Pass-through entity returns (Form 502) are due on or before Feb. 18, 2014 from:
- Fiscal year filers whose taxable year ends on Oct. 31, 2013.
- Fiscal year filers whose taxable year ends on April 30, 2013 and who are filing under Virginia's automatic six-month extension.
Virginia Automatic Extension Reminder: Virginia law provides for an automatic six-month extension from the original due date for filing. 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.
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 about which updates taxpayers can make through Business iFile.
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Form 502 Electronic Filing Now Available
The Department's e-File program now accepts electronic filing of Form 502 by pass-through entities (PTEs). Virginia's program works with the federal e-File program and is supported by several commercial software programs. This software checks to make sure your return is complete, corrects errors and electronically files any required forms and schedules.
The e-File program has many advantages over paper filing, such as:
- Notification that your return was received and accepted (or rejected)
- Available online 24/7
- User-friendly with step-by-step instructions
- Fewer math errors because the software catches many mistakes
- Prepare and file your federal and Virginia tax returns at the same time.
- Convenience of Direct Debit for payment of tax owed
- File now and pay later. Decide what day we debit your bank account for your tax payment.
- No mailing of paper returns
Currently, taxpayers are not required to file Form 502 electronically. However, the Department will require electronic filing of Form 502 beginning in January 2015. The Department encourages taxpayers to become familiar with PTE e-File before it becomes mandatory to save time filing their returns next year.
Visit the Department's website for a list of approved commercial e-File software and other e-File program information.
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Helpful Resource: Virginia Taxpayer Bill of Rights
outlines taxpayer rights in contacts with the Department and contains a wealth of other useful information, forms and instructions. Intended as a guide to the rights provided in the Code of Virginia under the Virginia Taxpayer Bill of Rights, the booklet also describes the role of the Taxpayer Rights Advocate and the agency's collections, office audit and field audit processes in detail. The field audit section also covers the basics for offers in compromise and administrative appeals. The booklet's appendices include forms and instructions for submitting an appeal or an offer in compromise, plus forms for designating a power of attorney.
The Virginia Taxpayer Bill of Rights booklet is a valuable resource for both taxpayers and tax professionals. Be sure to bookmark or download a copy of the booklet for your tax reference library.
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