Revenue Announces New Electronic Filing Options for Franchise and Excise Tax Filing

Friday, March 09, 2012 | 09:23 am

NASHVILLE - As part of the Tennessee Department of Revenue’s on-going effort to provide more electronic filing options, tax preparers can now submit franchise and excise tax returns and payments electronically using software commercially available through approved vendors.

The Tennessee Department of Revenue is now accepting franchise & excise tax returns, extensions, and quarterly estimated payments for tax year 2011 through the IRS Modernized e-File (MeF) Program. This partnership between states and the Internal Revenue Service allows tax preparers to include the state tax return and any associated payment with its electronically filed federal return. The state tax return is forwarded electronically from the Internal Revenue Service directly to the state. This process allows returns to be processed fast and accurately.

This electronic filing option is available for corporations, limited liability companies, limited partnerships and other entities required to file franchise and excise tax returns. Forms currently accepted through the IRS Modernized e-File (MeF) Program include the Franchise and Excise Tax Return (FAE170), Application for Extension of Time to File (FAE173), and Quarterly Franchise and Excise Tax Declarations (FAE172).   The list of certified vendors is continually updated and can be found at http://www.state.tn.us/revenue/onlinefiling/fae/certifiedvendorsfae.shtml.

“We are pleased to be able to continue to expand electronic filing and payment options to Tennessee’s taxpayers,” said Revenue Commissioner Richard H. Roberts. “Filing tax returns electronically, along with their associated payments, is a great way to ensure the tax return is correctly completed. Electronic filing also saves valuable time for tax preparers and for staff at the Department of Revenue. In the end, these efficiencies translate into savings for Tennessee’s taxpayers.” 

In calendar year 2011, Revenue received over 2.6 million tax returns and documents. Of that total, just over one million of these returns and documents were received electronically. For 2011, $10.8 million dollars in payments were received electronically.
 
The Department of Revenue is responsible for the administration of state tax laws and motor vehicle title and registration laws established by the legislature and the collection of taxes and fees associated with those laws. The Department of Revenue collects approximately 91 percent of total state tax revenue. During the 2011 fiscal year, the department collected $10.4 billion in state taxes and fees. In addition to collecting state taxes, the Department of Revenue collects taxes for local, county and municipal governments. During the 2011 fiscal year, local government collections by the Department of Revenue exceeded $2.0 billion. In collecting taxes, the department enforces the revenue laws fairly and impartially in an effort to encourage voluntary taxpayer compliance. The department also apportions revenue collections for distribution to the various state funds and local units of government. To learn more about the department, log on to www.TN.gov/revenue.
 
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