Form 502w - Pass-Through Entity Withholding Tax Payment (Page 2 of 2) in pdf

from the withholding tax. The list shall contain the name, social

calling the Department’s Forms Request Unit at (804) 440-2541.

security number, federal employer identification number or

Questions: If you have any questions about this return, please call

other taxpayer identification number and the address of each

(804) 367-8037 or write the Virginia Department of Taxation, P.O.

nonresident owner claiming exemption, as well as a description

Box 1115, Richmond, Virginia 23218-1115

of the basis for the claimed exemption.

Preparation of Payment Voucher: Complete the PTE’s federal

Penalties

employer identification number (FEIN), entity type, NAICS Code,

Extension Penalty - The PTE must pay at least 90% of the

ending month and year and name and address information.

withholding tax due by the return due date to avoid a penalty. If

the return is filed within the six month extension and less than

Entity type: (Note: A proper entry in this field is required.) Enter the

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

code that corresponds to the type of entity filing this return.

PTE owes an extension penalty. The penalty is 2% per month of

Type

Code

the tax due with the return from the due date through the date

the return is filed, up to a maximum of 12%.

S corporation

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

General partnership

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

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

Limited partnership

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

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

Limited liability company

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

Limited liability partnership

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

maximum of 30%.

Other

Interest - Interest is due on any unpaid tax at the underpayment

NAICS code: Enter the 6-digit NAICS (North American Industry

rate under Internal Revenue Code § 6621, plus 2%, from the

Classification System) code. You can download a list of these codes

due date until paid.

from the Business Registration Forms section on our website, www.

When to File - The withholding tax payment is due on the due

tax.virginia.gov.

date of the PTE’s return regardless of whether the extension

to file the income return (Form 502) is used. For calendar year

Determine the amount of withholding due by either:

filers, the withholding tax payment is due April 15, 2011.

(1) Computing the taxable income of the PTE and applying

the prorata share of the nonresident owners. Multiply the

Where to file

nonresident income by 5% to calculate the tax liability. Then

Mail returns and payments to the Virginia Department of

reduce the tax liability by the owner’s share of any tax credits.

Taxation, P.O. Box 1500, Richmond, VA 23218-1500.

(2) Compute the taxable income of the individual nonresident

Change of Ownership: If there has been a change of ownership,

owners. Calculate the tax liability of each owner by

send a notice of change to the Virginia Department of Taxation,

multiplying taxable income by 5%. Reduce the tax liability by

P.O. Box 1114, Richmond, Virginia 23218-1114. You can

the owner’s share of tax credits.

Form R-1, Business Registration Application, or electronically

Enter the total amount withheld for all nonresident owners in the

using iReg on the Department’s website,

block indicating amount of payment.

gov. The Form R-1 can be obtained from the Department’s

Declaration and Signature: Be sure to sign, date and enter your

website or by calling the Department’s Forms Request Unit at

phone number in the space indicated.

(804) 440-2541.

Change of Address/Out-of-Business: If you change your

business mailing address or discontinue your business, either

send a completed Form R-3, Registration Change Request or a

letter to the Virginia Department of Taxation, P.O. Box 1114,

Richmond, Virginia 23218-1114. A Form R-3 can be obtained

from the Department’s website, gov, or by

Form 502w - Pass-Through Entity Withholding Tax Payment Page 2

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