The Tennessee Department of Revenue recently announced a significant change that will impact taxpayers in the state. The property measure of the franchise tax will be repealed, with the elimination of the Schedule G property measure for tax years ending on or after Jan. 1, 2024. This change will affect franchise tax reporting on 2023 calendar year returns and 2024 fiscal year returns. Additionally, taxpayers may request refunds for the tax year ending on or after March 31, 2020, with specific refund procedures and considerations outlined by the DOR.
The notice issued by the DOR provides important information for taxpayers who may be impacted by these changes. The repeal of the property measure of the franchise tax will have a direct impact on how businesses in Tennessee report their franchise tax obligations. It is important for taxpayers to be aware of these changes and how they will affect their financial obligations moving forward.
For taxpayers who may be eligible for refunds for the tax year ending on or after March 31, 2020, it is essential to understand the refund procedure and other considerations outlined by the DOR. By following the guidelines set forth by the DOR, taxpayers can ensure that they receive the refunds they are entitled to under the new regulations.
This update from the Tennessee Department of Revenue underscores the importance of staying informed about changes in tax regulations that may affect businesses and individuals. By keeping up to date on changes in tax laws and regulations, taxpayers can make informed decisions about their financial obligations and take advantage of any opportunities for refunds or savings.
For more information on the recent notice issued by the Tennessee Department of Revenue regarding the repeal of the property measure of the franchise tax, taxpayers can visit the official DOR website or contact their tax advisor for guidance. Stay tuned for more updates on tax regulations and changes that may impact taxpayers in Tennessee and beyond.
Source link
