Legal Alert

Virginia Extends Tax Payment Deadlines to June 1, Filing Date Remains Unchanged and Interest Will Accrue

March 25, 2020

Virginia Governor Ralph Northam announced that “while filing deadlines remain the same, the due date for payment of individual and corporate income tax will now be June 1, 2020.” However, the Virginia extension to pay, while penalty-free, is not interest-free.

All income tax payments due between April 1, 2020 and June 1, 2020 (including estimated tax payments due April 15, 2020) can be made any time on or before June 1, 2020 without penalty. However, during the extension period, interest will accrue. Therefore, taxpayers who are able to pay their taxes should do so by the original deadline (See news release here).

If the full amount is not paid by June 1, 2020, no penalty waiver will apply, and late payment penalties (in addition to interest) will accrue from the original date that the payment was due.

The filing deadline for Virginia state individual income tax returns generally is May 1 of the year following the calendar year for which the return is filed and April 15 for calendar year corporations. Virginia provides an automatic six-month filing extension (seven months for corporations) to all taxpayers who file federal extensions; no separate application is required.

Businesses can defer the payment of state sales tax due on March 20, 2020 until April 20, 2020 and may request a waiver of any penalties, but not interest (See separate news release here). 

We will continue to monitor Virginia state tax developments. If you have questions, please contact a member of the Ballard Spahr LLP Tax Group.

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This alert is a periodic publication of Ballard Spahr LLP and is intended to notify recipients of new developments in the law. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.

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