Virginia Regulatory Town Hall
Department of Taxation
Guidance Document Information
Title Guidelines for Reporting Federal Tax Adjustments
Document ID Corporate/Individual
Summary 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.
Effective Date 10/14/2021
pdf View document text     Posted On 11/16/2021                 Document on Town Hall
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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