“Local Tax Time”

“Local Tax Time”

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Note: This article was originally published on January 11, 2017 and has been updated for accuracy and comprehensiveness. 

For many localities in the Richmond area, local tax filings are due March 1, 2018.  If a business has not yet received its local tax returns, likely Business License (BPOL) and Business Tangible Personal Property or Machinery and Tools, we suggest you reach out to your locality.  The fact that no form has been received does not relieve a business from its tax filing requirements and rarely is an acceptable excuse for failing to timely file.  It may be that operations have moved and no update has been provided to the locality.  Or, it may be that local taxes have never been filed and the locality has yet to find you.  In either case, we may be able to help out.

In addition, as with most other taxes, there are potential tax savings opportunities with local taxes, depending upon the nature of the business, where it is doing business, where it has filed in the past, etc.

We are pleased to share Terry Barrett’s feature article in the January/February 2017 issue of VSCPA‘s Disclosures Magazine, “Local Tax Time.

Often businesses do not devote very much attention to local tax filings such as BPOL (business license), business personal property/machinery and tools taxes, merchants’ capital, etc.

Notices from localities generally arrive early in the year when many other tasks and issues (e.g., closing out the books for the old year, preparing for federal and state income tax reporting, preparing for audits, issuing W-2s and 1099s and any number of other issues) compete for time and attention. In addition, businesses may think there is little that can be done other than complete the local returns, write the checks and move on to the next item on the list. However, that is not necessarily the case…

Access full article.

Learn more about local tax issues with our recent articles. Please contact your Keiter representative if you would like to learn more about how we can help. Email | Phone: 804.747.0000.

Additional Resources:

“Due Date Reminders for Non-Income Tax Related Filings”

“As 2017 Draws to a Close – Year End Reminders and Tax Filing Deadlines”

The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.

About the Author

Terry Barrett specializes in state and local tax concerns for her clients. She has over 30 years of experience working in the public and private accounting sector. She is a graduate of Virginia Commonwealth University. You can read more of Terry’s state and local tax insights here.

More Insights from Terry Barrett, CPA


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