The Tennessee FAE 173 form is an application for an extension of time to file the franchise and excise tax return. This form allows taxpayers to request an additional six months to submit their tax filings, provided they meet specific requirements. Proper completion and timely submission of the form are essential to avoid penalties and interest on unpaid taxes.
The Tennessee FAE 173 form serves as a crucial document for taxpayers seeking an extension of time to file their franchise and excise tax returns. This application allows individuals and businesses to request an additional six months to complete their tax filings, provided they adhere to specific requirements outlined by the Tennessee Department of Revenue. Taxpayers must enter their account number or Federal Employer Identification Number (FEIN) in designated spaces on the form, and they are responsible for calculating the amount due based on their estimated franchise and excise taxes for the current year. The form includes a worksheet that assists in determining the payment required with the extension request, allowing for deductions from prior year overpayments and estimated payments. It is essential for taxpayers to sign and date the form before submission, as well as to make their payment by the original due date to avoid penalties. Additionally, the form provides clear instructions on how to submit the extension request, whether electronically or by mail, and highlights the importance of timely compliance to prevent interest accrual on any unpaid taxes. Understanding the nuances of the FAE 173 form can significantly impact the financial obligations of taxpayers in Tennessee, making it a vital resource for ensuring compliance with state tax laws.
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When filling out the Tennessee FAE 173 form, it is essential to follow specific guidelines to ensure accuracy and compliance. Here is a list of things you should and shouldn't do:
The Tennessee FAE 173 form is comparable to the IRS Form 7004, which is used for requesting an automatic extension of time to file certain business tax returns. Both forms allow taxpayers to extend their filing deadlines, but they serve different jurisdictions—state versus federal. Like the FAE 173, Form 7004 requires the taxpayer to provide estimated tax liability information and may necessitate a payment to avoid penalties. The process for both forms emphasizes the importance of submitting the request by the original due date to ensure compliance and avoid late fees.
Another similar document is the IRS Form 4868, which is used for individual income tax extensions. While the FAE 173 focuses on franchise and excise taxes for businesses, Form 4868 serves individual taxpayers. Both forms grant a six-month extension to file, although they differ in the type of taxes they pertain to. Each form requires the taxpayer to estimate their tax liability and may require payment of any owed taxes to avoid penalties, ensuring that individuals and businesses alike can manage their tax obligations effectively.
The California Form 3519 also shares similarities with the Tennessee FAE 173. This form is used for requesting an extension of time to file California corporate tax returns. Both forms require the taxpayer to estimate their tax liability and provide payment details. They emphasize the necessity of submitting the extension request by the original due date to avoid penalties. Despite the differences in state regulations, the core function of extending filing deadlines remains consistent across these documents.
The New York State Form CT-5 is another document akin to the FAE 173. This form allows corporations to request an extension of time to file their franchise tax returns. Both forms require the taxpayer to provide their estimated tax liability and may involve a payment to avoid penalties. The process for filing and the conditions for obtaining an extension are similar, highlighting the common practices across state tax systems in managing filing deadlines.
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In addition, the Florida Form DR-501 is comparable as it serves a similar purpose for Florida businesses. This form is used to request an extension for filing corporate income tax returns. Like the FAE 173, it requires an estimation of tax liability and may require payment to avoid penalties. Both forms aim to provide taxpayers with the flexibility to manage their tax filings while ensuring that they remain compliant with state tax laws.
The Massachusetts Form 355S is another similar document, which is used for requesting an extension of time to file corporate tax returns. Both the FAE 173 and Form 355S require taxpayers to estimate their tax liabilities and may necessitate a payment. They both emphasize the importance of timely submission to avoid penalties, showcasing the shared framework of tax extensions across various states.
The Michigan Corporate Income Tax Extension Form is also similar to the Tennessee FAE 173. This form allows corporations in Michigan to request an extension for filing their corporate income tax returns. Both forms require an estimation of tax liability and may involve a payment to avoid penalties. The requirement for timely submission of the extension request is a common thread, reinforcing the importance of adhering to tax deadlines.
Lastly, the Illinois Form IL-505-I serves a similar purpose for businesses in Illinois. This form allows for an extension of time to file the Illinois corporate income tax return. Similar to the FAE 173, it requires the taxpayer to estimate their tax liability and may necessitate a payment. Both forms aim to provide a structured approach for businesses to manage their tax obligations while ensuring compliance with state regulations.
Completing the Tennessee FAE 173 form requires careful attention to detail to ensure accurate submission. Follow these steps to fill out the form correctly and ensure that you meet all necessary requirements.
Following these steps will help ensure that your application for an extension is processed smoothly. Be sure to keep a copy of the completed form for your records.
When completing the Tennessee FAE 173 form, individuals often make several common mistakes that can lead to complications. One frequent error is failing to provide the correct account number or Federal Employer Identification Number (FEIN) in the designated spaces. This information is essential for the Department of Revenue to accurately process the extension request. If this information is missing or incorrect, it may delay the processing of the application.
Another mistake involves the calculation of the payment due. Taxpayers sometimes overlook the requirement to deduct prior year's overpayments, estimated payments, and available tax credits when computing the amount owed. This oversight can result in an incorrect total being submitted, which could lead to penalties or interest charges if the amount is less than required.
