The 740 A Virginia form is a business return used to report tangible personal property owned and located in Henrico County as of January 1, 2015. This form is essential for businesses and professionals to ensure compliance with local tax regulations. Timely submission is critical, as late filings incur a penalty of 10% of the tax due.
The 740 A Virginia form is an essential document for businesses operating in Henrico County, designed to report tangible personal property owned as of January 1, 2015. This form must be filed by March 2, 2015, and includes critical information such as the business's federal identification number, type, and location of property. Businesses must provide a detailed itemized list of all tangible assets, excluding licensed motor vehicles, and categorize them according to their year of purchase. The form also distinguishes between different types of property, including office equipment and computers, and requires businesses to report any changes from the previous year's filings. Failure to submit the form on time incurs a 10% penalty, emphasizing the importance of compliance. Additionally, the form serves as a basis for assessing property taxes, which are calculated based on the reported costs and specific percentages depending on the year of acquisition. Understanding and accurately completing the 740 A form is crucial for businesses to avoid penalties and ensure proper tax assessment in Henrico County.
Form 740-A
COUNTY OF HENRICO, VIRGINIA
Filing date on or before
2015
Department of Finance - PO Box 90775 -- Henrico, VA 23273-0775
March 2, 2015.
BUSINESS RETURN OF TANGIBLE PERSONAL PROPERTY
Penalty for late
filing is 10%.
FOR BUSINESSES AND PROFESSIONS
(MANUFACTURERS USE FORM 740 M&T TO REPORT MACHINERY AND TOOLS)
Account No:
For assistance call (804) 501-4310 or visit our website at www.henrico.us/finance
Business Number
Date Business
Date Business Ceased
(Use in all correspondence)
Federal ID or SSN
VA Professional License No. (If Applicable)
Began in Henrico
Operation in Henrico
Ph #:
Business Type:
Report Below Any Changes in Preprinted Information
Email:
Individual
Partnership
Corporation
LLC
Other
Taxpayer
Name
Trade
Mailing
Address
City/
State/Zip
Location
of Property
REPORT ORIGINAL COST OF ALL TANGIBLE PERSONAL PROPERTY OWNED AND LOCATED IN HENRICO
COUNTY AS OF JANUARY 1, 2015 SUPPORTED BY A DETAILED ITEMIZED LIST.
Schedule 80:
TANGIBLE PERSONAL PROPERTY
(Excluding Computer Equipment but Including Outdoor Signs.
NOTE: Do not include licensed motor vehicles.)
YEAR PURCHASED
COST OF PROPERTY
ADDITIONS
DISPOSALS
TOTAL
OFFICE USE ONLY
(A)
(B)
(C)
(A plus B) minus C
Purchased in 2014
Purchased in 2013
Purchased in 2012
Purchased in 2011
Purchased in 2010
Purchased in 2009
Purchased in 2008
Purchased in 2007
Purchased in 2006
Purchased in 2005 & Prior
Schedule 85:
PERSONAL AND MAINFRAME COMPUTERS AND PERIPHERAL EQUIPMENT
(Including CPUs, computer-based telephones, computer-based medical equipment, copiers, disk drives, docking stations, fax machines,
modem, monitors, mouse, printers, satellite equipment, scanners, storage units, supercomputers, uninterrupted power supplies, etc.)
owned & located in Henrico County as of January 1, 2015.
Purchased in 2009 & Prior
Schedule 95:
Tangible Personal Property, located in Henrico County as of January 1, 2015, leased or rented from others. For informational purposes only.
LEASE NO.
DESCRIPTION OF ITEM AND BEGINNING
MONTHLY RENT
NAME OF OWNER
ADDRESS OF OWNER
ID/SERIAL/MODEL/TITLE NOS.
AND ENDING DATES OF LEASE
Please enter below a contact name and phone number so we can contact you if we have a question about your return.
Contact Person _______________________________________ Title _____________________________ Phone #________________________
Failure to file this return can result in criminal penalties. (Henrico Code §20-8) UNSIGNED RETURNS WILL NOT BE ACCEPTED.
