Virginia Tax Department Issues Bulletin on Elimination of Accelerated Sales Tax Payment Requirement

The Virginia Department of Taxation June 22 issued a tax bulletin on the elimination of the accelerated sales and use tax payment requirement. The requirement that certain retail tax dealers make an Accelerated Sales Tax (AST) payment is eliminated for periods beginning after June 30, 2021. Accordingly, no AST payment is due in June 2022. Prior law required certain dealers or permit holders to make a payment equal to 90 percent of the sales tax liability for the previous June on or before the 30th day of June if payments were made by electronic fund transfer, or before the 25th ...