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CCH Axcess Tax

Form 500, Virginia Corporation Income Tax Return

Form 500 Electronic Filing:

Form 500 must be filed electronically.

Entries for electronic filing can be made on Federal - General - Electronic Filing.

If electronic filing is not selected, letters and filing instructions will default to paper instructions.

Filing information is available at: https://tax.virginia.gov/corporation-income-tax

Announcement from the Virginia Department of Revenue regarding the COVID-19 changes

Extended due dates:

Per VA Tax Bulletin 20-5, all payments including, return, extension, and estimate payments, originally due between April 1, 2020 and June 1, 2020 have been extended to June 1, 2020. If payment is made in full by June 1, 2020, penalties and interest will be waived for the payment. If the payment is made after June 1, 2020, interest will accrue beginning at the original due date.

Tax Due, Estimated and Extension Payments:

Payments must be made electronically.

Payment information is available at:https://tax.virginia.gov/business-tax-payment-options

Government Form CCH Axcess Input
    Worksheet Section Field
Form 500, Page 1
Fiscal Year Beginning Date   General > Basic Data General Fiscal year dates > Ending
Fiscal Year Ending Date   General > Basic Data General Fiscal year dates > Beginning
Short Year Return   General > Basic Data General Short Year
Change in Accounting Period   Common Data > State/ City Common Data General Information Change in Accounting Period
Initial Filer   General > Basic Data General Initial Return
OR
  Common Data > State/ City Common Data General Information Initial Return – Override
Name Change   General > Basic Data General Name Change
OR
  Common Data > State/ City Common Data General Information Name and/or address change - Override
Physical Address Change   General > Basic Data General Address Change Option
Mailing Address Change   General > Basic Data General Address Change Option
OR
  Common Data > State/ City Common Data General Information Name and/or address change - Override
Discuss Return w/Preparer   General > Basic Data General May IRS Discuss Return w/Preparer
FEIN   General > Basic Data General Employer Identification Number
Name   General > Basic Data General Corporation Name
  General > Basic Data General Corporation Name Continued
Mailing Address   Common Data > State/ City Common Data Principal Business Address/Firm Information i Street Address
Physical Address   General > Basic Data General Street Address
Physical City, State, ZIP   General > Basic Data General

City

State

ZIP
City, State, ZIP   Common Data > State/ City Common Data Principal Business Address/Firm Information

City

State

ZIP
NAICS   General > Basic Data General Business Code
OR
  Virginia > General Basic Data NAICS – Override
Entity Type Code   Virginia > General Basic Data Entity Type Code
Date Incorporated   General > Basic Data General Date Incorporated
OR
  Virginia > General Basic Data Date of Incorporation - Override
State or Country of Incorporation   General > Basic Data General State of Incorporation
OR
  Virginia > General Basic Data State or Country of Incorporation - Override
Description of Business Activity   General > Basic Data General Principal Business Activity
OR
  Virginia > General Basic Data Description of Business Activity - Override
Check Applicable Boxes
Consolidated Schedule 500AC Calculated if Consolidated
OR
  Common Data > State/ City Common Data Consolidated/ Combined Return Information Consolidated/Combined return
Combined Schedule 500AC   Common Data > State/ City Common Data Consolidated/ Combined Return Information Consolidated/Combined return
Change in Filing Status Direct entry on Form 500
Multistate Schedule 500A Automatic when multi-state forms are used
Schedule 500AB Enclosed Automatic when Schedule AB is generated
Nonprofit Corporation   Virginia > General Basic Data Entity type code = ‘NP’
Schedule 500AP Enclosed Automatic when Schedule 500A is generated
Amended Return   Virginia > Other Amended and Affiliated Corporations Filing an Amended Form 500
Reason Code

Code 01 - Net operating loss

 Virginia > Other Amended and Affiliated Corporations Net Operating Loss

Code 02 - Partnership-level federal adjustment - Enclose Form 502FED-1

 Virginia > Other Amended and Affiliated Corporations X if Partnership-Level Federal Adjustment

Code 03 - Federal return amended or adjusted - Enclose copy of IRS final determination

 Virginia > Other Amended and Affiliated Corporations Result of Federal Audit

Code 04 - Virginia return changes to subtractions, deductions, additions, and credits

 Virginia > Other Amended and Affiliated Corporations Change to Sch 500ADJ or nonrefundable/refundable credit

