Virginia Department of Taxation releases PTET reminders
March 16, 2023
Virginia CPAs knee deep in tax season are anxiously awaiting software provider updates related to 2022 pass-through entity (PTE) tax legislation (the SALT cap workaround). The legislation allows PTE owners to claim a corresponding refundable elective tax payment credit on their individual and fiduciary returns, equal to their portion of the amount of tax paid by the PTE.
On March 15, 2023, the Virginia Department of Taxation (TAX) issued the below reminders about PTET.
How to file and pay the PTET
The PTET return (Form 502PTET) must be filed electronically, and there is no waiver from the electronic filing requirement.
The following fully approved software vendors meet TAX's standards for electronic filing:
- CCH ProSystem fx — CCH Incorporated
- Crosslink — CrossLink Professional Tax Solutions, LLC
- CSC Corptax — Corptax, Inc.
- GoSystem/ONESOURCE — Thomson Reuters
- Lacerte — Intuit Inc.
- MyTaxPreOffice — Advanced Tax Solutions LLC
- OLTPro Desktop — On-Line Taxes, Inc.
- OLTPro Web — On-Line Taxes, Inc.
- ProConnect Tax Online — Intuit Inc.
- ProSeries — Intuit Inc.
- Tax Series — Tax Technologies, Inc.
- TaxAct — TaxAct, Inc.
- TurboTax Business — Intuit Inc.
Please note, some software vendors are currently building their capabilities to process the PTET, so continue to monitor the TAX website for updates.
PTET payments can be made through eForms or ACH Credit. Please note, starting with Tax Year 2023, electing entities must make estimated payments.