (abatement of Business, Professional and Occupational License taxes at 100% for two years and 50% for three years) through the NIC, in collaboration with […]
Virginia extended individual tax filing deadline is Nov. 2
The six-month filing extension deadline for individual income taxes in Virginia is Monday, Nov. 2, Virginia Tax reminded taxpayers Wednesday. “Last year, more than 488,000 taxpayers took advantage of the automatic, six-month filing extension in Virginia, and the majority of those returns came in electronically,” Virginia Tax Commissioner Craig M. Burns said in a statement. […]
Central Va. sales, use tax rate to increase Oct. 1
Starting Oct. 1, the sales and use tax rate in Central Virginia will go up by 0.7% to a total of 6%, Virginia Tax announced Tuesday. The change approved by the 2020 Virginia General Assembly affects the 4.3% state tax, the 0.7% regional state tax and the 1% local option tax. Affected localities include Richmond […]
State General Fund revenue down only 0.2% in August
Despite the pandemic, Gov. Ralph Northam announced Thursday that August General Fund revenue collections decreased only 0.2% compared to the same time last year. “Despite trying economic conditions, collections from payroll withholding and sales taxes remained steady,” Northam said in a statement. “We look forward to September’s receipts, which will provide more insight into Virginia&#[...]
State tax collection revenue fell 26.2% in April
State revenue from tax collections fell 26.2% in April, Gov. Ralph Northam announced Thursday. This is primarily due to tax deadline extensions for individual and corporate income taxes, which were extended until June 1 due to the COVID-19 pandemic. “April tax receipts are consistent with our estimate of a $1 billion reduction in the fourth […]
