Virginia issues reminder for pass-through entities

Virginia Form 502, Pass-Through Entity Return of Income Tax and Return of Nonresident Withholding Tax, is due on or before April 15, 2015 from: (1) fiscal year filers whose taxable year ends on Dec. 31, 2014; and (2) fiscal year filers whose taxable year ends on June 30, 2014 and who are filing under Virginia’s automatic six-month extension.

Reminder. The following electronic forms are available on the state’s website (http://www.tax.virginia.gov/forms/search/business/Corporation-and-Pass-through-Entity-Tax-Forms): (1) Form 502EZ, Pass-Through Entity Return of Income & Return of Nonresident Withholding Tax (eligibility required); (2) Form 502V, Pass-Through Entity Payment Voucher; and (3) Form 502W, Pass-Through Entity Withholding Payment.

Pass-through entity electronic filing mandate. 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. (Virginia Department of Taxation April 2015 e-Alerts, April 8, 2015.)

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