Important update about the Pass-Through Entity Tax (PTET)

18 Dec 2023 12:20 PM | Lisa Noon (Administrator)

A free electronic filing option is now available on our website for electing Pass-Through Entities (PTEs) filing Tax Year 2022 PTET returns.

As a reminder, the filing extension deadline for calendar year filers was October 16, 2023. Provided that entities have paid in full by their original due date (April 17, 2023 for calendar year filers), we’ll waive the $100 minimum late filing penalty for those who use this free online filing option by February 1, 2024.

File Tax Year 2022 PTET  

Entities will be prompted to register for an online business account (iFile) to use this filing option (if they don’t already have one). Tax preparers can register, create a unique ID number, and give this number to their PTE clients so the clients can set the preparer up as a user in the account.

PTET payments

Regardless of when an entity files, we encourage them to pay in full by their original due date to avoid penalties and interest. If the entity has not paid in full by their original due date, we encourage them to pay in full as soon as possible to reduce any additional penalties or interest. Payments must be made using the PTET-PMT eform or ACH credit.

For additional details about Tax Year 2022 PTET returns, see Tax-Bulletin 23-8.

More information about PTET

During the 2022 Session, the Virginia General Assembly passed legislation that established a PTET. The PTET return (Form 502PTET) must be filed electronically, and there is no waiver from the electronic filing requirement. PTET filing and payment requirements vary depending on the tax year. Please continue to monitor the Virginia Elective Pass-Through Entity Tax page of our website for updates regarding other tax years.

Contact us at 804.367.8031 for individual income tax questions and 804.367.8037 for business tax questions.

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