Corporate Tax

Virginia Research Professional Forma Company Tax Returns, Eye Modifications

Virginia tax authorities analyze thousands of hypothetical corporate tax returns to help the state decide whether to dramatically change its filing protocols to reflect transactions between related business units.

After a special filing deadline for corporate tax returns on July 1, the tax department is reviewing the data that could help the General Assembly decide on the transition to a unified combined reporting system. Currently, Virginia is a separate reporting state, treating each company as a separate taxpayer for the purposes of tax assessment.

Proponents of combined reporting say the filing method encourages corporate tax collection and …

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