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Franchise Tax

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A Franchise Tax is a government levy (tax) charged by some US states to certain business organizations such as corporations and partnerships with a nexus in the state. Some entities are exempt from franchise taxes including fraternal organizations, nonprofits, and some limited liability corporations. Franchise taxes are paid in addition to federal and state income taxes.

A Franchise Tax is not based on an organization’s profit / income. A typical Franchise Tax calculation is based on the net worth of or capital held by the entity. The Franchise Tax effectively charges corporations for the privilege of doing business in the state. Not all states in the US impose Franchise Tax but for states that have Franchise Tax, the charge is usually either a flat fee or based on size of the organization’s total holdings.

Sales & Use TaxFranchise TaxFBAR / FATCA ComplianceCorporate Tax Return & PlanningIRS RepresentationIndividual Tax Return & Planning

Rakesh Jain, CPA PC’s Effective and Efficient State Income and Franchise Tax Compliant Service

Rakesh Jain, CPA PC’s income and franchise tax professionals offer a broad array of services to help you manage your income and franchise tax. Our team provides timely access to tax insights and guidance to address issues that may affect your organization’s competitiveness and ability to meet long-term objectives.

Our service includes:

  • Nexus analysis to determine if a filing requirement exists
  • Methodological assistance for apportionment and allocation of revenue
  • Analysis of previously filed returns to identify potential overpayments of Franchise Tax
  • Identifying significant tax credits and incentives available for business operations
  • Compliance during the preparation, amendment, or extension of tax return

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