Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is the date of the balance sheet I should use to compute my franchise tax return?

April 26, 2017balance sheet compute franchise tax return

0

Posted

What is the date of the balance sheet I should use to compute my franchise tax return?

2 Answers

0

Posted

The corporation must use the assets as of the first day of the taxable period. For example, a calendar 2009 franchise tax return is based upon assets as of December 31, 2008 or January 1, 2009 and it covers the taxable period from January 1, 2009 to December 31, 2009. A fiscal year end taxpayer (for example) uses the March 31, 2009 or April 1, 2009 balance sheet for the taxable period from April 1, 2009 to March 31, 2010.

0

Posted

The corporation must use the assets as of the first day of the taxable period. For example, a calendar 2006 franchise tax return is based upon assets as of December 31, 2005 or January 1, 2006 and it covers the taxable period from January 1, 2006 to December 31, 2006. A fiscal year end taxpayer (for example) uses the March 31, 2005 or April 1, 2005 balance sheet for the taxable period from April 1, 2005 to March 31, 2006.