Form 502w - Pass-Through Entity Withholding Tax Payment Page 2
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1
2using iReg on the Department’s website,
,
or
erroneously withholds for a nonresident owner PTE, the PTE should
by sending Form R-1, Business Registration Application, to the
file an amended Form 502. See the Amended Returns section of
Virginia Department of Taxation, P.O. Box 1114, Richmond,
the Form 502 instructions for additional information.
Virginia 23218-1114. The Form R-1 can be obtained from the
• Entities exempt by reason of diplomatic immunity or pursuant to
Department’s website or by calling the Department’s Forms Request
treaties between the United States and other countries. An entity
Unit at (804) 440-2541.
claiming this exemption must provide a statement to the PTE
Change of Address/Out-of-Business - If you change your
stating that it has diplomatic immunity from federal income tax.
business mailing address or discontinue your business, either
• Real estate investment trusts (REITs) except Captive REITs.
send a completed Form R-3, Registration Change Request or a
• Corporations that are exempt from Virginia income tax include:
letter to the Virginia Department of Taxation, P.O. Box 1114,
• Certain banks, insurance companies and public utilities that are
Richmond, Virginia 23218-1114. A Form R-3 can be obtained from
subject to other taxes in lieu of Virginia income tax.
the Department’s website, , or by calling the
Department’s Forms Request Unit at (804) 440-2541.
• Corporations that are exempt from federal income tax under
IRC § 501.
Questions - If you have any questions about this return, please call
(804) 367-8037 or write to the Virginia Department of Taxation,
If a nonresident owner claims to be exempt from the withholding tax,
P.O. Box 1115, Richmond, Virginia 23218-1115.
the PTE is required to obtain documentation from the nonresident
owner setting forth the basis for such exemption. This documentation
Preparation of Payment Voucher - Complete the PTE’s FEIN,
must be retained by the PTE with its records.
entity type, North American Industry Classification System (NAICS
Code), ending month and year, and name and address information.
The determination of nonresident status will be based on the owner’s
address of record for the PTE unless the PTE has other information
Entity type: A proper entry in this field is required. Enter the code
relating to the owner’s residence or commercial domicile by reason
that corresponds to the type of entity that is filing this return.
of the owner’s participation in management of the PTE. If an owner
Type
Code
is also employed by the PTE, the information relating to withholding
S Corporation
SC
on wages shall also be considered.
General Partnership
PG
The PTE shall provide with its return of withholding tax a list of every
Limited Partnership
PL
individual, corporation and other entity claiming exemption from
the withholding tax. The list shall contain the name, Social Security
Limited Liability Company
LL
number, federal employer identification number (FEIN) or other
Limited Liability Partnership
LP
taxpayer identification number and the address of each nonresident
Other
OB
owner claiming exemption, as well as a description of the basis for
NAICS code: Enter the 6-digit NAICS code. You can download a
the claimed exemption.
list of these codes from the Business Registration Forms section on
Penalties
the Department’s website, .
Extension Penalty - The PTE must pay at least 90% of the
Determine the amount of withholding due by either:
withholding tax due by the return due date to avoid a penalty. If the
(1) Computing the taxable income of the PTE and applying
return is filed within the 6-month extension and less than 90% of the
the prorata share of the nonresident owners. Multiply the
tax was paid by the original return due date, then the PTE owes an
nonresident income by 5% to calculate the tax liability. Then
extension penalty. The penalty is 2% per month of the tax due with
reduce the tax liability by the owner’s share of any tax credits.
the return from the due date through the date that the return is filed,
up to a maximum of 12%.
(2) Computing the taxable income of the individual nonresident
owners. Calculate the tax liability of each owner by multiplying
Late Filing Penalty - If the return is filed after the extended due
taxable income by 5%. Reduce the tax liability by the owner’s
date, the extension is not valid, and the entity is subject to the late
share of tax credits.
filing penalty of 30% or $1,200, whichever is greater.
Enter the total amount withheld for all nonresident owners in the
Late Payment Penalty - If the return is filed within the extended
block indicating the amount of payment.
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 the
Declaration and Signature: Be sure to sign, date and enter your
return is filed through the date of payment, up to a maximum of 30%.
phone number in the space indicated.
Interest - Interest is due on any unpaid tax at the underpayment rate
under IRC § 6621, plus 2%, from the due date until paid.
Change of Ownership - If there has been a change of ownership,
you can register a new dealer and/or locations, by either electronically
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