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

Pass-Through Entity Return of Income and Return of Nonresident Withholding Tax (Form 502) is due on or before June 15, 2015 from:
  • Fiscal year filers whose taxable year ends on Feb. 28, 2015. 
  • Fiscal year filers whose taxable year ends on Aug. 31, 2014 and who are filing under Virginia's automatic six-month extension.
Virginia Automatic Extension: Virginia grants an automatic six-month extension from the original due date to file returns. To take advantage of the automatic extension, the return must be filed on or before the end of the extension period. 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 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 web page.

Remember: It's important that we maintain accurate information regarding your business. Visit our Online Services FAQ web page for information about the updates you can make using Business iFile.

Fee Charged for Previously Filed Tax Returnsfour


Effective July 1, 2015, we will begin charging $5 for each copy of a previously filed tax return. You may request copies of returns up to five years back for individual income, corporation income and pass-through entity, or five tax periods back for sales and use and employer withholding.
 

Only the authorized taxpayer, power of attorney, court appointed representative or officer of a company may request copies. The PAR 101 Form does not authorize copies of tax returns.
 

Payment by check or money order must be enclosed with Form VA-1.
 

Go to Copies of Tax Returns on our website for more information.


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Electronic Pass-Through Entity Forms Availablefive


Effective Jan. 1, 2015, all pass-through entities required to file Form 502 must file their returns and related schedules (including VK-1s) and make payments electronically. 


To help taxpayers comply with this requirement, we offer several electronic forms on our website.

  • Short Return of Income and Return of Nonresident Withholding Tax (eForm 502EZ): A return for eligible taxpayers to file Form 502 and required VK-1 (Owner's Share of Income and Virginia Modifications and Credits) statements. Taxpayers may also make a payment with this return if there is an amount due. 
  • Pass-Through Entity Withholding Payment (eForm 502W): An electronic voucher for taxpayers who need to make an extension payment towards the withholding due for nonresident owners of a pass-through entity. 
  • Pass-Through Entity Payment Voucher (eForm 502V): An electronic voucher for taxpayers who have filed Form 502 and need to make a payment.

All electronic forms are free, available 24/7 and don't require registration or login credentials. Pass-through entities may also file returns and make payments electronically using commercial eFile software. Go to our PTE eFile web page for a list of approved commercial software products and information about making payments by direct debit. 


If the electronic filing requirement causes undue hardship, taxpayers may request a waiver from the Tax Commissioner by submitting the Virginia Pass-Through Entity Electronic Filing Waiver Request form. 


 

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