TAX AGENCY ACCOUNT MAINTENANCE
The Virginia Department of Taxation recently assessed a corporate income taxpayer when the taxpayer failed to file its withholding tax returns for that period.
Generally, an entity is required to notify the department when it closes. If an entity fails to notify, it must provide additional documentation such as bank account closing statements and cessation of lease agreements.
SDP would like to remind all of our clients to close any inactive tax agency accounts when no longer doing business or no longer doing business in a particular jurisdiction to avoid incurring penalties for not filing returns for these open accounts.
