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110CSR21G

9.2. Electing PTE tax returns are due by the 15th day of the third month following the close of the taxable year.

9.3. For calendar year filers, the PTE tax return is due by March 15. West Virginia allows an automatic 6-month filing extension for electing PTE. An application for extension is required and must be filed on or before the original due date of the income tax return. An extension of time to file does not extend the due date for payment of taxes. An electing PTE must pay all electing PTE tax due by the original due date for filing the return.

9.4. If the annual return is filed within the automatic extension period, but less than 100 percent of the tax liability was paid on or before the original due date, a penalty will apply. That penalty may include revocation of the election of the pass-through entity to be taxed at the entity level, with tax liabilities, penalties and interest being assessed against the owners of the pass-through entity.

9.5. When an electing PTE files an annual West Virginia income tax return reflecting an overpayment, the Tax Division will refund the overpayment of electing PTE tax to the electing PTE. Only the electing PTE is entitled to request a refund of an overpayment of electing PTE tax. Owners of the electing PTE shall not be eligible for a refund of overpaid electing PTE tax.

9.6. An electing PTE must notify its owners that the election has been made and provide its owners with information regarding the income and related deductions and the amount of the reconciliation tax credit passed through to the owner so that owners can complete their West Virginia tax returns.

9.7. The total amount of reconciliation tax credits reported by an electing entity shall not exceed the total electing PTE tax paid by the electing PTE.

110-21G-10. Estimated Tax Payments.

10.1. For the 2022 tax year, an electing PTE is not required to make estimated payments of tax and will not be subject to penalties or interest for not making estimated payments for that year.

10.2. For taxable years beginning on and after January 1, 2023, an electing PTE is required to make estimated payments if its tax for the taxable year can reasonably be expected to exceed $2,400.

10.3. Estimated payments for electing PTE will be based upon the requirements set forth in W. Va. Code §11-21-1 et seq. and rules promulgated pursuant thereto. Calendar year filers are required to make four quarterly installments to the Tax Division: 25 percent of the amount due by April 15, 25 percent of the amount due by June 15, 25 percent of the amount due by September 15, and 25 percent of the amount due by December 15.

10.4. Non-calendar year filers are required to make four quarterly installments to the Tax Division: 25 percent of the amount due by the 15th day of the 4th month following the beginning of its fiscal year. Subsequent installments are payable by the 15th day of the 6th month, the 15th day of the 9th month, and the 15th day of the 12th month following the beginning of its fiscal year. In case of any underpayment of estimated tax payments by an electing PTE, additions to tax, penalties and interest may be imposed in accordance with the West Virginia Tax Procedure and Administration Act.

110-21G-11. Nonresident Withholding Payments and Composite Payments.