Accelerated Sales Tax Payments Due in June for Some Retailers

Date: May 19, 2015

Here's what small biz owners need to know about the new legislation.

Legislation passed by the 2015
Virginia General Assembly requires retailers, whose sales totaled $2.5 million
or more for the 12-month period ending June 30, 2014, to make accelerated sales
and use tax payments that will be due in June 2015. This requirement is based
on aggregate sales for all locations, regardless of the number of returns filed
by the retailer.

The Department of Taxation
notified affected retailers by mailing letters to them in early May. The amount
of the accelerated tax payment will be 90 percent of the taxes owed for the month of
June 2014. In late May, the department will mail notifications to retailers with
the specific payments due and instructions for making payments.

Dealers that are subject to
electronic filing and/or payment requirements must make accelerated sales tax
payments electronically. They can pay by using VATAX Online, a free, secure filing and
payment service offered by the Tax Department, or by using ACH Credit provided by banks.

Electronic payments are due June 30, 2015. Payments made by check must be postmarked
on or before
June 25, 2015.

Dealers who do not make
accelerated sales tax payments on time will be subject to paying a 6 percent penalty
based on any late or unpaid tax due.

After making the accelerated
payment, dealers should file their June 2015 returns and pay the difference between
the actual tax liability for the month and the accelerated sales tax payment by
July 20, 2015.

If dealers pay more than is owed
for the month of June 2105, they will be able to claim a credit on their July
2015 sales and use tax returns. 

For more information, including guidelines and frequently asked questions, visit the
department’s Accelerated Sales and Use Tax Web page

Related Content: Small Business News | Virginia

Subscribe For Free News And Tips

Enter your email to get FREE small business insights. Learn more

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Learn More

Or call us today
1-800-634-2669

© 2001 - 2024 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy