Tennessee Form FAE 170 (2023)

What Is Form FAE170 2023

Form FAE170 is the designated document businesses in Tennessee utilize to report and remit their franchise and excise tax obligations. This form plays a crucial role in the financial and regulatory landscape of the state. For any business operating in Tennessee, understanding Form FAE170 is crucial for ensuring compliance with state tax laws and regulations.

Who Should File TN Franchise and Excise Tax Return

Any business entity registered and conducting business operations in the state of Tennessee must file the Tennessee franchise and excise tax return. This encompasses a broad spectrum of entities, including but not limited to:

• Corporations
• Limited Liability Companies (LLCs)
• Partnerships
• S-Corporations
• Other business entities subjected to franchise and excise tax in Tennessee.

Suppose you’re a business owner or a stakeholder in a business entity operating in Tennessee. In that case, you must familiarize yourself with when and how Form FAE170 should be filed to remain compliant and avoid potential penalties.

How To Fill Out FAE170 Form

Filling out the FAE170 Form requires precision and attention to detail. Here's a step-by-step guide to help you navigate the process:

1. Begin by providing your business’s identifying details, such as the name, address, and federal Employer Identification Number (EIN).
2. Indicate the tax year for which you're filing the form.
3. Here, you'll determine the amount owed based on the value of your business's tangible property or the entity’s net worth, whichever is greater. Follow the form's guidelines for calculations.
4. This section is for determining the tax owed based on your business’s net earnings in Tennessee. Use the provided formulas and guidelines to calculate this accurately.
5. List any relevant tax credits or deductions that your business is eligible for. Ensure you have supporting documentation for any deductions claimed.
6. Calculate the total amount due or any potential refund if your business has overpaid.
7. As with all official documents, ensure the form is signed by an authorized representative of the business. This attests to the accuracy and truthfulness of the information provided.

Always ensure to read the instructions provided with the form carefully. When in doubt, consulting with a tax professional familiar with Tennessee’s franchise and excise tax obligations might be beneficial.

How To File Tennessee Franchise and Excise Tax Return

Once the Form FAE170 is filled out accurately:

1. The state of Tennessee encourages businesses to file their franchise and excise tax returns electronically for faster processing. You can do this via the Tennessee Department of Revenue's online portal.
2. If you choose to file a paper return, ensure that you send it to the appropriate address as indicated on the form or its accompanying instructions. Make sure it's postmarked by the due date to avoid late penalties.
3. If you owe tax, you can remit payment online or include a check or money order if mailing your return. Be sure to include any relevant payment vouchers if required.
4. Always keep a copy of the filed form and any supporting documents for your records. This will be crucial if there are any inquiries or audits in the future.