Bulletin Number
VTB 93-2
Tax Type
Corporation Income Tax
Declaration of Estimated Income Tax by Individuals
Individual Income Tax
Description
Virginia Income Tax Changes for 1993 Filings; Virginia Tax Return Extension Requests
Topic
Payment and Refund
Returns/Payments/Records
Date Issued
02-22-1993
Virginia Tax Bulletin
Virginia Department of Taxation
FEBRUARY 22, 1993 93-2
VIRGINIA INCOME TAX CHANGES FOR 1993 FILINGS
VIRGINIA TAX RETURN EXTENSION REQUESTS
For taxable year 1993, the Virginia tax return extension request forms (Forms 760E and 500-E) have been revised and no longer provide a separate line for tax preparers to sign.
The Department of Taxation will accept timely filed extension requests that are signed by the taxpayer or by a person acting under a power of attorney for the taxpayer. In addition, when a taxpayer has received a federal extension, the Department will accept a timely filed Virginia extension request that has been signed by the same person authorized to sign the taxpayer's federal extension.
Where no federal extension has been filed, only the taxpayer or a person acting under a power of attorney for the taxpayer may sign the Virginia extension request.
For federal purposes, the IRS accepts timely filed extension requests that are signed by the taxpayer, or that are signed by tax practitioners, such as CPA's, Attorneys and enrolled agents.
For extensions of 1992 tax returns, practitioners that sign Virginia extensions (760E, 500-E) should sign on the taxpayer signature line and indicate their business relationship beside their name.
For additional information contact the Taxpayer Assistance Section, Office of Taxpayer Services, Virginia Department of Taxation, P.O. Box 1880, Richmond, Virginia 23282, or call (804) 367-8031 (Individual) or (804) 367-8036 (Corporate).
IMPORTANT INFORMATION FOR 1993 ESTIMATED TAX FILERS
The age deduction amounts for taxpayers age 62 and over are increased annually in each taxable year by the most recent percentage increase in the social security wage base. Taxpayers age 62 and over should pay special attention to this change in completing their 1993 Virginia estimated tax declarations, which are due by May 1, 1993.
In computing the age deduction for 1993, taxpayers should use the following amounts:
Age by midnight,
January 1, 1994 Age deduction base
Age 62, 63, 64 $ 6,472
Age 65 and over $12,944
These indexed deduction amounts must be reduced by social security benefits and/or railroad retirement benefits received in computing the tax benefit allowed.
The information regarding the percentage increase in the social security wage base was not available prior to the time that the estimated income tax return instructions went to press.
These indexed age deduction base amounts do not affect individual income tax returns for taxable year 1992. Taxpayers should complete their 1992 tax returns using the amounts printed on the 1992 returns and included in the instructions. However, the change will affect the 1993 estimated tax declarations which are due May 1, 1993. Taxpayers should use the revised amounts listed above in calculating their 1993 estimated tax payments.
Individuals who have questions regarding the age deduction should contact either the department's Taxpayer Assistance Section, Office of Taxpayer Services, Post Office Box 1115, Richmond, Virginia 23208, phone (804) 367-8031, or their local Commissioner of Revenue, Director of Finance or Supervisor of Assessments.
Tax Bulletins