Fae 173 2017-2025 Form

What is the Tennessee Franchise Excise

The Tennessee Franchise Excise is a tax imposed on businesses operating in the state of Tennessee. This tax is applicable to various business entities, including corporations, limited liability companies (LLCs), and partnerships. The Franchise Excise is calculated based on a business's net worth or the value of its property within the state. Understanding this tax is crucial for compliance and financial planning for businesses in Tennessee.

Steps to complete the Tennessee Franchise Excise

Completing the Tennessee Franchise Excise involves several key steps. First, businesses must gather financial information, including total assets and liabilities, to determine their net worth. Next, they need to fill out the appropriate form, specifically the 2018 FAE 173, ensuring all sections are accurately completed. After filling out the form, businesses can submit it either online or via mail. It is essential to keep a copy of the submitted form for record-keeping purposes.

Filing Deadlines / Important Dates

Filing deadlines for the Tennessee Franchise Excise are critical for compliance. Typically, the due date for filing the 2018 FAE 173 is the 15th day of the fourth month following the end of the tax year. For most businesses operating on a calendar year, this means the form is due by April 15. It is advisable for businesses to mark these dates on their calendars to avoid late penalties.

Legal use of the Tennessee Franchise Excise

The legal use of the Tennessee Franchise Excise is governed by state regulations. Businesses must ensure they are compliant with all relevant laws when calculating and reporting their excise tax. This includes maintaining accurate financial records and adhering to the specific guidelines outlined by the Tennessee Department of Revenue. Failure to comply can result in penalties or interest on unpaid taxes.

Required Documents

To complete the 2018 FAE 173, businesses must prepare several required documents. These typically include financial statements that reflect the business's net worth, previous tax filings, and any supporting documentation that verifies assets and liabilities. Having these documents ready will facilitate a smoother filing process and help ensure accuracy in reporting.

Form Submission Methods (Online / Mail / In-Person)

Businesses have multiple options for submitting the 2018 FAE 173. They can file online through the Tennessee Department of Revenue's website, which often provides a more efficient and quicker processing time. Alternatively, businesses may choose to mail their completed forms to the appropriate state office. In-person submissions are also an option, although they may not be as common. It is important to choose the method that best suits the business's needs and ensure that submissions are made before the deadline.

Penalties for Non-Compliance

Non-compliance with the Tennessee Franchise Excise can lead to significant penalties. Businesses that fail to file their 2018 FAE 173 on time may incur late fees, interest on unpaid taxes, and potential legal action from the state. Understanding these penalties is essential for businesses to avoid unnecessary financial burdens and maintain good standing with state authorities.