Can a financial institution request a waiver of penalties incurred for excise tax?
Yes, the taxpayer can submit the Alabama Form PWR after paying all tax and interest due. The PWR does not guarantee relief of penalty.
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Yes, the taxpayer can submit the Alabama Form PWR after paying all tax and interest due. The PWR does not guarantee relief of penalty.
Yes. The federal limit is 10% of the federal taxable income without the benefit of the deduction.
To report changes made by the IRS, a corporation shall file an amended Form ET-1 for the specific tax period. The following information MUST be included with the amended return (see above and Regulation 810-3-40-.01(4)): A complete copy of the finalized revenue agent’s report (RAR) provided by the IRS to
Amended returns should be completed in full and accurately. Amended returns should include a detailed explanation for filing the amended return, supporting documentation to validate amended changes, and computation of the additional amount due or refund due. Blank or partially completed revenue forms require special handling that delays processing and
Section 41-1-20 requires electronic payments if your tax liability is $750.00. Electronic Payment Options Available: ACH Credit – Taxpayers may remit tax payments by electronic funds transfer (EFT). The taxpayer must be pre-approved by ADOR. To register, complete and submit Form EFT: EFT Authorization Agreement Form or call the EFT
ACH Credit – Taxpayers may remit tax payments by electronic funds transfer (EFT). The taxpayer must be pre-approved by ADOR. To register, complete and submit Form EFT: EFT Authorization Agreement Form or call the EFT unit at 1-877-256-2447 or (334) 353-7659. For more information on EFT, please go to ADOR’s
Credit Unions will enter their financial statement net income on Form ET-1 Line 1. Section 40-16-1.3, Code of Alabama 1975, states that the net income for Credit Unions is the “financial statement income which is the final net income amount, total revenue less total expenses, calculated for financial statement purposes
Mail correspondence to: Alabama Department of Revenue Income Tax Administration Division Financial Institution Excise Tax Section P.O. Box 327900 Montgomery, AL 36132-7900
Mail returns and payment vouchers to: Alabama Department of Revenue Income Tax Administration Division Financial Institution Excise Tax P.O. Box 327439 Montgomery, AL 36132-7439 Mail Consolidated Returns, Form ET-1C and Proforma Form ET-1 and Payments to: Alabama Department of Revenue Income Tax Administration Division Financial Institution Excise Tax P.O. Box
Yes. If your tax liability is $500 or more, you are required to make estimated tax payments. Please refer to Alabama Code Section 40-16-5.1 for details on the specific requirements.