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Frequently Asked Questions

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Category /Tax
Showing (33) FAQs
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Is there a limitation on the amount of contributions deductible?
Electronic Payment Options Available
Since Credit Unions do not have Federal Taxable Income, what should a credit union report on the Form ET-1 line 1 Federal Taxable Income?
How should a multi-state financial institution apportion its income to Alabama?
What steps can be taken to verify that a financial institution is in compliance with Alabama’s filing requirements?
Is there a time limitation to file my financial institution excise tax return with a request for a refund?
Who may file consolidated returns?
Can an election to file a consolidated return be revoked?
Can a financial institution elect to file a consolidated Alabama Financial Institution Excise Tax Return?
Does Alabama have a minimum financial institution excise income tax?
What is the correspondence mailing address for the Financial Institution Excise Tax Section?
What taxes are allowed as credits?
How do I claim a business credit?
What are the reporting requirements as the result of an IRS audit?
What are the reporting requirements to amend a previously filed return?
When is electronic funds transfer (EFT) filing required?
Can a financial institution request a waiver of penalties incurred for excise tax?
Does our financial institution have Nexus in Alabama?
What types of interest income is taxable?
Where can I find more information pertaining to consolidated financial institution excise tax returns?
What is the current tax rate?
What is the mailing address for Form ET-1/ET-1C?
Does Alabama require estimated tax payments for financial institutions?
Does Alabama allow calculations to determine interest and penalty due to underpayments of estimated tax?
How should financial institutions treat NOLs?
Does Alabama provide for a federal income tax deduction?
Are deductions for dividends allowed?
Is interest expense allowed as a deduction?
What are the recent law changes that affect filing a financial institution excise tax return?
Am I required to register a financial institution excise tax account?
What is Financial Institution Excise Tax?
Who must file a Financial Institution Excise Tax return? (Form ET-1)
Does Alabama allow an extension of time to file?