Virginia DOT Issues Guidelines for Accelerated Sales Tax Payment

The Virginia Department of Taxation (DOT) June 13 issued guidelines for the accelerated sales tax payment. The guidelines are effective for the additional payment made by dealers who are required to make accelerated sales tax payments in June 2019. The DOT provided that H.B. 1700 raises the accelerated sales tax threshold to taxable sales and/or purchases of $10 million or greater in the previous fiscal year. The guidelines include information on: 1) accelerated sales tax payment requirement; 2) affected dealers; 3) exceptions; 4) accelerated sales tax payment and reconciliation; and 5) penalties and interest. The guidelines took effect June 13. ...