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

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Virginia Pass-Through Entity Tax Payment Voucher
Beginning January 1, 2015, 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
Compute the total income amount (including additions and
To make payments electronically, use the eForms application
subtractions) on all nonresident owners based on the best
on the Department’s website, Select
available information of their expected share of Virginia
the 502V from the eForms list and complete the form and
source income for the year. Multiply the total income amount
payment information online. You can schedule your payment
by 5% to determine the withholding tax due. Apply any tax
for a future date.
credits available to the nonresident owners’ withholding
A PTE may also make its tax payments using an ACH Credit
tax. The remaining amount of withholding tax is the amount
transaction through its bank. Some banks may charge a fee
due with the return. If the return is filed after the due date,
for this service. See the Electronic Payment Guide is available
complete Page 2 of Form 502 to calculate any penalty and
at with information on how to submit
interest due with the return.
ACH Credit payments to the Department.
Penalties
Purpose of Form
Extension Penalty - The pass-through entity must pay at
Use Form 502V to pay withholding tax, penalties and interest
least 90% of the withholding tax due by the return due date
when payment is made with Form 502. Form 502V should
to avoid a penalty. If the return is filed within the 6-month
only be used when sending a payment with the return.
extension and less than 90% of the tax was paid by the
When to File
original return due date, then the pass-through entity owes
an extension penalty. The penalty is 2% per month of the tax
The withholding tax payment is due on the due date of the
due with the return from the filing due date through the date
PTE’s return regardless of whether the extension to file Form
of payment, up to a maximum of 12%.
502 is used. For calendar year filers, the withholding tax
payment is due on April 15, 2016.
Late Filing Penalty - If the return is filed after the extended
due date, the extension is not valid, and the entity is subject
Where to File
to the late filing penalty of 30% of the tax due or $1,200,
Mail returns and payments to:
whichever is greater.
Virginia Department of Taxation
Late Payment Penalty - If the return is filed within the
PO Box 1500
extended period and full payment is not included with the
Richmond, VA 23218-1500
return, the entity is subject to the late payment penalty of 6%
Questions
per month from the date the return is filed through the date
of payment, up to a maximum of 30%.
If you have any questions about this return, please call (804)
367-8037 or write to the Virginia Department of Taxation,
Interest
P.O. Box 1115, Richmond, Virginia 23218-1115.
Interest is due on any unpaid tax at the underpayment rate
Preparation of Voucher
under IRC § 6621, plus 2%, from the due date until the tax
is paid.
Complete the pass-through entity’s federal employer
identification number (FEIN), entity type, ending month and
year and name and address information. Enter the date and
telephone number.
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
12
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

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