Virginia Corporation Tax Return: Fill & Download for Free

Their tax returns gets pulled for review, but it depends for what though. I know 2 guys who worked for the IRS auditing peoples tax returns. One is in Virginia and another one in Georgia.So the thing is the IRS doesn’t have a lot of people to do audits. They do random audits, and they have computers that spits out tax returns that have things the IRS is focusing on auditing.So what they told me is every year or a few years there’s a tax rule that the IRS focuses on for audits, and they look at the returns that has this rule and the biggest numbers. They told me they do the same thing for corporations, partnerships and others.It doesn’t make sense auditing the top 1%ers every year. Top 1%ers have CPA firms do the tax returns…big CPA firms and law firms….not the dinky ones you see at strip malls and street corners. It’s really hard to get them to cheat because they have to sign the tax returns. If they get caught cheating and breaking the rules, then they can lose their license and get fined.It’s also not just the person signing the tax return that will get in trouble if there’s fraud to cheat on the taxes. Everyone who worked on the tax return will get investigated and will get in trouble if they knew what they did is fraud on purpose.

Are you based in the US? Are you talking sales tax or income tax?Here are some basic answers. First, I will assume you are located in the USA. If you are not the USA, it gets more complicated and I really do not know the answer. Second, I am not an accountant or tax attorney, so you should consult one before taking my word as gospel.First, you should have an accounting system to track all your sales, purchases, expenses, payroll, etc. Paypal is just a merchant account and has nothing to do with taxes per se. It can be a checking account or even just bitcoin (converted to a currency) but you’d still pay taxes.Sales tax. Sales tax are collected for states where you have operations (nexus). In my case, I only have one office in the state of Virginia. So I pay sales tax on all sales in Virginia. Amazon FBA sellers have a much more complicated sales tax situation.State Income Tax. Assuming you have a corporation, you will have to file a corporate tax statement in the state of incorporation. You may or may not have to pay taxes depending on the type of corporation and the state involved. Any tax will be based on the profit of the corporation. Many businesses have an LLC in which case the income just passes through to the owners and the corporation itself pays no taxes. The owners would get a state K-1 statement that would go on their personal taxes.Federal Income Tax. Just like the state, you have to file a Federal Corporate Tax filing. It all depends on the type of corporation you have. Again, an LLC is a pass through and K-1s would be issued for the owners personal tax return.To determine all the proper needs, you would need to either hire an accountant or use something like TurboTax. Since you seem unfamiliar with it, you should hire a professional.

When it comes time to prepare 2020 taxes, some businesses might not like what they see. It’s possible you’ll have to pay taxes on Paycheck Protection Program (PPP) loans, even though they were designed to help ease your financial burden.If your PPP loan is forgiven, it’s considered “forgiven debt,” which is usually taxable at the federal level. But Congress baked into the loans that they would not be taxed ... on federal returns.However, this forgiven debt is still taxable in many states as income. Some states, in particular, are putting a sizable tax burden on the loan amounts, furthering the financial stress of already strapped businesses.According to a Tax Foundation analysis, these states are taxing PPP loans:ArizonaArkansasCaliforniaFloridaGeorgiaIdahoKentuckyMaineMassachusettsMinnesotaNevadaNew HampshireNorth CarolinaOhioTexasUtahVermontVirginiaWashingtonThere are some states that are considering backtracking on these tax plans, but they’ll have to decide soon, as the IRS has not said that they’ll extend the tax deadline again this year. If you haven’t already, consider bookkeeping software with tax assistance or help from a CPA for preparing 2020 tax returns.