500CP: Virginia Automatic Extension Payment (2024)
Virginia · Virginia Tax · Used for tax years 2024
Form 500CP is Virginia’s 2024 Corporate Income Tax Automatic Extension Payment Voucher. It identifies the corporation, taxable year, and payment amount for a tentative tax payment made by check or money order with an approved electronic filing waiver. The automatic filing extensi
Who files this form
All corporations must file their annual income tax returns and make payments electronically unless they have an approved waiver.
Form 500CP is a payment voucher for corporations with an approved electronic filing waiver that are making an extension payment by check or money order. Use the paper voucher only if you have an approved waiver.
When it's due
For tax year 2024:
- Calendar-year filers: Pay at least 90% of your tax by April 15, 2025, the original return due date. If you have an approved waiver, submit Form 500CP with your payment by that deadline or as soon as you realize you owe tax.
- Fiscal-year filers: Submit Form 500CP with payment by the due date of your return.
- Nonprofit corporations with unrelated business income: The due date is the 15th day of the 6th month after the taxable year closes.
- If the due date falls on a Saturday, Sunday, or legal holiday, file Form 500CP on the next business day.
The automatic filing extension does not extend the tax payment deadline.
What you'll need
To use the paper voucher, you need an approved electronic filing waiver, a completed Form 500CP, and a check or money order.
Have the following information ready for the voucher:
- Tax payment amount.
- Taxable year ending month and year.
- Federal Employer Identification Number (FEIN).
- Entity type and return type, either 500 or 500EC.
- Corporation name, the first four letters of its name, and mailing address.
- Whether the corporation is a nonprofit.
How to file
Electronic payment: Use the Department's eForms or Business Online Services to make an extension payment by Debit EFT. You may schedule payment for a future date. You can also pay by ACH Credit through your bank. Some banks may charge a fee. An Electronic Payment Guide is available at www.tax.virginia.gov.
Payment by mail, only with an approved waiver:
- Complete Form 500CP.
- Make your check or money order payable to Virginia Department of Taxation.
- Write your FEIN, taxable year, and “VA 500CP” on the payment.
- Send the voucher and payment to:
Department of Taxation
P.O. Box 1500
Richmond, VA 23218-1500
If you cannot file and pay electronically, obtain a waiver request form at www.tax.virginia.gov or call (804) 367-8037. That number is also available for assistance.
Common mistakes
- Using the paper voucher without an approved waiver. Corporation tentative tax payments must be made electronically unless a waiver has been approved.
- Treating the filing extension as extra time to pay. At least 90% of the tax must be paid by the original return due date.
- Underpaying by the original deadline. If the return is filed during the extension period but less than 90% was paid on time, the penalty is 2% per month or fraction of a month, from the original due date through full payment or the extended return due date, whichever comes first.
- Missing the extended filing deadline. The late filing penalty applies as if no extension had been granted.
- Leaving identifying information off the payment. Write your FEIN, taxable year, and “VA 500CP” on your check or money order.
Daily interest accrues on unpaid tax and/or applicable penalty from the original return due date until paid in full.
Questions people ask
How long is the automatic filing extension?
The extension is 7 months for corporations, or 6 months for nonprofit corporations and entities other than C corporations. It does not extend the time to pay tax.
Can I use Form 500CP to pay by check?
Yes, but only if you have an approved electronic filing waiver. Otherwise, corporation payments must be made electronically.
Can I schedule an electronic extension payment in advance?
Yes. The Department's eForms and Business Online Services allow Debit EFT payments to be scheduled for a future date.
Is interest charged on unpaid tax?
Yes. Daily interest on tax due and/or applicable penalty accrues at 2% over the federal underpayment rate, from the original return due date until paid in full.