LBMC Shareholder and State and Local Tax Leader Jay Hancock and Senior Manager Leigh Ann Vernich, CPA opine as the Franchise Tax Bill moves forward and share what that would mean for your business. As of April 25, 2024, the Tennessee General Assembly has enacted pivotal changes to the state's franchise tax system, impacting how businesses will calculate their taxes moving forward. 🔹Elimination of the Alternative Base: Starting from tax years ending on or after January 1, 2024, franchise taxes will only be calculated based on the net worth measure. This simplifies the tax calculation process for all businesses. 🔹Refund Opportunities: Businesses that previously paid franchise taxes based on the alternative base may now be eligible to seek refunds for those payments from the Tennessee Department of Revenue. These updates represent a significant shift in Tennessee's tax policy, aiming to streamline the process and potentially reduce tax liabilities for many businesses. Stay informed and consider consulting with your tax advisors to understand how these changes may benefit your business. #TaxUpdate #TennesseeBusiness #FranchiseTax #LBMC
Alan King, CPA’s Post
More Relevant Posts
-
LBMC Shareholder and State and Local Tax Leader Jay Hancock and Senior Manager Leigh Ann Vernich, CPA opine as the Franchise Tax Bill moves forward and share what that would mean for your business. As of April 25, 2024, the Tennessee General Assembly has enacted pivotal changes to the state's franchise tax system, impacting how businesses will calculate their taxes moving forward. 🔹Elimination of the Alternative Base: Starting from tax years ending on or after January 1, 2024, franchise taxes will only be calculated based on the net worth measure. This simplifies the tax calculation process for all businesses. 🔹Refund Opportunities: Businesses that previously paid franchise taxes based on the alternative base may now be eligible to seek refunds for those payments from the Tennessee Department of Revenue. These updates represent a significant shift in Tennessee's tax policy, aiming to streamline the process and potentially reduce tax liabilities for many businesses. Stay informed and consider consulting with your tax advisors to understand how these changes may benefit your business. #TaxUpdate #TennesseeBusiness #FranchiseTax #LBMC
Tennessee Enacts Major Franchise Tax Changes | LBMC
https://www.lbmc.com
To view or add a comment, sign in
-
LBMC Shareholder and State and Local Tax Leader Jay Hancock and Senior Manager Leigh Ann Vernich, CPA opine as the Franchise Tax Bill moves forward and share what that would mean for your business. As of April 25, 2024, the Tennessee General Assembly has enacted pivotal changes to the state's franchise tax system, impacting how businesses will calculate their taxes moving forward. 🔹Elimination of the Alternative Base: Starting from tax years ending on or after January 1, 2024, franchise taxes will only be calculated based on the net worth measure. This simplifies the tax calculation process for all businesses. 🔹Refund Opportunities: Businesses that previously paid franchise taxes based on the alternative base may now be eligible to seek refunds for those payments from the Tennessee Department of Revenue. These updates represent a significant shift in Tennessee's tax policy, aiming to streamline the process and potentially reduce tax liabilities for many businesses. Stay informed and consider consulting with your tax advisors to understand how these changes may benefit your business. #TaxUpdate #TennesseeBusiness #FranchiseTax #LBMC
Tennessee Enacts Major Franchise Tax Changes | LBMC
https://www.lbmc.com
To view or add a comment, sign in
-
LBMC Shareholder and State and Local Tax Leader Jay Hancock and Senior Manager Leigh Ann Vernich, CPA opine as the Franchise Tax Bill moves forward and share what that would mean for your business. As of April 25, 2024, the Tennessee General Assembly has enacted pivotal changes to the state's franchise tax system, impacting how businesses will calculate their taxes moving forward. 🔹Elimination of the Alternative Base: Starting from tax years ending on or after January 1, 2024, franchise taxes will only be calculated based on the net worth measure. This simplifies the tax calculation process for all businesses. 🔹Refund Opportunities: Businesses that previously paid franchise taxes based on the alternative base may now be eligible to seek refunds for those payments from the Tennessee Department of Revenue. These updates represent a significant shift in Tennessee's tax policy, aiming to streamline the process and potentially reduce tax liabilities for many businesses. Stay informed and consider consulting with your tax advisors to understand how these changes may benefit your business. #TaxUpdate #TennesseeBusiness #FranchiseTax #LBMC
