The 2017 Virginia State Budget Bill includes a new electronic payment requirement for certain tax payments. Effective for taxable years beginning on or after Jan. 1, 2017, taxpayers who make estimated tax payments must submit all of their income tax payments electronically if:

  • Any installment payment of estimated taxes exceeds $15,000 or
  • Any payment made for an extension of time to file exceeds $15,000 or
  • The total estimated income tax due in any taxable year exceeds $60,000.

You may have received a letter from Virginia notifying you of this new requirement.  If so, you will need to make your 2Q 2017 Virginia estimated tax payment due June 15, 2017 electronically, as well as any future payments you make to Virginia.  This includes all payments for estimated taxes, extension payments and amounts due when you file your Virginia tax return.

If any of these thresholds apply to a taxpayer, they must make all future individual income tax payments electronically. This includes all payments for estimated taxes, extension payments, and any other amounts due when a taxpayer files a return.

For electronic payment options, see Virginia Tax’s Individual Tax Payment Options.  Note that a taxpayer can easily pay online without any special registration and will get an immediate confirmation.

If you need assistance with making your Virginia payment electronically, please contact a Matthews, Carter & Boyce professional today.

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