Virginia Department of Taxation LogoVirginia Department of Taxation

P.O. Box 1115
Richmond, Va. 23218-1115
March 2014 e-Alerts Digest
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Pass-Through Entities 
Filing Reminders 
Pass-through entity returns (Form 502) are due on or before
March 17, 2014 from:
  • Fiscal year filers whose taxable year ends on November 30, 2013.
  • Fiscal year filers whose taxable year ends on May 31, 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 webpage for information on what updates taxpayers can make through Business iFile.

  
Reminder: 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 the return is complete, corrects errors, and electronically files any required forms and schedules.

 

The e-File program includes many advantages to paper filing, such as:

  • Confirmation: Immediate notification that your return was received and accepted (or rejected).
  • Convenient: Available online 24/7.
  • Easy: User-friendly with step-by-step instructions.
  • Accurate Processing: Fewer math errors because the software catches many mistakes.
  • "One-Stop Shop": Prepare and file your federal and Virginia tax returns at the same time.
  • Electronic Banking: Convenience of Direct Debit for payment of tax owed.
  • Warehouse Payments: File now and pay later. Decide what day we debit your bank account for your tax payment.
  • Saves Paper and Postage: No mailing of paper returns.
  • Safe and Secure: Safer than mailing your tax return.

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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