Depositing and Reporting Withheld Taxes: Virginia
Federal law and guidance on this subject should be reviewed together with this section.
Author: Vicki M. Lambert, The Payroll Advisor
- Virginia employers' income tax deposit and filing status depends on their average tax liability per month. All employers must make all deposits and file all returns electronically. See Deposit Thresholds and Schedules; Electronic Deposit Requirements.
- Employers are liable for penalties for failing to withhold income tax and for failing to file returns and make payments as required. See Penalties.
- All employers must electronically file an annual reconciliation return by February 28 of the year following the calendar year in which the taxes were withheld. See Annual Reconciliation Forms and Filing Deadlines.
- All employers must electronically file Forms W-2, Wage and Tax Statement. See Electronic and Magnetic Media Form W-2 Reporting Requirements.