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We would like to inform you of significant changes regarding franchise tax reporting and refund procedures. Effective January 1, 2024, the Schedule G property measure of the franchise tax, also known as the “minimum measure,” has been eliminated. Going forward, franchise tax calculations will be based on a taxpayer’s net worth.
Refund eligibility:
- Taxpayers who paid franchise tax based on the Schedule G property measure for tax years ending on or after March 31, 2020, may request a refund
- Refund claims must be filed between May 15, 2024, and November 30, 2024.
Refund procedure:
- To request a refund, taxpayers must file amended returns for applicable tax years, calculating franchise tax solely based on Schedule F net worth (omitting Schedule G from the return).
- Amended returns must be filed in chronological order by tax year through TNTAP. Once processed, taxpayers may file the refund claim.
- Taxpayers are encouraged to use the Franchise Tax Property Measure (Schedule G) Repeal refund claim form in TNTAP for faster processing.
Important considerations:
- Refund claims may be subject to audit or adjustment by the department
- Taxpayers receiving refunds waive claims against the constitutionality of the prior franchise tax provisions
- The department will publish the names of taxpayers issued refunds on its website on May 31, 2025, within specific refund amount ranges.
For more details and assistance, please visit TN DOR’s website and contact your financial professional at The Marston Group. We encourage you to take advantage of this opportunity. If you have any questions or need assistance, please don’t hesitate to contact us.
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