Virginia Administrative Code
Title 23 - TAXATION
Agency 10 - DEPARTMENT OF TAXATION
Chapter 120 - Corporation Income Tax
Section 23VAC10-120-310 - Reports by corporations
Universal Citation: 3 VA Admin Code 10-120-310
Current through Register Vol. 41, No. 3, September 23, 2024
A.
1. Every corporation organized under the laws
of Virginia and every foreign corporation registered with the State Corporation
Commission for the privilege of doing business in Virginia shall file a return
with the Department of Taxation under this section. A return must be filed even
if the corporation has no income from Virginia sources and no Virginia income
tax is due.
2. Every corporation
having income from Virginia sources shall file a return with the Department of
Taxation. "Income from Virginia sources" is defined in
23VAC10-120-20. If a corporation
has income from Virginia sources it shall file a return regardless of where it
is organized, headquartered or from where it is managed or directed, or where
its shareholders reside or whether it has registered with the State Corporation
Commission for the privilege of doing business in Virginia.
3. Corporations exempt from Virginia income
tax may be required to file a return even though the income from Virginia
sources is exempt from income tax.
4. U.S. Public Law 86-272 ( 15 USC
§§ 381 - 384) prohibits Virginia from taxing income from Virginia
sources if the corporation does not have sufficient connection with Virginia.
Corporations whose income from Virginia sources is not subject to tax because
of P.L. 86-272 must file a return if they are registered with the State
Corporation Commission for the privilege of doing business in
Virginia.
5.
a. Receivers appointed by a court shall file
a return for a corporation if:
(i) property or
business of the corporation is being operated by the receiver, or
(ii) the receivers have full custody of and
control over the business or property of a corporation.
b. Returns must be filed whether the
receivers are carrying on the business for which the corporation was organized
or only marshalling, selling or disposing of its assets for the purpose of
liquidation.
6. Trustees
in dissolution, trustees in bankruptcy and assignees for the benefit of
creditors shall file returns for a corporation if they are operating the
property or business of the corporation. Property or business is being operated
if there are any gross receipts from such property or business.
B.
1. Returns of corporations shall be filed on
or before the fifteenth day of the fourth month following the close of the
taxable year.
2. Extensions of time
to file returns may be granted by the Department under provisions of Va. Code
§ 58.1-453 and the regulations thereunder.
C.
1.
Returns shall be made on forms prescribed by the Department of
Taxation.
2. A complete copy of the
federal return shall be filed with the Virginia return. Any schedules or other
information supplied to the Internal Revenue Service shall also be supplied to
the Department of Taxation.
Statutory Authority
§§ 58.1-203 and 58.1-441 of the Code of Virginia.
Disclaimer: These regulations may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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