The Virginia 500X form is used by corporations to amend their previously filed Virginia Corporation Income Tax Return. This form allows for corrections to be made regarding federal taxable income and other modifications that may affect the corporation's tax liability. It is essential for corporations to file this form in compliance with Virginia tax laws when adjustments to income or deductions are necessary.
The Virginia 500X form serves as an essential tool for corporations seeking to amend their previously filed Virginia Corporation Income Tax Returns. This form allows businesses to correct errors, report changes in income, and adjust modifications that may affect their tax liability. It is crucial to file this form after the original return has been submitted. The 500X form addresses various components, including capital loss carrybacks, tax credits, and adjustments to federal taxable income. Corporations must provide detailed explanations for any changes made, ensuring transparency and accuracy in their tax reporting. Additionally, the form requires the attachment of relevant federal documents, such as Form 1120X, to support the amendments. Understanding the specific instructions and timelines for filing the 500X form is vital, as it can significantly impact a corporation's tax obligations and potential refunds. For those navigating the complexities of corporate taxation in Virginia, familiarity with the 500X form can lead to more accurate tax filings and compliance with state regulations.
Filling out the Virginia 500X form can be straightforward, but many people make common mistakes that can lead to delays or issues with their tax filings. One common error is not attaching necessary documentation. When amending your return, it’s crucial to include a copy of federal Form 1120X and any other relevant documents. Without these, the Virginia Department of Taxation may not process your form correctly.
Another frequent mistake involves incorrectly entering amounts. Many individuals fail to accurately report figures from their original return. It’s essential to double-check that you’re using the correct numbers from your prior filings. Miscalculations can lead to incorrect tax due or refunds, which can complicate the process.
People often overlook the explanation of changes required in Part II of the form. When you make adjustments to your income or modifications, providing a clear explanation is necessary. Failing to do so can result in delays as the tax department may need to reach out for clarification.
Additionally, not following the filing instructions can lead to issues. Each year, the instructions may change slightly. It’s important to refer to the specific instructions for the tax year you are amending. Ignoring these guidelines can result in errors that might require further amendments.
Another mistake is neglecting to sign the form. An unsigned return is considered invalid. Ensure that the authorized officer of the corporation signs the form before submission. This small step can save you from unnecessary complications.
Some filers also forget to include all necessary lines when reporting changes. For instance, if you adjust one line, you may need to update related lines. It’s essential to review the entire form to ensure all related entries are correct and consistent.
Furthermore, missing deadlines can create problems. It’s important to file the amended return within the specified time frame. Keep track of deadlines to avoid penalties or losing the opportunity for a refund.
Finally, not keeping copies of submitted forms is a common oversight. Always retain a copy of the completed form and any attachments for your records. This practice can be beneficial if you need to reference your submission in the future or if there are any disputes regarding your filing.
Address Change
Corporation Income Tax Return *VA500X107888*
FORM 500X
2007 Amended Virginia
Consolidated Return
Department of Taxation, P.O. Box 1500
Combined Return
Richmond, VA 23218-1500
Capital Loss Carryback
Federal Audit
IMPORTANT: ATTACH A COPY OF FEDERAL FORM 1120X
Coalield Credit Claimed
or Earned
UsE FORM 500-NOLD FOR NET OPERATING LOss CARRYBACks
FOR TAX YEAR ENDING IN
'
(Enter month and year.)
Name
Federal Employer Identiication Number
Number and Street
Virginia Corporation Account Number
City or Town, State and ZIP
Ofice Use Only
Part I - Income and Virginia Modiications
A.
B.
C.
As Originally
Net Change (Increase
Fill in applicable items and use Part II to explain any changes.
Reported Or As
or decrease ; explain
Correct Amount
Adjusted (See
in Part II.)
Speciic Inst.)
1
Federal Taxable Income
2
(a) Net Virginia Fixed Date Conformity Modiications (Depreciation)
2(a)
(b) Net Virginia Fixed Date Conformity Modiications (Other)
2(b)
(c) Taxable Addition for Interest and Intangible Expenses (Schedule 500AB)
2(c)
(d) Other Net Virginia Modiications (Exclude Lines 2a,2b,2c)
2(d)
3
Virginia Taxable Income [Total of Lines 1, 2(a), 2(b), 2(c) and 2(d)]
4
(a) Income Of A Multistate Corporation Subject To Virginia Tax (Schedule 500A)
4(a)
(b) Apportionment Factor From Schedule 500A, Line 2, 3, 4, 5 or 10
4(b)
%
(c) Nonapportionable Investment Function Income
4(c)
(d) Nonapportionable Investment Function Loss
4(d)
5
Income Tax [6% of Line 3, Column C or Line 4(a)]
6
Tax Credits: Total Nonrefundable Tax Credit Amount From Form 500CR (Attach Form 500CR.)
