The 2017 Budget Bill approved by the General Assembly includes a new requirement for certain tax payments. Effective for taxable years beginning on or after January 1, 2017, taxpayers who make estimated payments must submit their income tax payments electronically if ANY of the following threshold amounts apply:
- An estimated tax payment exceeds $15,000
- An extension payment exceeds $15,000 OR
- The total estimated income tax due in any taxable year exceeds $60,000
If a taxpayer meets any one of these thresholds, it appears ALL future VA payments must be made electronically – including estimates, extensions, and balances due with the return. In addition, the first payment that would be affected under the new requirement would be the 2017 2nd quarter estimates, due June 15, 2017.
For more information about electronic payment options, visit www.tax.virginia.gov. If you believe you may be affected by this new requirement, please feel free to contact our office at 703.385.8888 to speak with a tax professional.