×
tax forms found in
Tax Form Code
Tax Form Name

Virginia Free Printable 2019 Form 500C - Underpayment of Virginia Estimated Tax by Corporations for 2020 Virginia 500C - Underpayment of Estimated Tax by Corporations

It appears you don't have a PDF plugin for this browser. Please use the link below to download 2019-virginia-form-500c.pdf, and you can print it directly from your computer.

500C - Underpayment of Estimated Tax by Corporations
2019 Form 500C - Underpayment of Virginia Estimated Tax by Corporations

Form 500C Department of Taxation P.O. Box 1500 Richmond, VA 23218-1500 2019 Underpayment of Virginia Estimated Tax by Corporations *VA500C119888* FISCAL year filer or SHORT year filer: Enter beginning date ___________________, 2019, and ending date __________________, ______, and check here Name g FEIN Mailing Address (Rural Route and Box Number) City or Town, State, and ZIP Code Part I – How to Compute the Underpayment By completing Lines 1 through 8, a corporation can determine whether or not it paid the correct amount of estimated tax by the proper due dates. If the minimum amounts were not timely paid, an additional charge may be imposed for the period of underpayment. A corporation that filed its return on a basis other than a calendar year should enter the dates corresponding to its taxable year in the space provided below 1. Income tax reduced by allowable nonrefundable and refundable credits from Schedule 500CR . . . . . . . . . . . . .00 2. 90% of Line 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Due Dates of Installments .00 Enter in Columns (a) through (d) the installment due dates [the 15th day of the 4th, 6th, 9th, and 12th months] of your taxable year. . . . . . . . . . . (a) (b) (c) (d) 3. Enter 25% of Line 2 in Columns (a) through (d) . . . . . . . . . . . . . . . . .00 .00 .00 .00 4. Amounts paid or credited for each period . . . . . . . . . . . . . . . . . . . . .00 .00 .00 .00 5. Amount of 2018 overpayment credited against 2019 estimated tax .00 .00 .00 .00 .00 .00 .00 6. Overpayment of previous installment . . . . . . . . . . . . . . . . . . . . . . . . 7. Total (Add Lines 4, 5, and 6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .00 .00 .00 .00 8. Underpayment (or overpayment) (Subtract Line 3 from Line 7) . . . . .00 .00 .00 .00 An overpayment of an installment in Line 8 in excess of all prior underpayments should be applied as a credit against the next installment. Part II – Exceptions to the Additional Charge If you meet any of the exceptions to the addition to the tax, complete Lines 9 through 12. 9. Total amount paid or credited from the beginning of the taxable year through the installment dates that correspond to the 15th day of the 4th, 6th, 9th, and 12th months of your taxable year. . . . 10. Exception 1 – Prior year’s tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. Exception 2 – Tax on prior year’s income based on the facts shown on the prior year’s return, but using current year’s rates. . . . . . . . . 12. Exception 3 – Tax on annualized income (Enclose computation). . . (a) (b) .00 25% of tax .00 25% of tax .00 50% of tax .00 50% of tax .00 22.50% of tax (c) .00 .00 75% of tax .00 75% of tax .00 45% of tax (d) .00 .00 100% of tax .00 67.50% of tax .00 100% of tax .00 .00 90% of tax .00 There is no additional charge imposed on an underpayment shown in Line 8 for any installment date if by that date the corporation made the minimum payment determined under any of the exceptions reflected in the instructions. Part III – Computation of the Additional Charge If an underpayment of estimated tax is shown in Line 8 for an installment and an exception is not applicable, the additional charge should be computed by completing the portion(s) of this applicable to the installment(s). (a) (b) (c) (d) Enter the same installment dates used above in Part I. . . . . . . . . . . . u 13. Amount of underpayment from Line 8. . . . . . . . . . . . . . . . . . . . . . . 14. Enter the date of payment or the 15th day of the 4th month after the close of your taxable year, whichever is earlier. . . . . . . . . . . . . . . . 15. Number of days from the due date of installment to the date shown on Line 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16. Additional charge (Rate of interest established in IRC § 6621, plus 2%, times the amount on Line 13 for the number of days shown on Line 15) (See instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .00 .00 .00 .00 .00 .00 .00 .00 17. Add Columns (a) through (d), Line 16. Enter amount here and on Form 500, Line 20. .00 A payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent such payment exceeds the amount of the installment as computed in Line 3. If the corporation made more than 1 payment for a given installment, enclose a schedule showing a separate computation for each payment. Va. Dept. of Taxation  2601007-W  Rev. 07/19 Instructions for 2019 Form 500C Underpayment of Virginia Estimated Tax by Corporations Purpose of Form Form 500C is used by corporations to determine whether they paid enough estimated tax, whether they are subject to the addition to the tax for underpayment of estimated tax, and, if so, the amount of the addition. Estimated tax is a corporation’s expected income tax liability minus its credits. A corporation must make estimated tax payments if it reasonably expects its tax liability to exceed $1,000 for the taxable year. How to Use This Form Complete Part I of Form 500C to find out if you have an underpayment for any of the 4 payment periods. If you have an underpayment on Line 8 (Column a, b, c, or d), go to Part II, Exceptions to the Additional Charge. If you do not meet any of the exceptions for a payment period, go to Part III, Computation of the Additional Charge. If you are using Form 500C either to figure the additional charge or to show that you qualify for any exception, enclose your computation to your Form 500, Corporation Income Tax Return. Line 11 – Exception 2, Tax on prior year’s income using current year’s rates. Generally, this exception applies if the amount the corporation paid is equal to or greater than the tax figured by using the current year’s rates but based on the facts shown on the prior year’s return and the law that applies to the prior year. Your prior year’s return does not have to show a tax liability. Line 12 – Exception 3, Tax on annualized income. This exception applies if the estimated tax paid was equal to or more than 90% of the amount the corporation would owe if estimated tax was figured on annualized taxable income for the months preceding an installment date. A corporation may annualize its income as follows: (a) For the 1st 3 months, if the installment was required to be paid in the 4th month. (b) For the 1st 3 months or for the first 5 months, if the installment was required to be paid in the 6th month. (c) For the 1st 6 months or for the first 8 months, if the installment was required to be paid in the 9th month. Amended Return If an amended Form 500 is filed, there is no adjustment allowed to the amount of addition to tax previously computed and paid. (d) For the 1st 9 months or for the first 11 months, if the installment was required to be paid in the 12th month. To annualize income, multiply taxable income for the period by 12 and divide the result by the number of months in the period (3, 5, 6, 8, 9, or 11, as the case may be). For additional information, call (804) 367-8037, write to the Virginia Department of Taxation, P.O. Box 1115, Richmond, VA 23218-1115, or visit the Department’s website, www.tax.virginia.gov. Part I – How to Compute the Underpayment Complete Lines 1 through 8 in Part I. On Line 4, be sure to include any withholding payments made by a pass-through entity on behalf of the corporation. If Line 8 shows an underpayment, complete Part II to see if any of the exceptions apply. Part II – Exceptions to the Additional Charge You will not have to pay an additional charge if all of your estimated tax payments (Part II, Line 9) were made on time and were equal to or more than any one of the amounts figured as explained by the exceptions (Lines 10, 11, and 12) for the same payment period (Column a, b, c, or d).The exceptions to the additional charge are: Line 10 – Exception 1, Prior Year’s Tax. Generally, this exception applies if the corporation paid an amount that was equal to or more than the tax shown on its previous (2018) calendar or fiscal year return. However, the corporation must have filed an income tax return showing a tax liability for the preceding taxable year and that taxable year must have consisted of 12 months. Enclose your computation. Part III – Computation of the Additional Charge If no exception applies, complete Lines 13 through 17 to determine the amount of the additional charge. The charge is figured for the period of underpayment at the underpayment rate determined under IRC § 6621, plus 2%. For the purpose of computing the additional charge, the underpayment rate established for the third month following the close of the taxable year shall also be applied to the first 15 days of the fourth month following the close of the taxable year. Line 17 – Total Columns 16 (a) through (d). If cents was used in computing the addition to tax on Line 16, the total on Line 17 should be rounded to the nearest whole dollar amount. Enter the total here and on Form 500, Line 20.
Extracted from PDF file 2019-virginia-form-500c.pdf, last modified July 2019

