How do I file franchise and excise tax in Tennessee?

Electronic Filing and Payment: All franchise and excise returns and associated payments must be submitted electronically. This can be accomplished by using the Tennessee Taxpayer Access Point (TNTAP). A TNTAP logon should be created to file this tax. Click here for help creating your logon.

How is Tennessee franchise and excise tax calculated?

The franchise tax is based on the greater of net worth or the book value of real or tangible personal property owned or used in Tennessee. The excise tax is based on net earnings or income for the tax year.

How are LLCs taxed in Tennessee?

By default, LLCs themselves do not pay federal income taxes, only their members do. Tennessee, however, imposes a franchise tax and an excise tax on most LLCs. You must register for this tax through the Department of Revenue (DOR). Tennessee’s franchise and excise taxes also apply to LLCs taxed as corporations.

Do single member LLCs pay excise tax in Tennessee?

Where do I mail my TN franchise and excise tax return?

Return Mailing Address:

1. Tennessee Department of Revenue: Andrew Jackson State Office Building. 500 Deaderick Street.
2. Return Mailing Address without Refund: Tennessee Department of Revenue : Andrew Jackson State Office Building.
3. Amended Return Mailing Address: nt of Revenue : Andrew Jackson State Office Building.

Do sole proprietors pay franchise and excise tax in Tennessee?

Franchise taxes are generally either a flat fee or an amount based on a business’s net worth. Tennessee has both an excise tax, which is a tax on net earnings, and a franchise tax, which is a tax on net worth. Generally speaking, only general partnerships and sole proprietorships are exempt from the excise tax.

What is the Tennessee franchise tax?

Franchise tax – 0.25% of the greater of net worth or real and tangible property in Tennessee. The minimum tax is $100.