Franchise/Excise Tax Basics - Tennessee
Franchise/Excise Tax Basics
February 2022
Franchise Excise Tax
? Who is liable, due dates overview, delinquencies, account closure/termination
Minimum Return Filing ? Applicability, how to file/pay
Estimated Payments
? Who is liable, how to compute, remitting, delinquencies
Extensions
? How and when to file/pay
Resources
? Where to go to find information on our website, contact information, chat Q&A
2
Franchise Tax
? greater of net worth or the book value of real or tangible personal property owned or used in Tennessee
Excise Tax
? net earnings or income for the tax year
F&E Tax
3
All for-profit, foreign, and domestic entities chartered, qualified, or registered in Tennessee or doing business in TN must file the F&E tax return
and pay at least the minimum tax.
Includes corporations, limited partnerships, LLC's, and business trusts
Entities are subject to F&E tax from their date of formation. Entities not registered with the Secretary of State, will be liable for the tax from the date they begin operations with substantial nexus in the state.
4
This timeline assumes an entity has a FY end of 12/31
File/Pay return, or File/Pay extension, or File/Pay $100 minimum 4/15 (15th day of fourth month)
Deadline to File with Extension 11/15
(+7 months after filing deadline)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1/15
4th Qtr Estimated Payment due
4/15
6/15
1st Qtr Estimated 2nd Qtr Estimated
Payment due
Payment due
9/15
3rd Qtr Estimated Payment due
5
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