Form 500C                        2022 Underpayment of Virginia 
Department of Taxation 
P.O. Box 1500                    Estimated Tax by Corporations                                                      *VA500C122888*
Richmond, VA 23218-1500

FISCAL year filer or SHORT year filer: Enter beginning date ____________ 2022, and ending date ____________, ______,  and check here 
Name                                                                                                                               FEIN

Mailing Address (Rural Route and Box Number)

City or Town, State, and ZIP Code

Part I   – How to Compute the Underpayment
By completing Lines 1 through 8, a corporation can determine whether or not it paid the correct amount of estimated tax by the proper due dates. If the 
minimum amounts were not timely paid, an additional charge may be imposed for the period of underpayment. A corporation that filed its return on a 
basis other than a calendar year should enter the dates corresponding to its taxable year in the space provided below
1.  Income tax reduced by allowable nonrefundable and refundable credits from Schedule 500CR  . . . . . . . . . . .  .                                                                                      .00
2.  90% of Line 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .                                 .00
                                                                                                                    Due Dates of Installments
                                                                                                     (a)            (b)                                                         (c)              (d)
Enter in Columns (a) through (d) the installment due dates [the 15th day 
of the 4th, 6th, 9th, and 12th months] of your taxable year  . . . . . . . . . .
3.  Enter 25% of Line 2 in Columns (a) through (d)  . . . . . . . . . . . . . . .                               .00            .00                                                        .00               .00
4.  Amounts paid or credited for each period   . . . . . . . . . . . . . . . . . . .                            .00            .00                                                        .00               .00
5.  Amount of 2021 overpayment credited against 2022 estimated tax                                              .00            .00                                                        .00               .00
6.  Overpayment of previous installment   . . . . . . . . . . . . . . . . . . . . . . .                                        .00                                                        .00               .00
7.  Total (Add Lines 4, 5, and 6)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                  .00            .00                                                        .00               .00
8. Underpayment (or overpayment).    Subtract Line 3 from Line 7        . .                                     .00            .00                                                        .00               .00
An overpayment of an installment in Line 8 in excess of all prior underpayments should be applied as a credit against the next installment.
Part II – Exceptions to the Additional Charge
If you meet any of the exceptions to the addition to the tax, complete Lines 9 through 12.
9.  Total amount paid or credited from the beginning of the taxable                                  (a)            (b)                                                       (c)                (d)
    year through the installment dates that correspond to the 15th  
    day of the 4th, 6th, 9th, and 12th months of your taxable year  . . .                                       .00            .00                                                        .00               .00
                                                                                                     25% of tax     50% of tax                                              75% of tax           100% of tax
10.  Exception 1 – Prior year’s tax  . . . . . . . . . . . . . . . . . . . . . . . . . . . .                    .00            .00                                                        .00               .00
                                                                                                     25% of tax     50% of tax                                              75% of tax           100% of tax
11.  Exception 2 – Tax on prior year’s income based on the facts shown 
    on the prior year’s return, but using current year’s rates  . . . . . . . .                                 .00            .00                                                        .00               .00
                                                                                                     22.50% of tax  45% of tax                                              67.50% of tax        90% of tax
12.  Exception 3 – Tax on annualized income (Enclose computation)  . .                                          .00            .00                                                        .00               .00
There is no additional charge imposed on an underpayment shown in Line 8 for any installment date if by that date the corporation made the minimum 
payment determined under any of the exceptions reflected in the instructions.
Part III – Computation of the Additional Charge
If an underpayment of estimated tax is shown on Line 8 for an installment and an exception is not applicable, the additional charge should be computed 
by completing the portion(s) of this applicable to the installment(s).
                                                                                                     (a)            (b)                                                       (c)                (d)
  Enter the same installment dates used above in Part I  . . . . . . . . . . . ►
13.  Amount of underpayment from Line 8  . . . . . . . . . . . . . . . . . . . . . .                            .00            .00                                                        .00               .00
14.  Enter the date of payment or the 15th day of the 4th month after 
    the close of your taxable year, whichever is earlier  . . . . . . . . . . . .
15.  Number of days from the due date of installment to the date shown 
    on Line 14  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16.  Additional charge (Rate of interest established in IRC § 6621, plus 
    2%, times the amount on Line 13 for the number of days shown on 
    Line 15) (See instructions)   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                   .00            .00                                                        .00               .00
17. Total additional charge.     Add Columns (a) through (d), Line 16. Enter amount here and on Form 500, Line 20.                                                            . . . . . . . .  .            .00
A payment of estimated tax on any installment date shall be considered a payment of any previous underpayment only to the extent such payment 
exceeds the amount of the installment as computed in Line 3. If the corporation made more than 1 payment for a given installment, enclose a schedule 
showing a separate computation for each payment.
Va. Dept. of Taxation  2601007-W  Rev. 07/22