More about the Virginia Form 500C Corporate Income Tax Estimated TY 2019

We last updated the 500C - Underpayment of Estimated Tax by Corporations in March 2020, so this is the latest version of Form 500C, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 500C directly from TaxFormFinder. You can print other Virginia tax forms here.

Related Virginia Corporate Income Tax Forms:

TaxFormFinder has an additional 135 Virginia income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Virginia Form 500C.

Form Code Form Name
Form 500CP Virginia Automatic Extension Payment (replaces 500E)
Form 500CR 500CR - Credit Computation Schedule for Form 500

Download all VA tax forms View all 136 Virginia Income Tax Forms


Form Sources:

Virginia usually releases forms for the current tax year between January and April. We last updated Virginia Form 500C from the Department of Taxation in March 2020.

Show Sources >

Form 500C is a Virginia Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Virginia Form 500C

We have a total of seven past-year versions of Form 500C in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form 500C

2019 Form 500C - Underpayment of Virginia Estimated Tax by Corporations

2018 Form 500C

2018 Form 500C - Underpayment of Virginia Estimated Tax by Corporations

2017 Form 500C

2017 Form 500C - Underpayment of Virginia Estimated Tax by Corporations

2016 Form 500C

2016 Virginia Form 500C - Underpayment of Virginia Estimated Tax by Corporations

500C - Underpayment of Estimated Tax by Corporations 2015 Form 500C

500C 15 ER Web Final 06 10 15.indd

500C - Underpayment of Estimated Tax by Corporations 2014 Form 500C

500C 14 ER Web 09 03 14.indd

2012 Form 500C

2012 500C final 8 02 12.indd


TaxFormFinder Disclaimer:

While we do our best to keep our list of Virginia Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.

** This Document Provided By TaxFormFinder.org **
Source: http://www.taxformfinder.org/virginia/form-500c