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TAX BULLETIN 21-4 Virginia Department of Taxation

TAX BULLETIN 21-4 Virginia Department of Taxation March 15, 2021 IMPORTANT INFORMATION REGARDING 2020 Virginia INCOME TAX RETURNS Virginia S CONFORMITY TO THE INTERNAL REVENUE CODE ADVANCED TO DECEMBER 31, 2020 Under emergency legislation enacted by the 2021 General Assembly (House Bill 1935, Chapter 117 of 2021 Acts of Assembly and Senate Bill 1146, Chapter 118 of the 2021 Acts of Assembly), Virginia 's date of conformity to the terms of the Internal Revenue Code will advance from December 31, 2019 to December 31, 2020. This BULLETIN is intended to provide taxpayers with guidance on reconciling this legislation with their 2020 Virginia income tax returns. Virginia s Conformity Legislation During the 2021 General Assembly Session, legislation was enacted to advance Virginia s date of conformity to the Internal Revenue Code from December 31, 2019 to December 31, 2020.

Mar 15, 2021 · forgiven PPP loan. For federal purposes, the CAA supersedes Notice 2020-32 by allowing a taxpayer to claim deductions for expenses funded by a forgiven PPP loan. Therefore, there is no longer a prohibition for federal purposes on claiming both the exemption for PPP loan forgiveness and deductions for expenses paid using loaned funds.

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