From The Richmond Examiner:
In a letter mailed to select businesses this week, the Virginia Department of Taxation is notifying them that the budget passed by the 2010 Virginia General Assembly has New Tax Payment Requirements for these businesses. In order to close the nearly $4 billion Virginia deficit, former governor Tim Kaine’s budget will require businesses to pay up early. The state’s fiscal year ends on June 30 each year. Ordinarily, taxes on sales completed in June are not due until July 20th. This year, June taxes are due June 30th, and will be included in the state’s books for fiscal year ending June 30, 2010. The rate is calculated at 90% of sales for June, 2009.
Essentially, Kaine’s budget took a month’s worth of sales tax income from the next fiscal year, leaving Virginian’s with one 13 month year and one 11 month year, income wise.
The penalty for failing to pay on time is 6%.
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About Tom White
Tom is a US Navy Veteran, owns an Insurance Agency and is currently an IT Manager for a Virginia Distributor. He has been published in American Thinker, currently writes for the Richmond Examiner as well as Virginia Right! Blog. Tom lives in Hanover County, Va and is involved in politics at every level and is a Recovering Republican who has finally had enough of the War on Conservatives in progress with the Leadership of the GOP on a National Level.
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Pay for our lack of fiscal responsibility. Somehow this reminds me of Knights going out and stealing from peasants.