This form is a sample letter in Word format covering the subject matter of the title of the form.
This form is a sample letter in Word format covering the subject matter of the title of the form.
corporations: Corporations that have elected status for federal purposes are automatically treated as corporations for Virginia purposes, and must file Form 502. Refer to the PassThrough Entities page for information about corporation filing requirements. The tax rate is 6% of Virginia taxable income.
You can get a Virginia Tax Status Certificate by contacting the Virginia Department of Revenue.
Virginia recognizes the federal S corporation election and does not require a state-level S corporation election.
Generally, you will need a copy of your completed federal income tax return (Form 1040, 1040A, or 1040EZ), any supporting federal schedules (A, C, D, E, F), your W-2 wage forms and 1099 income forms showing Virginia tax withheld, Virginia Schedule ADJ, and Virginia Schedule CR.
The general effect of this is to transfer the Virginia income tax liability on the PTE's income from the PTE's eligible owners to the PTE itself. Electing PTEs are taxed at a rate of 5.75%. Eligible owners of a PTE are: natural persons who are subject to Virginia income tax, or.
Refer to the Pass-Through Entities page for information about S-corporation filing requirements. The tax rate is 6% of Virginia taxable income. Corporations that conduct business in more than one state must allocate and apportion their income, using Virginia Schedule A.