Updated
Pass-Through Elections & Owner Credits
Evaluate PTET using the applicable tax year
Virginia's elective pass-through entity tax guidance describes entity eligibility, filing, and payment procedures. Review the guidance for the year being filed and compare the consequences for eligible owners before making an election. We retain the decision and supporting calculations with the entity package. Virginia elective PTET guidance.
Match owner credits to entity documentation
Virginia provides an elective PTET payment credit for qualifying owners. The credit should be supported by the entity's reporting and owner information, rather than inferred from a cash distribution. We reconcile the allocated amounts, payments, and owner records before preparing the individual return. Virginia owner credit information.
Organize changes in work and ownership
An owner move, new employee location, property acquisition, or ownership transfer can change the facts needed for a filing review. Keep effective dates, agreements, and state-by-state activity available. We use that information to coordinate the entity close with owner projections and any additional jurisdictional analysis.
How we scope the work
We start with the decision or filing you need to complete, the entities and people involved, and the deadline. After reviewing the available records, we identify missing information and propose the services and deliverables. For ongoing work, we establish a close and filing calendar so bookkeeping, tax projections, and owner reporting use consistent information.
For an audit or other assurance request, bring the lender, grant, board, or regulatory requirement. We confirm the engagement type and applicable professional requirements before accepting the work.
CPA services for Virginia clients
Tax preparation
Coordinate business and owner returns using reconciled income, allocations, and payment records.
Tax planning
Compare entity elections, transaction timing, and owner consequences before making a decision.
Financial reporting & cash flow
Connect the monthly close, forecasts, and financing needs to clear management reports.
Audit & assurance
Review the intended financial-statement user, required engagement, records, and deadline to define the appropriate scope.
Virginia CPA questions
Can an owner claim a PTET credit from a distribution amount?
A distribution is not sufficient support for the credit. We use the entity's tax reporting, payment information, and the owner's applicable eligibility and allocation records.
How do Virginia clients work with KAS?
We provide virtual service through secure document exchange, scheduled video meetings, and electronic signatures. The engagement defines the services, responsibilities, and deadlines; this service area does not represent a walk-in office.