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

Pass-Through Entity Return of Income Tax and Return of Nonresident Withholding Tax (Form 502) is due on or before April 15, 2015 from:
  • Fiscal year filers whose taxable year ends on Dec. 31, 2014.
  • Fiscal year filers whose taxable year ends on June 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. 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's 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. 

 

Use New Form to Request Previously-Filed Tax Returnseleven


The Department of Taxation has recently adopted a new process regarding requests for copies of previously-filed tax returns. Use the new form, VA-1, to request copies of business and individual tax returns for  up to five years back.

Only the authorized taxpayer, power of attorney, court appointed representative or officer of a company may request copies.

Please allow 30 days for processing. 

 

Pass-Through Entity Electronic Forms Availabletwelve


Electronic forms for pass-through entities are now available on our website: