Franchise & Excise Tax

• Must all affiliates be listed on the Consolidated Net Worth Election Registration Application?
• May the net worth franchise tax base be computed on a consolidated basis when one member of the affiliated group has a different year end?
• What documentation should be maintained to support a job tax credit taken?
• What is an affiliated group for franchise & excise tax purposes?
• Who must use market-based sourcing?
• Will a taxpayer that has created a total of ten qualifying jobs in two census tracts qualify for the community resurgence jobs tax credit?
• For purposes of the franchise and excise tax, how should taxpayers in the telecom industry source their receipts from other-than-tangible-personal-property sales?
• Who has the right to apportion?
• What are the various types of job tax credit, and may a taxpayer qualify for more than one?
• Should a multistate calendar year taxpayer triple weight its receipts factor for receipts between July 1 and December 31 of 2016?
• How much should each franchise and excise tax estimated payment equal?
• When can a taxpayer offset rent included in the franchise tax base by sub-rental receipts?
• Is there a credit against franchise and excise tax for gross premiums tax paid?
• If financial statements are prepared using liquidation basis of accounting, in accordance with generally accepted accounting principles (“GAAP”), should they be used to complete Schedules F and G for the franchise tax?
• When is real estate rent paid to an affiliate not deductible for excise tax purposes?
• When does the ownership of a general partnership create franchise and excise tax nexus for its owner?
• What are the reporting requirements as the result of an IRS audit?
• How do you calculate the indebtedness addition to the franchise tax base?
• What legislation was passed in 2015 that affects franchise & excise tax?
• Am I required to file an extension if the amount of estimated payments made meet or exceed the liability computed?
• When is the franchise and excise tax return due?
• How do I file and pay franchise and excise tax online?
• Can the franchise and excise tax filing due date be extended?
• Can the franchise tax be prorated on all short period returns?
• How is franchise tax computed?
• How is excise tax computed?
• How is the franchise tax computed on a final return?
• What does the tax term “disregarded” mean?
• When is a Single Member Limited Liability Company (SMLLC) disregarded for franchise, excise purposes?
• When is a Single Member Limited Liability Company (SMLLC) required to file a franchise, excise tax return in Tennessee?