7
Adjusted Tax: Line 5 Less Line 6
8
Payment Credits: (a) Tax Paid On Original Return Or As Later Adjusted
8(a)
(b) Refundable Credit Claimed On Original Or As Later Adjusted
8(b)
(c) Total Tax Paid And Refundable Credits [Line 8(a) plus Line 8(b)]
8(c)
(d) Less: Previous Refunds
8(d)
Total Payment Credits [Line 8(c) less 8(d)]
9
If Line 7 Is Greater Than Line 8, Then Subtract Line 8 From Line 7 - This Is Your Tax Due
10
If Line 8 Is Greater Than Line 7, Then Subtract Line 7 From Line 8 - This Is Your Refund
11
Coalield Employment Enhancement Tax Credit Earned
I, the undersigned president, vice-president, treasurer, assistant treasurer, chief accounting oficer, or other oficer duly authorized to act, of the corporation for which this return is made, declare under the penalties provided by law that this return (including any accompanying schedules and statements) has been examined by me and is, to the best of my knowledge and belief, a true, correct, and complete return, made in good faith, for the taxable year stated, pursuant to the income tax laws of the Commonwealth of Virginia. If prepared by a person other than taxpayer, their declaration is based on all information of which they have any knowledge.
Date
Signature of Oficer
Phone Number
Title
Individual or Firm, Signature of Preparer
Address of Preparer
Preparer’s SSN or FEIN
VA DEPT OF TAXATION 2601215 REV 8/07
Page 1
PART II. — Explanation of Changes to Income and Modiications.
Enter the line reference from page 1 for which a change is reported, and give the reason for each change.
Show any computation in detail. Attach any schedules needed.
Check here if this amended return is due to changes on Schedule 500A . Attach an amended Schedule 500A with appropriate explanation.
Check here if this amended return is due to changes on Schedule 500AB. Attach amended Schedule 500AB.
Check here if federal approval has been received. Attach a copy of the IRS Statement of Adjustment to Your Account. Check here if this change is due to a nonrefundable or refundable tax credit (attach explanation and corrected Form 500CR).
GENERAL INsTRUCTIONs
Purpose of Form: Use Form 500X to correct your Form 500, Virginia Corporation Income Tax Return, as you originally iled it or as it was later
adjusted by an amended return or an examination. Do not use this form for the carryback of a net operating loss; use Form 500-NOLD, Corporation
Application For Refund. If amending for a capital loss carryback in addition to other changes, ile two amended returns (Form 500X); one to report the
capital loss carryback and the second for all other changes.
When to File: File Form 500X only after you have iled your original return. Attach a copy of federal Forms 1120-X, 1139, the Revenue Agent's Report,
Statement of Adjustment to Your Account or other form or statement show- ing the nature of any federal change and the date that it became inal. If the
amount of a corporate taxpayer's federal taxable income as reported on its federal income tax return for any taxable year is changed or corrected by
the IRS (or other competent authority), or is changed as the result of a re- negotiation of a contract or subcontract with the United States, the taxpayer
must report this change to the Virginia Department of Taxation within one
year. A corporation may ile an amended return, Form 500X, and claim a refund within the later of:
(1)three years from the due date of the return or extended due date (whichever is later);
(2)one year from the inal determination of any change or correction in taxpayer liability for any federal tax upon which state tax is based, provided the refund does not exceed the amount of the decrease in Virginia tax attributable to such federal change or correction;
(3)two years from the iling of an amended Virginia return resulting in the payment of additional tax, provided that the amended return raises is- sues relating only to the prior amended return and the refund does not exceed the amount of the tax payment made with the prior amended return; or
(4)two years from the payment of an assessment, provided the amended return raises issues relating only to the prior assessment and the refund does not exceed the amount of tax paid on the prior assessment.
Where to File: Mail this form to Virginia Department of Taxation, P.O. Box 1500, Richmond, Virginia 23218-1500. Be sure to include a dated copy of Revenue Agent’s adjustments when applicable.
Information on Modiications: Refer to the instructions for the year you
are amending concerning adjustments to items of income or deductions that might constitute a Virginia modiication to federal taxable income for
that taxable year.
Note: The Department of Taxation will compute any interest due and will either include it in your refund or bill you.
For additional information, call (804) 367-8037 or write the Department
of Taxation, P.O. Box 1115, Richmond, VA 23218-1115. You can obtain most Virginia income tax forms at www.tax.virginia.gov. Tenemos ser- vicios disponible en Español.
sPECIFIC INsTRUCTIONs
Tax Year: In the space above the employer identiication number, enter the month and year in which the calendar or iscal year of the tax return you are
amending ends.
Column A
Line 1: Enter the amount from line 1 of your original return or as last ad- justed.
