What if the entity ends its responsibility for franchise tax in the same year it first became subject to the tax?
For an entity that became subject to the tax on or after 10/04/09 and ends its franchise tax responsibility in the same year that it became subject, it will not owe an annual report the following year. Instead, it will owe a final report due 60 days after it ends its responsibility. For example, if an entity that became subject to franchise tax on 10/15/2009 ends its franchise tax responsibility on 11/30/2009, it will not owe a 2010 annual report; it will owe a 2009 final report for the period beginning on 10/15/2009 and ending on 11/30/2009.
Related Questions
- If an entity liquidates their business prior to the end of their tax year do they have to file a franchise tax return, and could they be liable for franchise tax?
- If an entity that is subject to the Kansas franchise tax has net worth of less than $1,000,000 is it required to file a franchise tax return?
- What if the entity ends its responsibility for franchise tax in the same year it first became subject to the tax?
