The extension penalty will apply from the due date of the return through the date the return is filed, and the late payment penalty (6% of the amount due) will apply from the date the return is filed through the date of payment. If the return is filed during the extension period, but the tax due is not paid when the return is filed, both the extension penalty and the late payment penalty may apply. 6% per month or part of a month until the tax is paid.
2% per month or part of a month until Form 502 is filed.Applies if at least 90% of the withholding tax due isn’t paid by the original return date for the return.Penalties for Late Filing and Late Payment Use Form 502W to make the withholding tax payment by the due date. The withholding tax payment is due on the due date of the pass-through entity's return regardless of whether the extension to file the income return (Form 502) is used. The automatic extension of time to file does not extend the payment due date for withholding tax. For example, a calendar year Form 502 is due on April 15 therefore, the return must be filed no later than October 15 for the 6-month extension provision to apply. To avoid late-filing penalties, you must file Form 502 no later than 6 months from the original due date of the return. No application for extension is required. If the filing deadline falls on a Saturday, Sunday, or holiday, you have until the next business day to file your return.Īn automatic 6-month filing extension is allowed for pass-through entities filing on Form 502. For calendar-year filers, that means April 15. PTE income tax returns are due by the 15th day of the 4th month following the close of the business's taxable year. Detailed instructions about initiating ACH credit transactions are available in our Electronic Payment Guide. You'll need to set this up with your PTE's bank.
ACH credit is available for tax due payments or withholding payments if paying separately from filing the return.eForm 502W lets you make withholding payments directly from your PTE's checking account.eForm 502EZ is available for filing and paying if you meet certain eligibility requirements.
Find a list of approved software products here. If taxes are due, you can make a payment through the software. Electronic filing software is available that lets you file both your federal and state returns together.If you’re unable to file and pay electronically, you may request a hardship waiver. There are several different ways to electronically file and pay your return. single-member limited liability companiesįor further information, see Tax Bulletin 05-6.
What is a “pass-through entity”?Ī pass-through entity is any business that is recognized as a separate entity for federal income tax purposes and the owners of which report their distributive or pro rata shares of the entity's income, gains, losses, deductions, and credits on their own returns.įor Virginia tax purposes, “pass-through entities” includeįor Virginia tax purposes, “pass-through entities” don’t include S Corporations, Partnerships, and Limited Liability CompaniesĮvery pass-through entity (PTE) that does business in Virginia or receives income from Virginia sources must file an annual Virginia income tax return on Form 502.