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When is the unitary combined report deadline?
Does Virginia require a unitary combined report?
When should a unitary combined group file a combined report?
What is Virginia's new unitary group reporting requirement?
New Reporting Requirements for Corporations Due July 1. The unitary combined reporting deadline has passed. For more information see our Unitary Combined Report Reference Guide. Corporations subject to Virginia income tax may need to file a one-time report with Virginia Tax by July 1, 2021.
- Who: Any Corporation Subject to Virginia Income Tax
- What: Virginia Unitary vs. Separate -filing Tax Comparison
- When: Due Date For Filing Is on Or Before July 1, 2021
- Why
- Where Else: Unitary Combined Reporting Proposals in Other States
A unitary group must designate one member, who should be a current Virginia filer, to report the necessary information on behalf of the entire unitary group. For purposes of the reporting requirement, a “unitary business” is a “commonly controlled group of business entities that are sufficiently interdependent, integrated and interrelated through t...
Using the templateas provided by the Commonwealth, corporate taxpayers are required to report a variety of information such as net income, state modifications, apportionment factors, tax liability, and tax credits of the entire group using data from the 2019 tax return. The report is intended to highlight any differences in tax liability between fi...
There is no extension available. Failure to file the report by the July 1st deadline, as well as reports filed containing material omissions or misstatements can result in a $10,000 penalty.
The report will provide the Virginia Department of Revenue with the relevant information needed to help determine the revenue impact of mandating unitary reporting through new legislation.
Virginia is not the only state currently considering combined reporting. Hawaii, Maryland, New Hampshire, and Pennsylvania introduced legislation this year that would require corporations to report their income on a combined basis. In addition, a bill was introduced earlier this year in the Florida House of Representatives that would have required ...
May 20, 2021 · Unitary businesses in Virginia must file their combined reports by July 1 or face penalties.
Mar 22, 2021 · The first, a budget bill amendment, requires taxpayers to file a combined report for informational purposes by June 1, 2021. The second, a House Resolution, commissions a study on MUCR to be completed by November 1, 2021.
Jun 1, 2021 · Corporations that are members of a unitary business group and subject to Virginia income tax may need to file a one-time report with Virginia’s Department of Taxation by July 1, 2021.
Apr 19, 2021 · Unitary Business Reporting Requirement: Details, Deadlines, and Penalties. Summary. As a result of Virginia General Assembly action, corporations that are members of a unitary business are required to file a report on certain unitary tax information by July 1, 2021.
