Virginia Gov. Ralph Northam, who leaves office next month, proposed four tax cuts Tuesday, including eliminating Virginia’s 1.5% sales tax on groceries and providing an income tax cut for low- and middle-income Virginians. He also proposed one-time tax rebates — $250 for individuals and $500 for married couples — and ending “accelerated sales tax” payments
Tax Prodigy's assets added to Bloomberg Tax & Accounting
Arlington-based Bloomberg Industry Group has acquired Minneapolis-based Tax Prodigy for its Bloomberg Tax & Accounting division, it announced last Tuesday. Financial details of the transaction were not disclosed. Tax Prodigy will be absorbed into Bloomberg and will not function as a subsidiary. “On behalf of Tax Prodigy’s founders and owners, we are excited to be
Revenue collections surged 26.4% between April and June
Virginia reached the end of fiscal year 2021 with a $2.6 billion surplus, the largest in the commonwealth’s history, according to a statement released by Virginia Gov. Ralph Northam on Wednesday. Total revenue collections grew 14.5% over fiscal year 2020, ahead of 2.7% growth projections. State collections reached $8.6 billion in the final quarter of
State follows IRS' lead in delaying filing, payment date
Virginia will also extend its income tax filing and payment deadline to May 17, following the lead by the Internal Revenue Service, which announced a similar delay this week. Gov. Ralph Northam said in a statement Friday that the state tax deadline will move from May 1 to May 17, affecting only individual income taxes
450 companies across U.S. earned designation
Ten Virginia-based companies made Forbes’ top tax and accounting firms list for 2021. Of 450 companies across the nation, 250 companies were awarded the America’s Best Tax Firm 2021 title and 200 companies were awarded the America’s Best Accounting Firm 2021 title. Tax and account professionals and their clients were surveyed between August and September.
Some taxpayers are eligible to file online for free
The six-month filing extension deadline for individual income taxes in Virginia is Monday, Nov. 2, Virginia Tax reminded taxpayers Wednesday. “Last year, more than 488,000 taxpayers took advantage of the automatic, six-month filing extension in Virginia, and the majority of those returns came in electronically,” Virginia Tax Commissioner Craig M. Burns said in a statement.