Virginia 502W - Pass-Through Entity Withholding Tax Payment Voucher and Instructions
Extracted from PDF file 2019-virginia-form-502w.pdf, last modified July 2019
502W - Pass-Through Entity Withholding Tax Payment Voucher and InstructionsVirginia Pass-Through Entity Tax Payment Voucher 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 www.tax.virginia.gov. How to Make Tax Payments Electronically Preparation of Voucher To make payments electronically, use the eForms application on the Department’s website, www.tax.virginia.gov. Select the 502V from the eForms list and complete the form and payment information online. You can schedule your payment for a future date. 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. A PTE may also make its tax payments using an ACH credit transaction through its bank. Some banks may charge a fee for this service. For information on how to submit ACH credit payments to the Department, see the Electronic Payment Guide available at www.tax.virginia.gov. Purpose of Form Use Form 502V: • To make a withholding payment when a PTE has an approved waiver to file on paper rather than electronically • To pay withholding tax, penalties, and interest when payment is made with Form 502. Form 502V should only be used when sending a payment with the return. Do not use Pass-Through Entity Payment Vouchers (Form 502V and Form 502W) to make payments with the Unified Nonresident Individual Income Tax Return, Form 765. When to File The withholding tax payment is due on the due date of the PTE’s return, regardless of whether the extension to file Form 502 is used. For calendar year filers, the withholding tax payment is due on April 15, 2020. Where to File If you have an approved waiver, mail returns and payments to: Virginia Department of Taxation P.O. Box 1500 Richmond, VA 23218-1500 Compute the total income amount (including additions and subtractions) on all nonresident owners based on the best available information of their expected share of Virginia source income for the year. Multiply the total income amount by 5% to determine the withholding tax due. Apply any tax credits available to the nonresident owners’ withholding tax. The remaining amount of withholding tax is the amount due with the return. If the return is filed after the due date, complete Form 502, Page 2 to calculate any penalty and interest due with the return. Penalties Extension Penalty – The pass-through entity must pay at least 90% of the withholding tax due by the return due date to avoid a penalty. If the return is filed within the 6-month extension and less than 90% of the tax was paid by the original return due date, then the pass-through entity owes an extension penalty. The penalty is 2% per month of the tax due with the return from the filing due date through the date of payment, up to a maximum of 12%. Late Filing Penalty – If the return is filed after the extended due date, the extension is not valid, and the entity is subject to the late filing penalty of 30% of the tax due or $1,200, whichever is greater. Late Payment Penalty – If the return is filed within the extended 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 return is filed through the date of payment, up to a maximum of 30%. Interest Interest is due on any unpaid tax at the underpayment rate under IRC § 6621, plus 2%, from the due date until the tax is paid. Questions 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, Virginia 23218-1115. Detach at dotted line below. DO NOT SEND ENTIRE PAGE. FORM 502V VIRGINIA PASS-THROUGH ENTITY TAX PAYMENT VOUCHER (DOC ID 532) VIRGINIA DEPARTMENT OF TAXATION P.O. BOX 1500, RICHMOND, VA 23218-1500 FOR INFORMATION CALL (804) 367-8037 Payment must be made electronically. Use this voucher only if you have an approved waiver. To receive credit for your payment in the correct taxable year, please enter the ending month (numerical) and year. 0000000000000000 5320000 000000 Month Ending Year Ending Calendar year: Va. Dept. of Taxation 2601206 Rev. 07/19 FEIN Entity Type OR; OR; Short taxable year: Name of Pass-Through Entity Enclose this voucher with Form 502, with a check or money order made payable to Virginia Department of Taxation. Address (Number and Street) Address Continued Amount of this payment City, State, and ZIP Code Date 12 Fiscal year: Telephone Number $ .00
2019 Form 502V - Virginia Pass-Through Entity Tax Payment Voucher
More about the Virginia Form 502W Corporate Income Tax Voucher TY 2019
We last updated the 502W - Pass-Through Entity Withholding Tax Payment Voucher and Instructions in February 2020, so this is the latest version of Form 502W, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 502W directly from TaxFormFinder. You can print other Virginia tax forms here.
Other Virginia Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 502||Pass-Through Entity Return of Income|
|Form 770||770 - VA Fiduciary Income Tax Return|
|Form 500||Corporate Income Tax Return|
|Form 502W||502W - Pass-Through Entity Withholding Tax Payment Voucher and Instructions|
|Form 502 VK-1||Owner's Share of Income and Virginia Modifications and Credits|
Virginia usually releases forms for the current tax year between January and April. We last updated Virginia Form 502W from the Department of Taxation in February 2020.
Form 502W is a Virginia Corporate Income Tax form. Payment vouchers are provided to accompany checks mailed to pay off tax liabilities, and are used by the revenue department to record the purpose of the check and the SSN/EIN of the taxpayer who sent it. Many states recommend that taxpayers also write their social security number and the purpose of the payment on the check itself, in case the accompanying payment voucher is misplaced or destroyed.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Virginia Form 502W
We have a total of nine past-year versions of Form 502W in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2019 Form 502V - Virginia Pass-Through Entity Tax Payment Voucher
2018 Form 502V - Virginia Pass-Through Entity Tax Payment Voucher
2017 Form 502V - Virginia Pass-Through Entity Tax Payment Voucher
Form 502V - 2016 Pass-Through Entity Withholding Tax Payment
502 W 15 ER Final 06 23 15.indd
502 W 13 WEB Final 11 25 13.indd
502 W 12 WEB final 01 07 13.indd
502 W 11 WEB Final 12 28 11.indd
While we do our best to keep our list of Virginia Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.