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FAQ Categories: Financial Institution Excise Tax

What are the reporting requirements to amend a previously filed return?

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

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When is electronic funds transfer (EFT) filing required?

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

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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 unit at 1-877-256-2447 or (334) 353-7659. For more information on EFT, please go to ADOR’s

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What taxes are allowed as credits?

State, county and city sales and use taxes paid on tangible personal property purchased and paid for by the institution for its consumption; State utility taxes paid on telephone, electrical power, gas or water; Rental or leasing taxes paid directly to the State for the privilege of leasing tangible personal

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What types of interest income is taxable?

Interest income taxable for federal purposes, including interest from loans and discounts, obligations of the United States Government, and State, county, and municipal interest income from loans and securities that is exempt for federal income tax purposes.

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