Watch your nest egg, particularly if it is extra-large. As Congress scrambles to hike taxes on the wealthy and fund trillions of dollars in social spending, legislators see a potential goldmine in so-called mega individual retirement accounts. Mega IRAs, defined as individual retirement accounts containing at least $5 million, are being touted as a hot
Northam taps new secretary of finance upon Layne's departure
The state’s General Fund revenue rose 66.2% in May 2021 compared with May 2020, Gov. Ralph Northam announced Friday, the largest increase in more than 50 years. He also announced the appointment of the state’s new secretary and deputy secretary of finance. May is usually a big month for revenue collections due to the state’s
Forms can be submitted electronically
The commonwealth of Virginia’s Department of Taxation reminded employers/payers Wednesday that the final date to submit 2020 withholding records is Monday, Feb. 1. The final date to submit withholding records is typically Jan. 31, which falls on a weekend this year, and the deadline was moved to Feb. 1. “If you’re an employer or payer
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.
Move announced in tweets by U.S. Secretary of the Treasury Steven Mnuchin
Due to the COVID-19 pandemic, the federal government has moved tax filing deadlines from April 15 to July 15, U.S. Secretary of the Treasury Steven Mnuchin announced Friday in a pair of tweets. Virginia state tax returns are still due on May 1, but the state is granting a one-month extension for payment of individual
Tax returns for businesses and individuals are still due on May 1, however.
Virginia is granting a one-month extension for payment of individual and corporate state income taxes by June 1, although tax returns are still due May 1, Virginia Secretary of Finance Aubrey Layne Jr. said during a state coronavirus news briefing Thursday. Anyone who pays their state income tax after June 1 will not incur late