Guidance Document Information
||Guidelines for Reporting Federal Tax Adjustments
||During the 2020 Session, the Virginia General Assembly enacted House Bill 1417 (2020 Acts of Assembly, Chapter 1030) which provided updated procedures for reporting certain adjustments, including partnership adjustments, that result from federal tax changes and other changes to federal taxable income to the Department of Taxation (“the Department”). This legislation updated Virginia’s law regarding reporting tax adjustments to make it match with new federal procedures set forth in the federal Bipartisan Budget Act of 2015 (“BBA”). In addition, this legislation specified when other Virginia income taxpayers such as individuals, estates, trusts, and corporations must report federal tax changes to the Department.
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Posted On 8/13/2021
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|Explanation or Citations
||2020 House Bill 1417. These guidelines are published by the Department of Taxation (“the Department”) to provide guidance to taxpayers regarding the updated procedures for reporting federal tax changes to the Department, as required by the second enactment clause of 2020 House Bill 1417.
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