By Terry Barrett, Tax Senior Manager | State & Local Tax Team
Two recent announcements by the Virginia Department of Taxation (the Department) may affect Virginia taxpayers beginning in the 2016 tax filing season. These are summarized below:
Effective January 1, 2016, tax refunds will be issued as direct deposits to bank accounts or by check. The Department has discontinued the use of pre-paid debit cards. The Department encourages direct deposit for receiving refunds as the fastest and most secure method.
PINs for Victims of Tax-Related Identity Theft
To protect the personal information of Virginia taxpayers who have been identified as potential victims of identity theft, the Department is providing personal identification numbers (PINs) to them to use when filing their Virginia individual income tax returns in 2016. The Department will be sending PINs to affected taxpayers in personalized letters through the U.S. mail in early December. Currently PINs will be provided only to those taxpayers who have been identified as victims of identity theft. The Department may consider expanding the program for unaffected taxpayers at a later time.
If you have questions about these updates, please contact your Keiter advisor or 804.747.0000 | firstname.lastname@example.org.
Sources: Department of Taxation website and Notice dated 12/04/2015
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.