RICHMOND, VA (WWBT) - Tax time is stressful for many but the news out of the Capitol might make things a little easier - and wallets a little fatter.
State leaders reached an agreement to allow the state to start processing tax returns and refunds, but it would also return nearly a billion dollars to taxpayer pockets.
“What was announced this morning doesn’t change any of the forms already out there,” CPA David Robinson said. “You are still going to file essentially using the law that we have had in Virginia for a very long time that says if you itemize for federal then you itemize for Virginia."
Virginia’s leaders have reached an agreement that will allow the state to start processing tax returns and refunds. As of now, that isn’t happening.
“Virginia tax payers have been able to file their taxes but the department hasn’t been able to approve them because of the differences between the federal law and the state law,” Emily Walker said.
The Virginia Tax Plan was approved Friday by the Senate Finance committee and heads to the House and Senate next week. One of the biggest items in the plan is that many Virginians will see a fall refund of $110. For couples filing together, that refund could be $220.
“I think Virginia right now being in the national spotlight, maybe this is an easy thing to go ahead and get accomplished,” Robinson said.
Walker believes it will have no problems in the Senate, but not sure about the House.
“The House we are still kind of waiting to see what happened. There are still a few members in the House that have expressed their concerns,” Walker said. “Hopefully by the end of next week we will have certainty for the rules on the 2018 tax returns, which is what everyone is filing right now."
Many people want to know how they can get their money as easy and quickly as possible, and Robinson said that comes down to making sure your forms are accurate.
“Where’s my $110? Where is it, did I get it?" Robinson said. “Better not change bank accounts. Make sure the bank account on return you are about to file is the right one.”