DECLARATION: I declare that the statements and figures herein given are true, full and correct to the best of my knowledge and belief.
TAXPAYER SIGNATURE: __________________________________________
DATE: _______________
NOTE:
It is a Class 1 Misdemeanor for any person willfully to subscribe a return which he does not believe to be true and correct as to every
material matter. (Code of VA. §58.1-11)
SEE REVERSE SIDE FOR INSTRUCTIONS
GENERAL INFORMATION FOR BUSINESS
RETURN OF TANGIBLE PERSONAL PROPERTY
1.Returns must be filed by March 2, 2015. In accordance with §58.1-3503 of the Virginia Tax Code, report all tangible personal property owned and located in the County of Henrico on January 1, 2015, that is subject to tax. A separate form should be submitted for each business location.
2.Business personal property required to be reported on this form is not subject to proration.
3.Contractors should report all business personal property which is physically located in Henrico County as of January 1, 2015.
4.Machinery and tools used in manufacturing, mining, processing or reprocessing, radio or television broadcasting, dairy and dry cleaning are reported on Form 740 M&T.
5.All reported amounts are subject to audit for the current year and the three years last past. Application for adjustment to an assessment can be made for the current year and the three years last past, or within one year from the date of assessment, whichever is later.
6.Failure to file by the due date of March 2, 2015, results in a late filing penalty of 10% of the tax due.
7.Payment due dates are June 5, 2015, and December 5, 2015. Bills will be mailed prior to due dates. Failure to pay will result in a late payment penalty of 10% of the tax due. Interest at the rate of 4% per annum accrues on all unpaid balances.
8.Formula for Assessment: To determine the assessment, multiply reported purchase cost by year acquired by percentages shown below.
Schedule
Year
80
85
2014
80%
66%
2013
73%
43%
2012
63%
27%
2011
54%
16%
2010
46%
10%
2009
39%
4%
2008
33%
2007
28%
2006
23%
2005 & Prior
12%
ACCOUNT INFORMATION
1.Please enter your federal identification number or social security number if not preprinted.
2.Carefully review the preprinted information and make applicable changes in the spaces provided.
SCHEDULES 80 & 85
1.Enter total original cost (whether capitalized or expensed) in the appropriate schedule by year of purchase for furniture & fixtures (including non-manufacturing tools/equipment), personal computers, peripheral equipment, and mainframe computers. Total cost includes all costs incidental to acquiring and placing an asset in use (freight, installation, sales tax, etc.). DO NOT INCLUDE LICENSED VEHICLES OR APPLICATION SOFTWARE.
2.Include cost of construction in progress on all equipment, machinery, etc.
3.Round totals to the nearest dollar.
4.Any difference in figures from those reported last year MUST BE explained.
5.A DETAILED ITEMIZED LISTING of all tangible personal property, including leasehold improvements, located in Henrico County on January 1, 2015, MUST BE ATTACHED. (Henrico County Code §20-108[F]).
6.Fully depreciated items MUST also be included if still owned and being used by your business on January 1, 2015.
7.Enter all required information including cost figures. DO NOT WRITE "SAME AS LAST YEAR" or "SEE ATTACHED." Penalties may be incurred if form is not properly completed and signed.
8.If "NONE" or "NO PROPERTY TO REPORT," an explanation of why there is no property to report MUST be included. Most businesses normally require the use of personal property in their operation. ALL PERSONAL PROPERTY USED IN A BUSINESS IS TAXABLE.
9.Manufacturers who lease their manufactured products shall report such property at the retail selling price in effect at the time of manufacture.
SCHEDULE 95
1.List or attach schedule of all personal property leased from others in accordance with Virginia State Tax Code §58.1-3518.
2.Furnish lease number, description of item, beginning and ending dates of lease, monthly rent, and the complete name and address of the lessor. THIS IS FOR INFORMATIONAL PURPOSES ONLY.
Questions? Call (804) 501-4310
Fax (804) 501-5288
Or Visit Our Website at www.henrico.us/finance
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