Virginia Tax Department Issues Information on New Electronic Payment Requirement for Some Individual Income Taxpayers

The Virginia Department of Taxation July 7 issued information on a new electronic payment requirement for some taxpayers for individual income tax purposes. A recent legislative change requires taxpayers to submit all of their income tax payments electronically if: 1) any estimated tax payment exceeds $1,500; 2) any extension payment exceeds $1,500; or 3) the total anticipated income tax liability in any taxable year exceeds $6,000. Individual taxpayers should start making all of their payments electronically for estimated taxes, extension payments, and any other amounts due when a taxpayer files a return. The department is sending letters to taxpayers who ...