Press Room: Tax Release

February 19, 2013

The March 1st Deadline is Days Away

Virginia's gross receipts tax, Business, Professional and Occupational License (BPOL) tax is often neglected.  Although the BPOL tax appears on its face to be straightforward and deceivingly simple, many companies do not take advantage of sourcing methodologies, exemptions, exclusions and rate classifications to achieve reduced tax liabilities.  If you are using state income tax apportionment factors as the basis for calculate taxable gross receipts, you could be overpaying your BPOL tax.

With the March 1 BPOL tax filing deadline fast approaching, now is the time to review your BPOL tax filings for potential tax savings both for your 2013 filing and for prior year refunds.  The Virginia BPOL statute of limitations for refunds is three years from the last day of the tax year (currently tax year 2010).

WTAS state and local tax professionals have extensive experience with gross receipts taxes, including Virginia’s BPOL tax.  We have excellent working relationships with both state and local tax assessors in Virginia, and have received numerous successful decisions on appeals filed on behalf of our clients on both the state and local level.