                                    Instructions for 2022 Form 500C
             Underpayment of Virginia Estimated Tax by Corporations

Purpose of Form                                                   Line 11 – Exception 2, Tax on prior year’s income using 
                                                                  current year’s rates. Generally, this exception applies if the 
Form 500C is used by corporations to determine whether they  amount the corporation paid is equal to or greater than the 
paid enough estimated tax, whether they are subject to the  tax figured by using the current year’s rates but based on the 
addition to the tax for underpayment of estimated tax, and, if  facts shown on the prior year’s return and the law that applies 
so, the amount of the addition. Estimated tax is a corporation’s  to the prior year. Your prior year’s return does not have to 
expected income tax liability minus its credits. A corporation  show a tax liability.
must make estimated tax payments if it reasonably expects 
                                                                  Line 12 – Exception 3, Tax on annualized income. This 
its tax liability to exceed $1,000 for the taxable year.
                                                                  exception applies if the estimated tax paid was equal to or 
                                                                  more than 90% of the amount the corporation would owe if 
How to Use This Form
                                                                  estimated tax was figured on annualized taxable income for 
Complete Part I of Form 500C to find out if you have an           the months preceding an installment date.
underpayment  for  any  of  the  4  payment  periods.  If  you     A corporation may annualize its income as follows:
have an underpayment on Line 8 (Column a, b, c, or d), 
                                                                   (a)  For the 1st 3 months, if the installment was required 
go to Part II, Exceptions to the Additional Charge. If you do 
                                                                   to be paid in the 4th month.
not meet any of the exceptions for a payment period, go to 
Part III, Computation of the Additional Charge. If you are using   (b)  For the 1st 3 months or for the first 5 months, if the 
Form 500C either to figure the additional charge or to show        installment was required to be paid in the 6th month.
that you qualify for any exception, enclose your computation       (c)  For the 1st 6 months or for the first 8 months, if the 
to your Form 500, Corporation Income Tax Return.                   installment was required to be paid in the 9th month.
Amended Return                                                     (d)  For the 1st 9 months or for the first 11 months, if the 
                                                                   installment was required to be paid in the 12th month.
If an amended Form 500 is filed, there is no adjustment           To annualize income, multiply taxable income for the period 
allowed to the amount of addition to tax previously computed      by 12 and divide the result by the number of months in the 
and paid.                                                         period (3, 5, 6, 8, 9, or 11, as the case may be).
For  additional  information,  call (804) 367-8037,  write  to    Enclose your computation.
the Virginia Department of Taxation, P.O. Box 1115, 
Richmond, VA 23218-1115, or visit the Department’s website,       Part  III– Computation ofthe Additional Charge
www.tax.virginia.gov.
                                                                  If no exception applies, complete Lines 13 through 17 to 
Part I – How to Compute the Underpayment                          determine the amount of the additional charge. The charge is 
                                                                  figured for the period of underpayment at the underpayment 
Complete Lines 1 through 8 in Part I. On Line 4, be sure to       rate determined under IRC § 6621, plus 2%.
include any withholding payments made by a pass-through 
entity  on  behalf  of  the  corporation.  If  Line  8  shows  an For  the  purpose  of  computing  the  additional  charge,  the 
underpayment, complete Part II to see if any of the exceptions    underpayment rate established for the third month following 
apply.                                                            the close of the taxable year shall also be applied to the first 15 
                                                                  days of the fourth month following the close of the taxable year.
Part II – Exceptions to the Additional Charge                     Line 17 – Total Columns 16 (a) through (d). If cents was 
                                                                  used in computing the addition to tax on Line 16, the total on 
You will not have to pay an additional charge if all of your      Line 17 should be rounded to the nearest whole dollar amount. 
estimated tax payments (Part II, Line 9) were made on time        Enter the total here and on Form 500, Line 20.
and were equal to or more than any one of the amounts figured 
as explained by the exceptions (Lines 10, 11, and 12) for the 
same payment period (Column a, b, c, or d).The exceptions 
to the additional charge are:
Line 10 – Exception 1, Prior Year’s Tax. Generally, this 
exception applies if the corporation paid an amount that was 
equal to or more than the tax shown on its previous (2021)   
calendar or fiscal year return. However, the corporation must 
have filed an income tax return showing a tax liability for 
the preceding taxable year and that taxable year must have 
consisted of 12 months.