After careful consultation with our Tax Advisory Committee, the VSCPA sent a letter to Virginia’s Secretary of Finance Aubrey Layne, CPA, on March 19, 2020, to recommend that penalties and interest for tax payments due on May 1, 2020, be waived for payments received through June 15, 2020. This recommendation is in line with IRS Notice 2020-17 (PDF) announcing an extension of the payment deadline until July 15, 2020, for federal income taxes due on April 15, 2020. The extension applies to both the balances due on 2019 returns and estimated income tax payments due. When discussing this recommendation, we considered early feedback from Secretary Layne around the impact to Virginia’s overall budget and the upcoming end of the state’s fiscal year.
The VSCPA will continue to work with our state and federal partners to make sure you, and all Virginia taxpayers, are up to date on this fast-moving situation.
Read the full letter here.