Form 502v - Virginia Pass-Through Entity Tax Payment Voucher printable pdf download

Virginia Pass-Through Entity Tax Payment Voucher

Pass-through entities are required to submit returns and payments electronically.

Use this voucher only if you have been granted a waiver.

For details, visit the Department’s website at

How to Make Tax Payments Electronically

or write to the Virginia Department of Taxation, P.O. Box 1115,

Richmond, Virginia 23218-1115.

To make payments electronically, use the eForms application on

the Department’s website, Select the 502V

Preparation of Voucher

from the eForms list and complete the form and payment information

Complete the pass-through entity’s federal employer identification

online. You can schedule your payment for a future date.

number (FEIN), entity type, ending month and year, and name and

A PTE may also make its tax payments using an ACH Credit

address information. Enter the date and telephone number.

transaction through its bank. Some banks may charge a fee for this

Compute the total income amount (including additions and

service. For information on how to submit ACH Credit Payments

subtractions) on all nonresident owners based on the best available

to the Department, see the Electronic Payment Guide available at

information of their expected share of Virginia source income for

the year. Multiply the total income amount by 5% to determine

Purpose of Form

the withholding tax due. Apply any tax credits available to the

nonresident owners’ withholding tax. The remaining amount of

Use Form 502V:

withholding tax is the amount due with the return. If the return is

•

To make a withholding payment when a PTE has an approved

filed after the due date, complete Page 2 of Form 502 to calculate

waiver to file on paper rather than electronically

any penalty and interest due with the return.

•

To pay withholding tax, penalties, and interest when payment

Penalties

is made with Form 502.

Extension Penalty - The pass-through entity must pay at least

Form 502V should only be used when sending a payment with

90% of the withholding tax due by the return due date to avoid a

the return.

Do not use Pass-Through Entity Payment Vouchers (Form

penalty. If the return is filed within the 6-month extension and less

502V and Form 502W) to make payments with the Unified Nonresident

than 90% of the tax was paid by the original return due date, then

Income Tax Return, Form 765.

the pass-through entity owes an extension penalty. The penalty is

When to File

2% per month of the tax due with the return from the filing due date

through the date of payment, up to a maximum of 12%.

The withholding tax payment is due on the due date of the PTE’s

return regardless of whether the extension to file Form 502 is used.

Late Filing Penalty - If the return is filed after the extended due

For calendar year filers, the withholding tax payment is due on April

date, the extension is not valid, and the entity is subject to the late

15, 2017.

filing penalty of 30% of the tax due or $1,200, whichever is greater.

NOTE: Virginia does not recognize Emancipation Day, occurring

Late Payment Penalty - If the return is filed within the extended

annually on April 16 in Washington DC.

period and full payment is not included with the return, the entity is

subject to the late payment penalty of 6% per month from the date

Where to File

the return is filed through the date of payment, up to a maximum

Mail returns and payments to:

of 30%.

Virginia Department of Taxation

Interest

P.O. Box 1500

Richmond, VA 23218-1500

Interest is due on any unpaid tax at the underpayment rate under

IRC § 6621, plus 2%, from the due date until the tax is paid.

Questions

If you have any questions about this return, call (804) 367-8037

Detach at dotted line below. DO NOT SEND ENTIRE PAGE.

VIRGINIA PASS-THROUGH ENTITY TAX PAYMENT VOUCHER

Attention: Payment must be made electronically.

FORM

Use this voucher only if you have an approved

VIRGINIA DEPARTMENT OF TAXATION

502V

waiver.

P.O. BOX 1500, RICHMOND, VA 23218-1500

FOR INFORMATION CALL (804) 367-8037

(DOC ID 532)

You must file this voucher with your Form 502

To receive credit for your payment in the

correct taxable year, please enter the

0000000000000000 5320000 000000

ending month (numerical) and year.

Month Ending Year Ending

FEIN

Entity Type

Calendar year:

OR;

Fiscal year:

OR;

Name of Pass-Through Entity

Short taxable year:

Attach this voucher to Form 502, with a check or

Address (Number and Street)

money order made payable to Virginia Department

of Taxation.

Address Continued

Amount of this payment

City, State and ZIP Code

0 0

Date

Telephone Number

Form 502v - Virginia Pass-Through Entity Tax Payment Voucher

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