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Pass-through entity returns (Form 502) are due on or before Jan. 15, 2014 from:
- Fiscal year filers whose taxable year ends on Sept. 30, 2013.
- Fiscal year filers whose taxable year ends on March 30, 2013 and who are filing under Virginia's automatic 6-month extension.
Virginia Automatic Extension Reminder: Virginia law provides for an automatic 6-month extension from the original due date for filing. In order to take advantage of the automatic extension, the return must be filed on or before the end of the extension period. Please note: The automatic extension does not allow for additional time to pay any balance of tax due. Penalty and/or interest may apply to returns with a tentative tax due that was not paid by the original due date for filing the return. Also, the extension penalty may apply to returns that were filed during the extension period if less than 90 percent of the return's total tax liability was paid by the original due date.
For details regarding pass-through entity filing extensions and penalties visit the Department's Pass-Through Entity web page.
Electronic Filing Now Available: The Department's e-File program will begin accepting Form 502s through the Fed/State e-File program. The e-file system is supported by numerous commercial software programs. Check with your software vendor to see if they support e-Filing Form 502 returns.
Remember: it is very important that the Department maintains accurate information regarding taxpayer businesses. Many tax account updates can be performed through the Department's Business iFile system. Visit the Online Services FAQ web page for information on what updates taxpayers can make through Business iFile.
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Advancement of Virginia's Fixed Date Conformity with the IRC
Virginia's date of conformity with the Internal Revenue Code (IRC) was advanced from Dec 31, 2011, to Jan. 2, 2013, with limited exceptions. Virginia will continue to disallow federal income tax deductions for bonus depreciation allowed for certain assets, any 5-year carryback of federal net operating loss deductions generated in taxable year 2008 or 2009, and applicable high yield debt obligations under IRC § 163(e)(5)(F).
At the time of this writing, the only required adjustments for "fixed date conformity" were those that are mentioned above. However, if federal legislation is enacted that results in changes to the IRC for taxable year 2013, taxpayers will be required to make adjustments to their Virginia returns that are not described in the instruction booklet. Information about any such adjustments will be posted on the Department's website at www.tax.virginia.gov. See the Form 502 instructions for additional information regarding fixed date conformity.
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Alternative Method of Apportionment Manufacturer's Phase-In
Qualifying manufacturers may elect a quadruple-weighted sales factor for taxable years beginning on or after July 1, 2013, but before July 1, 2014. A single sales factor may be elected for taxable years beginning on and after July 1, 2014. If you elect the alternative method of apportionment for manufacturers, see the instructions for Schedule 502A for details on how to apportion income.
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Retail Companies
For taxable years beginning on or after July 1, 2012, but before July 1, 2014, retail companies are required to determine their Virginia taxable income by using an apportionment formula with a triple-weighted sales factor. A single sales factor apportionment formula will be phased in over a 3-year period beginning as a triple-weighted sales factor, followed by a quadruple-weighted sales factor, and then a single sales factor for taxable years beginning on and after July 1, 2015. See the Schedule 502A instructions for further information and qualifications regarding the alternative method of apportionment for retail companies.
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Worker Retraining Tax Credit
Beginning Jan. 1, 2013, the credit amount for worker retraining courses that are taken by employees at private schools increases from a maximum of $100 per year per employee to $200 per year per employee. If the worker retraining includes retraining in a STEM or STEAM (science, technology, engineering, mathematics, or applied mathematics) discipline, the credit increases to $300 per year per employee. A STEM or STEAM discipline includes a health care related discipline.
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Port Volume Increase Tax Credit
Beginning on Jan. 1, 2013, the Port Volume Increase Tax Credit Tax Credit was expanded so that it may be claimed by agriculture entities, manufacturing-related entities, and mineral and gas entities.
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