502w - Virginia Department Of Taxation Page 2
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2Form 502. See the Amended Returns section of the Form 502
Interest - Interest is due on any unpaid tax at the underpayment rate
instructions for additional information.
under IRC § 6621, plus 2%, from the due date until paid.
•
Entities exempt by reason of diplomatic immunity or pursuant
Change of Address/Out-of-Business
to treaties between the United States and other countries. An
If the PTE changes its business mailing address or discontinues the
entity claiming this exemption must provide a statement to
business, either send a completed Form R-3, Registration Change
the PTE stating that it has diplomatic immunity from federal
Request or a letter to the Virginia Department of Taxation, P.O. Box
income tax.
1114, Richmond, Virginia 23218-1114. A Form R-3 can be obtained
•
Real estate investment trusts (REITs) except Captive REITs.
from the Department’s website, , or by calling the
Department’s Forms Request Unit at (804) 367-8037.
•
Corporations that are exempt from Virginia income tax include:
Questions
•
Certain banks, insurance companies, and public utilities
that are subject to other taxes in lieu of Virginia income tax.
If you have any questions about this return, call (804) 367-8037 or write
to the Virginia Department of Taxation, P.O. Box 1115, Richmond,
•
Corporations that are exempt from federal income tax
Virginia 23218-1115.
under IRC § 501.
Preparation of Payment Voucher
If a nonresident owner claims to be exempt from the withholding tax, the
PTE is required to obtain documentation from the nonresident owner
Complete the PTE’s FEIN, entity type, North American Industry
setting forth the basis for such exemption. This documentation must be
Classification System (NAICS Code), ending month and year, and name
retained by the PTE with its records.
and address information.
The determination of nonresident status will be based on the owner’s
Entity type: A proper entry in this field is required. Enter the code that
address of record for the PTE unless the PTE has other information
corresponds to the type of entity that is filing this return.
relating to the owner’s residence or commercial domicile by reason of
Type
Code
the owner’s participation in management of the PTE. If an owner is also
S Corporation
SC
employed by the PTE, the information relating to withholding on wages
General Partnership
PG
shall also be considered.
Limited Partnership
PL
The PTE shall provide with its return of withholding tax a list of every
Limited Liability Company
LL
individual, corporation, and other entity claiming exemption from
the withholding tax. The list shall contain the name, Social Security
Limited Liability Partnership
LP
Number, federal employer identification number (FEIN), or other
Other
OB
taxpayer identification number and the address of each nonresident
NAICS code: Enter the 6-digit NAICS code. You can access a list of these
owner claiming exemption, as well as a description of the basis for the
codes by visiting the Business section on the Department’s website,
claimed exemption.
.
Penalties
Determine the amount of withholding due by either:
Extension Penalty - The PTE must pay at least 90% of the withholding
(1) Computing the taxable income of the PTE and applying the pro rata
tax due by the return due date to avoid a penalty. If the return is filed
share of the nonresident owners. Multiply the nonresident income
within the 6-month extension and less than 90% of the tax was paid by
by 5% to calculate the tax liability. Then reduce the tax liability by
the original return due date, then the PTE owes an extension penalty.
the owner’s share of any tax credits.
The penalty is 2% per month of the tax due with the return from the due
(2) Computing the taxable income of the individual nonresident owners.
date through the date that the return is filed, up to a maximum of 12%.
Calculate the tax liability of each owner by multiplying taxable
Late Filing Penalty - If the return is filed after the extended due date, the
income by 5%. Reduce the tax liability by the owner’s share of tax
extension is not valid, and the entity is subject to the late filing penalty
credits.
of 30% or $1,200, whichever is greater.
Enter the total amount withheld for all nonresident owners in the block
Late Payment Penalty - If the return is filed within the extended period
indicating the amount of payment.
and full payment is not included with the return, the entity is subject to
Declaration and Signature
the late payment penalty of 6% per month from the date the return is
Be sure to sign, date, and enter your phone number in the space
filed through the date of payment, up to a maximum of 30%.
indicated.
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