Additionally, some individuals enter a non-zero amount on Line 4 when their previous year’s credits and current year’s estimated tax payments exceed their estimated liability. In such cases, the correct action is to enter 0 on Line 4. Failing to do so may cause confusion and result in unnecessary payments.
Signing and dating the return is another critical step that is sometimes neglected. Without a signature and date, the form may be considered incomplete, which can hinder the extension request. Both the taxpayer and the tax preparer must ensure that their signatures are included where required.
Moreover, taxpayers may not fully review the procedures for obtaining an extension outlined on the reverse side of the form. Ignoring these instructions can lead to misunderstandings regarding payment requirements and submission deadlines. It is important to follow these guidelines closely to avoid complications.
Lastly, some individuals fail to make the required payment by the original due date, which can result in penalties being assessed. Understanding the payment requirements, including the need to pay either 100% of the prior year tax liability or 90% of the current year tax liability, is crucial. Missing this payment can negate the extension granted and lead to further financial implications.
TENNESSEE DEPARTMENT OF REVENUE
APPLICATION FOR EXTENSION OF TIME TO FILE
FRANCHISE, EXCISE TAX RETURN
FAE
Taxable Year
Account No.
FEINorSSN
Beginning:
173
Ending:
Due Date
Make your check payable to the Tennessee
Department of Revenue for the amount shown on
TAXPAYER NAME AND MAILING ADDRESS
Line 4 of the worksheet and mail to:
NAME ___________________________________________________________________
Tennessee Department of Revenue
BOX(STREET) ____________________________________________________________
Andrew Jackson State Office Bldg.
500 Deaderick Street
CITY ____________________________________________________________________
Nashville, TN 37242
STATE ________________ ZIP __________________________
An extension of time of six (6) months will be granted, provided you meet the requirements outlined on the reverse side of the form.
REMINDERS
1)Enter account number or FEIN in the spaces provided.
2)Quarterly estimated tax payments made for the year, available tax credits, and overpayments from prior years should be deducted when computing the payment due.
3)If previous year's credit(s) and current year's estimated tax payment exceed estimated liability, enter 0 on Line 4.
4)Sign and date your return in the signature box below.
5)See reverse side for additional procedures for obtaining an extension of time.
WORKSHEETFORCOMPUTATIONOFEXTENSIONPAYMENT
1.EstimatedFranchiseTaxcurrentyear .....................................................................................................................
2.EstimatedExciseTaxcurrentyear ............................................................................................................................
3.Deduct: Prior year's overpayment, estimated payments and tax credits for current year ..........................................
4.Amount due with extension request (Lines 1 and 2 less Line 3; if Line 3 is greater than total
of Lines 1 and 2, enter 0 and return form without payment) ......................................................................................
Keep Upper Portion For Your Records
Return Copy Below - Detach Here
ROUND TO NEAREST DOLLAR
00
___________________________00
WRITENUMBERSLIKETHIS
Application for Extension of Time to File Franchise, Excise Tax
Filing
Extended
Period
DueDate
ACCOUNT
FOROFFICEUSEONLY
If your account number is not preprinted or unknown, enter federal identification number/social security number.
(FEIN/
SSN)
AMOUNT DUE
(Line 4 of 00 worksheet)
Under penalties of perjury, I declare that I have examined this report, and to the best of my knowledge and belief, it is true, correct, and complete.
________________________________________
_________
______________
Taxpayer's Signature
Date
Title
Tax Preparer's Signature
Telephone
________________________________
____________
_______
Preparer's Address
City
State
ZIP
RV-R0011401
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PROCEDURES FOR OBTAINING AN EXTENSION OF TIME
NOTE: This form can be filed electronically free of charge at apps.tn.gov/fnetax
1.Required Payment:
•Payments equal to the lesser of 100% of the prior year tax liability or 90% of the current year tax liability must be made by the original due date.
•If the prior tax year covered less than twelve months, the prior period tax must be annualized when calculating the required payment.
•If there was no liability for the prior year, the required payment is $100.
•Quarterly estimated payments, prior year overpayments and any other pre-payments should be deducted on Line 3 of the worksheet.
2.Extension requests should be made as follows:
•If you are not required to make a payment because you have already made sufficient payments, either the state form or a copy of your federal extension request can be submitted. The form or copy of the federal extension need not be filed on the original due date of the return. Instead, it should be attached to the return itself, which is to be filed on or before the extended due date.
•If a payment is needed to meet the payment requirement and you do not file your federal return as part of a consolidated group, either the state form or a copy of your federal extension request can be submitted. In this case, the form or copy of your federal extension must be filed with the extension payment on or before the original due date of the return.
•If a payment is required and you file your federal return as part of a consolidated group, you must use this form or file an extension request electronically. This form or the electronic version of this form must be filed with the extension payment on or before the original due date of the return.
3.Other important information:
•Penalty will be computed as though no extension had been granted if, (1) the amount paid on or before the original due date does not satisfy the payment requirement indicated above, or (2) the return is not filed by the extended due date.
•An approved extension does not affect interest. Interest will be computed on any unpaid tax from the original due date of the return until the date the tax is paid.
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