Line 2: (a) Enter the net Virginia Fixed Date Conformity Modiications based on depreciation as originally reported or adjusted.
(b)Enter the net of any other Virginia Fixed Date Conformity Modi- ications as originally reported or adjusted.
(c)Enter taxable addition for interest and intangible expenses as originally reported or adjusted (Schedule 500AB).
(d)Enter the total modiications, excluding ixed date conformity and the taxable addition for interest and intangible expenses, from your original return or as last amended. Savings and loan
associations must include their Virginia bad debt deduction from line 6 of Form 500 as part of this amount.
Line 3: Enter the Virginia taxable income from line 7 of your original return or as last amended.
Column B
Line 1: Enter the increase or decrease you are making. Explain any changes in Part II and attach appropriate veriication (1120X, RAR, etc.).
Line 2: (a) Enter the amount of increase or decrease of depreciation based on Virginia Fixed Date Conformity.
(b)Enter the amount of increase or decrease for other ixed date conformity modiications.
(c)Enter the amount of increase or decrease for the taxable addi- tion for interest and intangible expenses. Complete and attach Schedule 500AB.
(d)Enter the increase or decrease you are making and attach ex- planation.
Column C
Lines 1 and 2(a) - (d): Add the increase in column B to the amount in col- umn A or subtract the column B decrease from column A. Report the result in column C. For any item you do not change, enter the amount from column A in column C.
Line 3: Figure the corrected Virginia taxable income by adding the amounts
in column C, lines 1 and 2, and enter on line 3, column C.
Line 4: Corporations other than Multistate corporations, leave line 4 blank and go to line 5. Multistate corporations with no Virginia income must enter zeroes on line 4.
Otherwise:
(a)Multiply the amount on line 3, column C, by the appropriate
percentage from Schedule 500A, and enter here.Attach a copy of
Schedule 500A as originally iled for the year being amended.
(b)Enter the apportionment factor from Schedule 500A.
(c)& (d) Enter the amount of nonapportionable investment func- tion net income and loss as reported on the original return or the amended amount, as applicable. If the amount is being amended, documentation must be attached to support the
change. See Form 500 instructions for further information regarding these modiications and eligibility criteria.
Line 5: Multiply the amount on line 3 or line 4(a), as the case may be, by 6 percent and enter here.
Line 6: Enter the total nonrefundable tax credit amount from Form 500CR, line 100. Attach Form 500CR. Do not exceed the amount of tax on line 5.
Line 7: Subtract the total credits on line 6 from the amount of tax on line 5 and enter the difference here. If the credits on line 6 exceed the amount on line 5, enter zero.
Line 8: (a) Enter the amount of tax paid on the original return or as adjusted.
(b)Enter the refundable credits claimed from Form 500CR, line 108 with the original return or as later increased or adjusted. Do not include any litter tax.
(c)Enter the total of tax and refundable credits [Line 8(a) plus Line 8(b)].
(d)Enter the amount of any tax previously refunded from the amount entered on line 8(a) and/or 8(b).
Line 8: Subtract line 8(d) from line 8(c) and enter the difference in the space provided for Total Credits.
Line 9: If Line 7 is greater than line 8, subtract line 8 from line 7 and enter the difference here. This is the additional tax due.
Line 10: If line 8 is greater than line 7, subtract line 7 from line 8 and enter the difference here. This is your refund amount.
Line 11: Enter the amount of Coalield Employment Enhancement Tax Credit
earned.
Page 2
The Virginia 500X form is similar to the IRS Form 1120-X, which is used for amending corporate income tax returns at the federal level. Both forms allow corporations to correct errors in their original filings, whether due to miscalculations, overlooked deductions, or changes in federal tax law. The process for filing these forms is also similar, requiring supporting documentation and an explanation of the changes made. By using Form 1120-X, corporations can adjust their federal taxable income, which may subsequently affect their state tax obligations in Virginia.
Another document that aligns with the Virginia 500X is the IRS Form 1139, the Corporation Application for Tentative Refund. This form is specifically designed for corporations that wish to apply for a quick refund due to a net operating loss carryback. Like the 500X, it requires detailed calculations and supporting documentation. Both forms aim to rectify previous tax filings, but while the 500X is for general amendments, Form 1139 is focused on carrybacks, allowing for expedited refunds based on federal adjustments.
The Virginia 500X also shares similarities with the IRS Form 1040-X, which is used by individuals to amend their personal income tax returns. Both forms provide a structured way to report changes to previously filed returns, whether due to new information or corrections. Each requires a clear explanation of the changes made and the rationale behind them. This makes both forms essential tools for taxpayers who need to ensure their filings are accurate and compliant.