Tennessee Enacts Major Franchise Tax Changes | LBMC
https://www.lbmc.com
To view or add a comment, sign in
-
LBMC Shareholder and State and Local Tax Leader Jay Hancock and Senior Manager Leigh Ann Vernich, CPA opine as the Franchise Tax Bill moves forward and share what that would mean for your business. As of April 25, 2024, the Tennessee General Assembly has enacted pivotal changes to the state's franchise tax system, impacting how businesses will calculate their taxes moving forward. 🔹Elimination of the Alternative Base: Starting from tax years ending on or after January 1, 2024, franchise taxes will only be calculated based on the net worth measure. This simplifies the tax calculation process for all businesses. 🔹Refund Opportunities: Businesses that previously paid franchise taxes based on the alternative base may now be eligible to seek refunds for those payments from the Tennessee Department of Revenue. These updates represent a significant shift in Tennessee's tax policy, aiming to streamline the process and potentially reduce tax liabilities for many businesses. Stay informed and consider consulting with your tax advisors to understand how these changes may benefit your business. #TaxUpdate #TennesseeBusiness #FranchiseTax #LBMC
Tennessee Enacts Major Franchise Tax Changes | LBMC
https://www.lbmc.com
To view or add a comment, sign in
-
LBMC Shareholder and State and Local Tax Leader Jay Hancock and Senior Manager Leigh Ann Vernich, CPA opine as the Franchise Tax Bill moves forward and share what that would mean for your business. As of April 25, 2024, the Tennessee General Assembly has enacted pivotal changes to the state's franchise tax system, impacting how businesses will calculate their taxes moving forward. 🔹Elimination of the Alternative Base: Starting from tax years ending on or after January 1, 2024, franchise taxes will only be calculated based on the net worth measure. This simplifies the tax calculation process for all businesses. 🔹Refund Opportunities: Businesses that previously paid franchise taxes based on the alternative base may now be eligible to seek refunds for those payments from the Tennessee Department of Revenue. These updates represent a significant shift in Tennessee's tax policy, aiming to streamline the process and potentially reduce tax liabilities for many businesses. Stay informed and consider consulting with your tax advisors to understand how these changes may benefit your business. #TaxUpdate #TennesseeBusiness #FranchiseTax #LBMC
Tennessee Enacts Major Franchise Tax Changes | LBMC
https://www.lbmc.com
To view or add a comment, sign in
-
LBMC Manager Business Litigation and Valuation l Advisory Services l Women in Networking Leader l Nashville Emerging Leader Award (NELA) Winner l YLC Nashville Alum
LBMC Shareholder and State and Local Tax Leader Jay Hancock and Senior Manager Leigh Ann Vernich, CPA opine as the Franchise Tax Bill moves forward and share what that would mean for your business. As of April 25, 2024, the Tennessee General Assembly has enacted pivotal changes to the state's franchise tax system, impacting how businesses will calculate their taxes moving forward. 🔹Elimination of the Alternative Base: Starting from tax years ending on or after January 1, 2024, franchise taxes will only be calculated based on the net worth measure. This simplifies the tax calculation process for all businesses. 🔹Refund Opportunities: Businesses that previously paid franchise taxes based on the alternative base may now be eligible to seek refunds for those payments from the Tennessee Department of Revenue. These updates represent a significant shift in Tennessee's tax policy, aiming to streamline the process and potentially reduce tax liabilities for many businesses. Stay informed and consider consulting with your tax advisors to understand how these changes may benefit your business. #TaxUpdate #TennesseeBusiness #FranchiseTax #LBMC
Tennessee Enacts Major Franchise Tax Changes | LBMC
https://www.lbmc.com
To view or add a comment, sign in
-
Marketing | Corporate Brand Advisor | Client Experience | Adaptive Team Player | Agile Learner | Visual Storyteller | Project Management
