Changes to F&E Tax are Taxpayer-Friendly
Thursday, April 20th, 2017 | Tax | No Comments
The Tennessee legislature recently passed, and the Governor has signed, new taxpayer-friendly amendments to the Tennessee Franchise and Excise tax statutes. The changes are effective for tax years beginning on or after January 1, 2017. New Way to Make Quarterly Estimates For those taxpayers that must make quarterly Tennessee franchise/excise payments, there is a new method that the taxpayer may elect to calculate the amount of those payments. For excise tax estimates, the Taxpayer may elect to compute estimates in the same manner provided by Section 6655(e)(2) of the Internal Revenue Code (the “annualized income installment method”). This change provides a timing benefit to those taxpayers who receive more income at the end of the year and significantly less income […]
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