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P.O. Box 1115
Richmond, Va. 23218-1115
(804) 367-8031 (Individual)
(804) 367-8037 (Business)
 
 
February 2015 e-Alerts Digest         PASS-THROUGH ENTITY TAX
Filing Remindersten

Pass-through entity returns (Form 502) are due on or before Feb. 17, 2015 from:
  • Fiscal year filers whose taxable year ends on Oct. 31, 2014.
  • Fiscal year filers whose taxable year ends on April 30, 2014 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, our
Pass-through Entity webpage.
 

Electronic Filing Mandate Reminder: All pass-through entities required to file Form 502 must file their 2014 returns, related schedules (including VK-1s), and payments electronically. If this requirement imposes an undue hardship on a taxpayer, the taxpayer may request a waiver from the Tax Commissioner. Pass-through entities that are seeking a waiver of the requirement to file and/or pay electronically because of undue hardship should submit the Virginia Pass-Through Entity Electronic Filing Waiver Request form.
 

Remember: It is very important that we maintain accurate information regarding taxpayer businesses. Many tax account updates can be performed through our Business iFile system. Visit the Online Services FAQ webpage for information on what updates taxpayers can make through Business iFile. 


 
New Pass-through Entity eForms Coming Sooneleven

To help taxpayers comply with the electronic filing and payment mandate that took effect Jan. 1, 2015, we will soon be offering the following eForms on our website: 

 

  • Pass-through Entity Return of Income & Return of Nonresident Withholding Tax (eligibility required) - Form 502EZ
  • Pass-through Entity Payment Voucher - Form 502V
  • Pass-through Entity Withholding Payment - Form 502W
Watch for more details in a future e-Alert message. 


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