LBMC Shareholder and State and Local Tax Leader Jay Hancock and Senior Manager Leigh Ann Vernich, CPA opine as the Franchise Tax Bill moves forward and share what that would mean for your business. As of April 25, 2024, the Tennessee General Assembly has enacted pivotal changes to the state's franchise tax system, impacting how businesses will calculate their taxes moving forward. 🔹Elimination of the Alternative Base: Starting from tax years ending on or after January 1, 2024, franchise taxes will only be calculated based on the net worth measure. This simplifies the tax calculation process for all businesses. 🔹Refund Opportunities: Businesses that previously paid franchise taxes based on the alternative base may now be eligible to seek refunds for those payments from the Tennessee Department of Revenue. These updates represent a significant shift in Tennessee's tax policy, aiming to streamline the process and potentially reduce tax liabilities for many businesses. Stay informed and consider consulting with your tax advisors to understand how these changes may benefit your business. #TaxUpdate #TennesseeBusiness #FranchiseTax #LBMC
Tennessee Enacts Major Franchise Tax Changes | LBMC
https://www.lbmc.com
To view or add a comment, sign in
-
LBMC Shareholder and State and Local Tax Leader Jay Hancock and Senior Manager Leigh Ann Vernich, CPA opine as the Franchise Tax Bill moves forward and share what that would mean for your business. As of April 25, 2024, the Tennessee General Assembly has enacted pivotal changes to the state's franchise tax system, impacting how businesses will calculate their taxes moving forward. 🔹Elimination of the Alternative Base: Starting from tax years ending on or after January 1, 2024, franchise taxes will only be calculated based on the net worth measure. This simplifies the tax calculation process for all businesses. 🔹Refund Opportunities: Businesses that previously paid franchise taxes based on the alternative base may now be eligible to seek refunds for those payments from the Tennessee Department of Revenue. These updates represent a significant shift in Tennessee's tax policy, aiming to streamline the process and potentially reduce tax liabilities for many businesses. Stay informed and consider consulting with your tax advisors to understand how these changes may benefit your business. #TaxUpdate #TennesseeBusiness #FranchiseTax #LBMC
Tennessee Enacts Major Franchise Tax Changes | LBMC
https://www.lbmc.com
To view or add a comment, sign in
-
LBMC Audit Shareholder l Audit Service Line Leader l Specializing in Manufacturing l Distribution l Service l Retail l Convenience Store Operators | Employee Benefit Plans | Family-Owned Businesses
LBMC Shareholder and State and Local Tax Leader Jay Hancock and Senior Manager Leigh Ann Vernich, CPA opine as the Franchise Tax Bill moves forward and share what that would mean for your business. As of April 25, 2024, the Tennessee General Assembly has enacted pivotal changes to the state's franchise tax system, impacting how businesses will calculate their taxes moving forward. 🔹Elimination of the Alternative Base: Starting from tax years ending on or after January 1, 2024, franchise taxes will only be calculated based on the net worth measure. This simplifies the tax calculation process for all businesses. 🔹Refund Opportunities: Businesses that previously paid franchise taxes based on the alternative base may now be eligible to seek refunds for those payments from the Tennessee Department of Revenue. These updates represent a significant shift in Tennessee's tax policy, aiming to streamline the process and potentially reduce tax liabilities for many businesses. Stay informed and consider consulting with your tax advisors to understand how these changes may benefit your business. #TaxUpdate #TennesseeBusiness #FranchiseTax #LBMC
Tennessee Enacts Major Franchise Tax Changes | LBMC
https://www.lbmc.com
To view or add a comment, sign in
-
LBMC Shareholder and State and Local Tax Leader Jay Hancock and Senior Manager Leigh Ann Vernich, CPA opine as the Franchise Tax Bill moves forward and share what that would mean for your business. As of April 25, 2024, the Tennessee General Assembly has enacted pivotal changes to the state's franchise tax system, impacting how businesses will calculate their taxes moving forward. 🔹Elimination of the Alternative Base: Starting from tax years ending on or after January 1, 2024, franchise taxes will only be calculated based on the net worth measure. This simplifies the tax calculation process for all businesses. 🔹Refund Opportunities: Businesses that previously paid franchise taxes based on the alternative base may now be eligible to seek refunds for those payments from the Tennessee Department of Revenue. These updates represent a significant shift in Tennessee's tax policy, aiming to streamline the process and potentially reduce tax liabilities for many businesses. Stay informed and consider consulting with your tax advisors to understand how these changes may benefit your business. #TaxUpdate #TennesseeBusiness #FranchiseTax #LBMC
Tennessee Enacts Major Franchise Tax Changes | LBMC
https://www.lbmc.com
To view or add a comment, sign in