Virginia Tax Department Issues Guidelines for Reporting Federal Income Tax Adjustments

The Virginia Department of Taxation Aug. 13 issued guidelines, effective Oct. 14, on updated procedures for reporting of federal corporate income, individual income, and trust income tax adjustments to the department as required by the second enactment clause of 2020 H.B. 1417. The department provides: 1) definitions of the terms used in the guidelines; 2) general requirements for the reporting of federal tax adjustments; 3) requirements for reporting certain partnership-level federal tax adjustments; 4) information on allocation and apportionment of partnership income and assessment and collection of partnerships’ elective payments; and 5) limitations periods and information on the extension of ...