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David Robinson

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  1. Lynn EA - only for S-Corps and LLCs in Virginia that want to adopt PTET rules. Virginia has a new pass-through entity form 502PTET with the 502PTET K-1 that has the pass-through credit. In order to calculate and pay the VA PTET Tax and assign a pro-rata credit to a shareholder/member, both Virginia forms need to be filed electronically. So--to your question--to assign the credit to a shareholder/member, the entity needs to file electronically. If a shareholder/member GETS a 505PTET K-1 for Virginia, ATX supports that function on the 1040 series.
  2. Looks like NY and Maryland are ahead - Virginia requires using commercial software. Would have been so nice to be able to use a drop-in on a website. New Jersey does a nice job of doing that, too.
  3. Thank you. I finally got to someone in ATX sales and they are supposedly giving me a proposal to take me to a higher platform just so I can get my 10-15 Virginia S-Corps and LLCs done. One of their highter platforms would have a license fee plus a pay per return. I'd keep ATX but use the higher platform just for the PTET returns. Seems horrible to shake loyal ATX customers down.
  4. Virginia mandates electronic filing by one of their approved Vendors. ATX is not one. www.tax.virginia.gov/tax-preparation-software-elective-pass-through-entity-tax Regretfully, Page 2 of the Virginia instructions "Form 502PTET and all associated schedules must be filed through the Federal/State eFile program. Paper submissions will not be accepted. Waivers of the electronic filing requirement will not be granted." www.tax.virginia.gov/sites/default/files/taxforms/corporation-and-pass-through-entity-tax/2022/502ptet-package-2022.pdf Unfortunately, Virginia does not have a fill in form available to the public.
  5. Regretfully, Virginia mandates electronic filing for Virginia Form 502PTET and the manual forms shown on the internet are watermarked that they are only to be filed electronically. The Virginia Form 502PTET instructions state that no waivers will be granted.
  6. After using ATX for 20+ years and waiting for Virginia Form 502PTET to appear (and it did not), ATX Tech Support has said that "the powers that be" decided that no PTET forms for any state would be supported by ATX and that an upgrade to one of their higher platforms would be necessary. And my salesperson is not returning calls. I have 15 Federal 1120s/1065s waiting to add Virginia Form 502PTET. What is the best outcome here ? What is everyone else doing? And what do the higher plaforms cost? Thank you.
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