VA Tax News - Pass Through Entity Tax Reminder

08 Dec 2014 9:11 AM | Anonymous

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

  • Fiscal year filers whose taxable year ends on Aug. 31, 2014.
  • Fiscal year filers whose taxable year ends on Feb. 28, 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 the Department of Taxation's Pass-through Entity web page

 

Remember: It's 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.

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