Electronic Funds Transfer
Electronic Funds Transfer (EFT) involves the transfer of funds from your bank account to the State's bank account. EFT not only saves check writing and mailing costs, but also ensures that your payment is made without the worry of a check being lost in the mail.
Over the last several years, many taxpayers have voluntarily chosen this efficient and cost effective method for making their tax payments. The Department of Taxation requires most companies to file and pay electronically. Information on these requirements is included below.
- The 2012 -2014 Appropriations Act requires the Virginia Department of Taxation to collect all Sales and Use tax return payments electronically. Dealer’s who file on a quarterly basis will be required to file and pay electronically beginning with the July- September 2013 return, due October 21, 2013. Dealers who file on a monthly basis have been required to file and pay electronically since July 2012.
- All withholding filers are required to submit all returns and payments electronically. This requirement includes all payments as well as reconciliation submissions (VA-5, VA-15, VA-16, VA-6 and VA-6H).
- All employers are required to file their annual report of withholding statements, Form W-2, electronically using Web Upload or eForms. W-2 information is due by February 28.
- If your bank does not honor any ACH Debit or ACH Credit payment to us on or after July 1, 2013, TAX may impose a penalty of $35 as authorized by Code of Virginia § 2.2-614.1. This penalty would be in addition to other penalties such as for late payment of a tax.
A variety of free filing options exist: eForms, Business iFile, or Web Upload. Return and payment information is required to be submitted using these systems or by making ACH credit payments for all required payments and returns. These systems are all safe, secure and available 24 hours a day, seven days a week.
If you are unable to make the necessary changes to file and pay electronically, request a waiver. Requests for waiver must be submitted in writing, by completing the applicable waiver request form.
- Sales Tax Electronic Filing Waiver Request
- Employer Withholding Electronic Filing Waiver Request
- Corporation Income Tax Electronic Filing Waiver Request
For additional information about using Electronic Payments, download a copy of the Electronic Payment Guide.
Last Updated 10/24/2013 16:28