Code 05 - Capital loss carryback

 Virginia > Other Amended and Affiliated Corporations Capital Loss Carryback

Code 10 - Allocation and apportionment changes – Enclose Form 500A

 Virginia > Other Amended and Affiliated Corporations Change to Schedule 500A

Code 11 - Schedule 500AB changes

 Virginia > Other Amended and Affiliated Corporations Changes to Schedule 500AB

Code 30 - Other - Enclose Explanation

 Virginia > Other Amended and Affiliated Corporations Reason for Filing is Other

Note: An other amended explanation is required when Amended Reason Code is 30: 'Other'.
Final Return
Final Return   General > Basic Data General Final Return
OR
  Common Data > State/ City Common Data General Information Final Return = Option 1 or N - Override
Withdrawn   Common Data > State/ City Common Data General Information Final Return = Option 5
Dissolved – No Longer Liable   Common Data > State/ City Common Data General Information Final Return = Option 2
Dissolved Date   Common Data > State/ City Common Data General Information Final Return Date/Date Ceased Bus.
Merged   Common Data > State/ City Common Data General Information Final Return = Option 4
Merger Date   Common Data > State/ City Common Data General Information Final Return Date/Date Ceased Bus.
Merger FEIN   Virginia > General Basic Data Final Return – Merged FEIN Number
S Corp Election   Common Data > State/ City Common Data General Information Final Return = Option 8
S Corp Election Date   Common Data > State/ City Common Data General Information Final Return Date/Date Ceased Bus.
Telecommunications Company:
Form 500T, Line 7 Amount Form 500T
Noncorporate Telecommunications:
Check Box/Form 500T, Line 10 Form 500T
Electric Supplier Company:
Form 500EL, Line 7 or 14 Form 500EL
Home Service Contract Provider
Check Box / Form 500HS, Line 10 Form 500HS
Questions and Related Information
A. Schedule 500AB, Line 8 Schedule 500AB, Line 8

B. Coalfield Employment Enhancement Tax Credit Earned

Form 306, Line 11

   Virginia > Credits Other Credits Coalfield Employment Credit Earned
C. (1) Year of Loss   Income/ Deductions > NOL Carryover/ Carryback NOL Carryover/ Carryback Carryover Information Year
(2) Federal NOL   Income/ Deductions > NOL Carryover/ Carryback NOL Carryover/ Carryback Carryover Information
(3) % Fed NOL used this Year Income/ Deductions > NOL Carryover/ Carryback NOL Carryover/ Carryback Carryover Information
FEIN   Virginia > General Basic Data If NOL is from a Merger, Enter FEIN

Note: See FAQs for additional VA NOL entries.
D. Number of Schedule VK-1s Calculated from Schedule 500ADJ, Page 2
E. Fed Tax Liability Redetermined by IRS   Virginia > General Basic Data Year
F. Books   General > Basic Data General Location of Books:
  • Location
   General > Basic Data General

In care of

Street Address

City

State

ZIP Code
  • Contact
   General > Basic Data General > Other Questions In care of
OR      
  Common Data > State/City Common Data Corporate Records or Contact Information Contact or Signor’s Title – Override
  Common Data > State/City Common Data Corporate Records or Contact Information Other contact - Override
  • TelephoneContact
   Common Data > State/City Common Data Corporate Records or Contact Information Phone Number
OR
  Common Data > State/City Common Data Corporate Records or Contact Information City, State, ZIP – Override
Form 500, Page 2
1. Federal Taxable Income Form 1120, Line 30
OR
  Virginia > Income/ Deductions Other Adjustments and Overrides Federal Taxable Income – Override
2. Total Additions Schedule 500ADJ, Section A, Line 7
3. Total Calculated
4. Total Subtractions Schedule 500ADJ, Section B, Line 10
5. Balance Calculated
6. S&L Bad Debt Deduction Calculated: Based on Data Entered on Federal,
  Income/ Deductions > Business Bad Debts Bad Debts
  Virginia > General Basic Data Entity Type Code = SL
  Virginia > General Basic Data Fed S&L % - Override

Note: Percent is 40% Unless Override Entered.
  Virginia > Income/ Deductions Additions Code = 13
  Virginia > Income/ Deductions Additions Amount

Note: Will carry to Schedule 500ADJ as an Addition.
  Virginia > Income/ Deductions Subtractions S & L Bad Debt Deduction – Override

Note: This entry Override Form 500, Line 6
  Virginia > General Options Fed S&L NOT % of Income Method

