Virginia Personal Property Tax

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to access the electronic filing transmission feature in CS Connect.

Thomson Reuters is committed to proactively evolving our security features to help you protect your firm and your clients' data. For more information about multi-factor authentication, see Multi-factor authentication overview.

The UltraTax/Virginia Personal Property Tax application supports 1040, 1041, 1065, 1120, and 1120S entities. It prepares the personal property tax returns from depreciation data entered in the Asset Detail dialog.

Virginia forms and schedules

Depreciation treatments required for all VA PPT assets

The Book or VA treatment must be entered for Virginia Personal Property Tax returns. By default, the Book treatment transfers to the return. However, if the Complete return using the VA treatment within the Asset module field is marked on Screen Gen in the General folder for UltraTax/Virginia Personal Property Tax, the VA treatment will transfer to the return.

Note: If you previously entered depreciation data for only the Tax treatment, you can copy asset data from the Tax treatment to the Book treatment or to the VA treatment.

Associations required for all VA PPT assets

Additional associations for VA PPT city and county returns

The User Defined County / City option is used for municipalities that accept the generic Virginia Property Tax Form 762. To enter information for the User Defined County / City, in UltraTax/Virginia Personal Property Tax, choose Setup > [Entity] > Virginia PPT > Assessors Info. Then, select the User Defined County / City from the County/City field in Screen Return, located in the Property folder.

See also

Entering de minimis assets

UltraTax CS personal property tax returns

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