Unlock the Benefits of VA Passthrough A Game-Changer for Businesses

Owners of pass-through entities (PTEs) ... The legislation legalizes in Virginia a form of SALT cap workaround enacted in other states. Va. Dept. of Taxation 2601015-W Rev. 07/21. Number and Types of Owners (See ... I, the undersigned owner and authorized representative of the pass-through ... ... Form 760, Line 27, from the due date to the date filed or postmarked. To obtain the ... Visit the Virginia Tax website to access Virginia state tax forms. Income tax returns for pass-through entities (Form 502) are due on the 15th day of the fourth month following the end of the company's fiscal ... ... VA, WI, WV1, and NYC1. 1 Effective in 2022. 2 Effective in 2023 or later. 3 Retroactive to 2018. 4 Mandatory 2018-2023, elective starting 2024. As of May 14 ... Once the Form 502PTET is filed, the Commonwealth will treat the PTET election as binding for that tax year. Any PTE is permitted to make the ... For tax year 2022, there are no estimated payment penalties. The election is officially made each year by filing a new PTE form, Virginia Form 502PTET. Once the ... The main takeaway: The decision of making a Pass-Through Entity Tax election is not straightforward, and the tax consequences to each owner will ... File a PTET return (Form 502PTET) on or before the extended due date for the taxable year. However, unlike some other states, a PTE may revoke ... Amount of refunds of state or local income tax included on line 4 of Form 505 . . . . . . . . . . . . . ... va. The Honorable Louis L. Goldstein Volunteer ...