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P.O. Box 1115
Richmond, Va. 23218-1115
(804) 367-8031 (Individual)
(804) 367-8037 (Business)
 
 
September 2014 e-Alerts Digest         PASS-THROUGH ENTITY TAX

Pass-through entity returns (Form 502) are due on or before September 15, 2014 from:

  • Fiscal year filers whose taxable year ends on May 31, 2014.
  • Fiscal year filers whose taxable year ends on November 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 of Taxation'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 on what updates taxpayers can make through Business iFile.

 

Notice of Withholding Due Date Change for Employerstwo

The due date for filing the Employer's Annual or Final Summary of Virginia Income Tax Withheld return (Form VA-6), Household Employer's Annual Summary of Virginia Income Tax Withheld return (Form VA-6H), and required wage statements (Forms W-2 and 1099) has been changed from February 28 to January 31. 

 

By law, a return due on a Saturday, Sunday or legal holiday becomes due the next business day. Because January 31, 2015 is a Saturday, the actual due date for the annual withholding forms and wage statements described above will be Monday, February 2, 2015.

 

The Virginia General Assembly approved the due date change during the 2014 session to allow for faster and more secure processing of individual income tax refunds.

 

Please note:  If a business closes its withholding tax account before the end of the year, the employer must file Form VA-6 or VA-6H and the required wage statements within 30 days of the last month in which wages were paid.  Employers are required to submit all withholding returns and W-2 wage statements electronically.

 

For electronic filing and payment options, please see the Department of Taxation's Business Online Services page.


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