District of Virginia .


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2. Singular Income Tax Overview Filing Season 2002 Statistics as of October 16,2002. Discounts issued quicker than at any other time before:Current Year Returns = 95% in 12 days or lessAll individual returns = 92% in 12 days or less Error Inventory at record low:less than 48K in InventoryProjected year end stock is under 10KLast year, we had 248K stock on October sixteenth and finished year at 173K in inve
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Ward of Virginia Department of Taxation 2002 Legislative Update

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Individual Income Tax Overview Filing Season 2002 Statistics as of October 16,2002 Refunds issued quicker than any time in recent memory: Current Year Returns = 95% in 12 days or less All individual returns = 92% in 12 days or less Error Inventory at record low: under 48K in Inventory Projected year end stock is under 10K Last year, we had 248K stock on October 16 th and finished year at 173K in stock Filing Season 2002 is positioned best season ever!

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Topics of Discussion Fixed Date Conformity Tax Credits Refund Checkoffs Contributions to the General Fund Form Changes

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Fixed Date Conformity Virginia laws fit in with government laws as they existed on December 31, 2001 Two laws go by Congress will oblige acclimations to Virginia returns: Victims of Terrorism Relief Act of 2001 Job Creation and Worker Assistance Act of 2002

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Fixed Date Conformity Situations requiring extraordinary increases to Federal Adjusted Gross Income (FAGI): Employee-Provided Death Benefits Qualified Disaster Relief Payments Disability Income Foster Care Payments Educator Expenses Clean Fuel Vehicle Deduction Bonus Depreciation

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Fixed Date Conformity Bonus Depreciation New Forms made for uncommon deterioration alteration: Virginia Forms 4562 and 2106 To decide unique Virginia devaluation modification: Complete VA Forms 4562 and 2106 Subtract Virginia deterioration from elected deterioration

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Fixed Date Conformity Situations requiring exceptional subtractions from Federal Adjusted Gross Income (FAGI): Bonus Depreciation Subchapter S Corporation Discharge

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Fixed Date Conformity 5-year NOL carryback Must recalculate NOL carryback under the standards starting at 12/31/01 for Virginia purposes Two-year carryback for Virginia purposes Clean Fuel Credit Virginia credit diminished by 25%

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Tax Credit Neighborhood Assistance Program Tax Credit Tax credit equivalent to 45 percent of the fiscal gift As of July 1, 2002, least financial gift qualified for a duty credit lessened from $900 to $500.

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Tax Credit Neighborhood Assistance Act Tax Credit - Qualifying Nursing Services Effective July 1, 2002 Nurses are qualified for an assessment credit under the Neighborhood Assistance Plan.

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Tax Credit Land Preservation Tax Credit - Amended Tax Credit can be exchanged to another citizen or organization. Citizen can subtract of any pick up or wage figured it out. The salary probably been incorporated on the citizen\'s government pay expense form.

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Refund Checkoffs Contributions to advance Organ and Tissue Donations Checkoff Contributions to Public School Foundations Checkoff 4-H Educational Centers Checkoff Permanent Status for Housing Program Checkoff - Amended

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Effective July 1, 2002 Checks ought to be made payable to the State Treasurer Tax Commissioner will get installments and submit to State Treasurer month to month With authorization from contributors, their names will be posted on division\'s site Contributions to the General Fund

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Form 760 Separate name field for essential and optional filers Oval included for returns balanced for settled date congruity Ovals for agriculturist, angler, shipper sailor and Coalfield credit moved to page 2 Form Changes

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Form Changes Form 760-ADJ Line 2a added to report Special Fixed Date Conformity options Line 6a added to report Special Fixed Date Conformity subtractions Six-digit code boxes added to report deliberate commitments to School Foundations

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Form Changes Form 760PY Line 33 added to report Special Fixed Date Conformity options Line 37 added to report Special Fixed Date Conformity subtractions

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Form Changes Form 763 Line 31 added to report Special Fixed Date Conformity options Line 38 added to report Special Fixed Date Conformity subtractions

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Form Changes Form 760CG Form upgraded for Special Fixed Date Conformity alterations Schedule INC replaces W2s and 1099s New Schedule FED added to report data from Schedules C, C-EZ, 2106 and 4562

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Questions?????

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We anticipate working with the Tax Professional Community amid the up and coming duty season. Together we can give the citizens of Virginia phenomenal client administrations, while attempting to keep the cost of government down. www.tax.state.va.us

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