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Under Tennessee law, the Commissioner is authorized to extend the deadline for filing a return whenever the IRS extends a federal filing date. Consistent with the IRS, the Tennessee Department of Revenue has extended the due date for filing and paying franchise and excise tax from April 15, 2020 to July 15, 2020.

Taxpayers are required to make estimated tax payments when there is a combined franchise and excise tax liability of $5,000 or more, after applicable tax credits, for both the prior tax year (annualized if the tax period was less than 12 months) and the current tax year.

If you are a corporation, limited partnership, limited liability company, or business trust chartered/organized in Tennessee or doing business in this state, then you must register for and pay franchise and excise taxes.

Generally, state law follows the federal rules for extension of time to file your personal individual income tax return. ... In many states, no additional filing is required after you have filed your federal form 4868, while other states a filing is required, particularly when paying tax.

All corporations, limited liability companies, and limited partnerships qualified with the Tennessee Secretary of State must file an annual report and pay a filing fee with that office.

In order to qualify for the FONCE franchise and excise tax exemption, the entity must meet two criteria: at least 95% of the entity's ownership must be directly held by family members, and.

When calculating Franchise Tax, if the holding entity owns an interest in several other entities, its equity can potentially be taxed more than once. This potential negative tax effect can be avoided for an affiliated group by making a joint election to compute net worth on a consolidated basis.

2020 Extended Filing Deadline: July 15th A Connecticut extension will give you 6 extra months to file your return, moving the deadline to October 15. ... If you have a valid Federal tax extension (IRS Form 4868), you do not need to provide a reason for requesting a Connecticut tax extension.

Tennessee LLC Taxes The franchise tax imposed on LLCs is 0.25 percent of the real and tangible worth or net worth of a property in the state of Tennessee (whichever is greater). The minimum payment for the state franchise tax is $100.

Taxpayers should file their franchise and excise tax using TNTAP. The following transactions can be completed on TNTAP: File a franchise and excise tax return (Form FAE170). File a franchise and excise tax return for an entity that only owes the $100 minimum franchise tax.