Form 500-NOLD, the Corporation Application for Refund, is another document that resembles the Virginia 500X. This form is specifically used for claiming refunds related to net operating loss carrybacks. While the 500X addresses a broader range of amendments, the 500-NOLD focuses solely on the implications of net operating losses. Both forms require supporting documentation and a detailed explanation of the changes, emphasizing the importance of accuracy in tax reporting.
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The Virginia Corporate Tax Return (Form 500) is inherently related to the 500X, as the latter is essentially an amendment to the former. When a corporation discovers errors or needs to make adjustments after filing Form 500, it must use Form 500X to correct those discrepancies. The structure and required information of both forms are aligned, making it easier for corporations to navigate the amendment process.
Form 500AB, which is used to report Virginia tax modifications related to income, is also similar to the Virginia 500X. When making adjustments to taxable income, corporations may need to reference both forms. The 500AB provides a detailed account of modifications that can affect the overall tax liability, while the 500X allows for corrections to the original return based on those modifications. Together, they ensure that corporations accurately report their financial standing to the Virginia Department of Taxation.
The Revenue Agent's Report (RAR) is another document that can be compared to the Virginia 500X. When the IRS conducts an audit and issues a report detailing adjustments to a corporation's federal tax return, the corporation may need to amend its state return using the 500X. Both documents require a comprehensive review of the changes and supporting documentation to justify the adjustments. The RAR serves as a critical piece of evidence when filing the 500X to demonstrate the need for amendments based on federal findings.
Form 500CR, which is used to claim tax credits for Virginia corporations, is also related to the 500X. If a corporation discovers that it has incorrectly reported tax credits on its original return, it must amend its filing using the 500X. The two forms work in tandem, as the 500X allows for corrections while the 500CR ensures that the corporation accurately claims available credits. This relationship highlights the importance of precise reporting in maximizing tax benefits.
The IRS Statement of Adjustment to Your Account is another document that parallels the Virginia 500X. When the IRS makes adjustments to a corporation's federal tax obligations, the corporation may need to amend its Virginia return using the 500X. This statement provides the necessary details about the federal changes, allowing for accurate state-level amendments. Both documents emphasize the importance of keeping tax filings consistent across federal and state levels.
Lastly, the Virginia Department of Taxation's guidance documents serve as a resource similar to the Virginia 500X. These documents provide clarity on tax laws and procedures, helping corporations understand when and how to amend their returns. While the 500X is a specific form for amendments, the guidance documents offer broader context and support for compliance with Virginia tax regulations, ensuring that corporations are well-informed throughout the process.
Filling out the Virginia 500X form requires careful attention to detail. This form is necessary for correcting previously filed Virginia Corporation Income Tax Returns. It’s crucial to ensure that all information is accurate and complete to avoid delays in processing. Follow the steps outlined below to fill out the form correctly.
Once the form is submitted, it will be reviewed by the Virginia Department of Taxation. Be sure to keep copies of everything for your records. If further information or clarification is needed, they may contact you. It's important to act promptly to avoid any potential penalties or issues with your tax filings.
The Virginia 500X form is used to amend a previously filed Virginia Corporation Income Tax Return (Form 500). If you need to correct errors or report changes in your taxable income, this form is essential. It allows you to adjust your financial information and ensure that your tax obligations are accurately reflected.
You should file the Virginia 500X form only after submitting your original return. It is important to note that this form is not used for net operating loss carrybacks; for that, you would need to use Form 500-NOLD. Additionally, you must file within specific time frames, such as three years from the original due date or one year from the final determination of federal tax changes.
When submitting the Virginia 500X form, you must attach a copy of any relevant federal forms, such as Form 1120X or 1139, which detail the nature of any federal changes. If applicable, also include any revenue agent's reports or other statements that clarify the adjustments being made.
In Part II of the Virginia 500X form, you will need to explain any changes to your income and modifications. Specify the line number from the first page that you are changing and provide a detailed reason for each adjustment. It is crucial to include any necessary computations and documentation to support your claims.
If your federal taxable income is changed by the IRS or another authority, you are required to report this change to the Virginia Department of Taxation within one year. This is crucial to ensure that your state tax obligations align with your federal tax situation.
The tax is calculated based on your Virginia taxable income, which is determined after making any necessary adjustments. The form specifies that the tax rate is 6% of the Virginia taxable income. After accounting for any nonrefundable tax credits, you will arrive at your adjusted tax amount.
The completed Virginia 500X form should be mailed to the Virginia Department of Taxation at P.O. Box 1500, Richmond, Virginia 23218-1500. Ensure that you include any required documentation, such as revenue agent adjustments, to facilitate the processing of your amended return.
If the calculations on your Virginia 500X form indicate that you are owed a refund, the amount will be processed by the Virginia Department of Taxation. They will compute any interest due on the refund and include it in your payment. It is advisable to keep a copy of your amended return for your records.
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