Note: When an X is present, the amount Coded 13 for Other Additions it will be used on Form 500, Line 6. Otherwise 40% is calculated or the override % is used.
7. Virginia Taxable Income Calculated
Tax Computation

8. Multistate Corporation

(a) Income Subject to VA Tax

 Schedule 500A, Line 3j

8. Multistate Corporation

(b) Apportionment Factor

 Schedule 500A, Line 1or 2g

8. Multistate Corporation

(c) Nonapportionable Income

   Virginia > Income/ Deductions Allocation and Apportionment Nonapportionable Investment Function – net income

8. Multistate Corporation

(d) Nonapportionable Loss

   Virginia > Income/ Deductions Allocation and Apportionment Nonapportionable Investment Function – net loss
9. Income Tax Calculated
Payments and Credits
10. Nonrefundable Tax Credits Schedule 500CR, Page 5, Section 2, Part 1 B
11. Adjusted Corporate Tax Calculated

12. Tax Payments and Overpayments

Payments

   Payments/ Penalties > Payments State Tax Payments > Detail > State Tax Payments Amounts w/Corresponding Dates
OR
  Payments/ Penalties > Payments State Tax Payments > Detail > State Tax Payments Total if 4 Equal Installments – Override

12. Tax Payments and Overpayments

Overpayment from Last Year

   Payments/ Penalties > Payments State Tax Payments > Detail > State Tax Payments Prior Year Overpayment Applied
13. Extension Payment Calculated
PLUS
  Payments/ Penalties > Payments State Tax Payments > Detail > State Tax Payments Other Payments
OR
  Extensions > Extensions State/City Extension State Code = {VA}
  Extensions > Extensions State/City Extension Tentative Tax – Override

Note: Overrides Form 500 CP/CG and Form 500 Line 13
OR
  Payments/Penalties/Estimates > Payments State Quarterly Payments > Detail > State Tax Payments Amount Paid w/Ext - Override

Note: Only overrides the amount on Form 500 Line 13
14. Refundable Tax Credits Schedule 500CR, Line 142
15. Pass-Through Entity W/Holding Schedule 500ADJ, Section D
16. Total Payments Calculated
Refund or Tax Due
17. Tax Owed Calculated
18. Penalty   Payments/ Penalties > Penalties State/City Late Interest and Penalties  
  Payments/ Penalties > Penalties State/City Late Interest and Penalties > Detail > State/City Late Penalty and Interest Late Penalty - Override
  Payments/ Penalties > Penalties State/City Late Interest and Penalties > Detail > State/City Late Penalty and Interest Date Filed if After Due Date
19. Interest   Payments/ Penalties > Penalties State/City Late Interest and Penalties > Detail > State/City Late Penalty and Interest Late Interest – Check Box
  Payments/ Penalties > Penalties State/City Late Interest and Penalties > Detail > State/City Late Penalty and Interest Date Filed if After Due Date
OR
  Payments/ Penalties > Penalties State/City Late Interest and Penalties > Detail > State/City Late Penalty and Interest Late Interest – Override
20. Additional Charge Form 500C, Line 17
OR
  Payments/ Penalties > Penalties State/City Underpayment Penalty > Detail > General Underpayment Penalty – Override

Note: State needs to be VA for Override
21. Total Due Calculated
22. Overpayment Calculated
23. Amount Credited to Next Year   Payments/ Penalties > Estimates and Application of Overpayment State Estimates and Application of Overpayment > Detail > State Estimates and Application of Overpayment Application of Overpayment
24. Amount to be Refunded Calculated
OR
  Payments/ Penalties > Estimates and Application of Overpayment State Estimates and Application of Overpayment > Detail > State Estimates and Application of Overpayment Application of Overpayment
  Payments/ Penalties > Estimates and Application of Overpayment State Estimates and Application of Overpayment > Detail > State Estimates and Application of Overpayment Application of Overpayment Code (If State is VA)
SIGNATURE SECTION
Title   General > Basic Data General Title
OR
  Common State > State/City Common Data Corporate Records or Contact Information Title - Override
Name of Officer   Common State > State/City Common Data Corporate Records or Contact Information In care of
Phone Number   General > Basic Data General Phone
OR
  Common State > State/City Common Data Corporate Records or Contact Information Phone number - Override

Print Preparer Name, Preparer Phone,

Print Date Signed,

Preparer Address,

Preparer PTIN

the Return Configuration Set

OR
  General > Return Options Preparer Information Preparer Information - Override
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