Administrative Code

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Virginia Administrative Code
Title 23. Taxation
Agency 10. Department of Taxation
Chapter 120. Corporation Income Tax
1/27/2023

23VAC10-120-400. Extension of time for filing returns.

A. Automatic extension. Whenever a corporation has been granted an extension of time for filing by the Internal Revenue Service, a similar extension will be granted to a date thirty days after the extended federal due date but not later than six months after the due date required by Virginia law. In other words, an extension will not be granted beyond the fifteenth day of the tenth month following the close of the taxable year.

A penalty will be imposed unless a tentative tax return is filed and the tax paid as provided in subsection C of this section.

B. Good cause extension. When no federal extension has been granted, the department may grant an extension for filing if the taxpayer shows good cause for requesting such an extension. The extension may not exceed six months.

A penalty will be imposed unless a tentative tax return is filed and the tax paid as provided in subsection C of this section.

C. Tentative tax return. Any corporation requesting an extension of time for filing its return must file a tentative tax return with the request. The tentative tax return must estimate the tax liability of the corporation and be accompanied by payment of the balance due after allowance for prior payments of estimated tax and prior tentative tax returns, if any.

Interest will accrue under § 58.1-1812 of the Code of Virginia on any unpaid tax liability from the due date of the return without regard to any extensions. This section extends only the date for filing a return, not the date for payment of the tax.

If the underestimation of the balance of tax due exceeds ten percent of the actual tax liability a penalty will be imposed. The penalty is one half of one percent per month for each month or fraction thereof from the original due date for the filing of the income tax return to the date of payment. The penalty will be imposed in addition to interest under § 58.1-1812 of the Code of Virginia.

D. Application procedure. The extension request and tentative tax return must be filed before the original due date of the return. An additional extension may be requested if filed before the expiration of a previous extension. Requests will not be acknowledged or returned unless the request for extension is denied. A copy of each extension request and tentative tax return shall be attached to the income tax return when filed.

Statutory Authority

§§ 58.1-203 and 58.1-453 of the Code of Virginia.

Historical Notes

Derived from VR630-3-453, eff. January 1, 1985.

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