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  • Am I required to register a financial institution excise tax account?

Am I required to register a financial institution excise tax account?

I am a financial institution new to Alabama with my first payment and/or return due in the current filing period. Am I required to register a financial institution excise tax account?

Yes, if you are a new entity without an ADOR taxpayer account, a new taxpayer/account registration application is required to be completed using My Alabama Taxes (MAT). For information required to register, click on the following link: https://revenue.alabama.gov/business-registration/ and click on the New Entities tab.

If you are an existing entity without a MAT tax account, visit MAT to request a new tax account. To request to add a new tax account, click on the following link: https://revenue.alabama.gov/business-registration/ and click on the Existing Entities tab.

Yes, if you are a new entity without an ALDOR taxpayer account, a new taxpayer/account registration application is required to be completed through the My Alabama Taxes portal. For information required to register, visit https://www.revenue.alabama.gov/entity-registration/register-a-business/.

If you are an existing entity without a My Alabama Taxes tax account, visit My Alabama Taxes to request a new tax account. For more information, visit https://www.revenue.alabama.gov/entity-registration/register-a-business/.

Related FAQs in Financial Institution Excise Tax

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 include, but not limited to, Form 4549-A, 4549-B and Form 870,
  • A copy of the Form ET-1/ET-1C as originally filed, and
  • Federal form as originally filed and/or amended.
  • If the financial institution is part of a consolidated group, the following information is required along with the above information:
  • A listing of the IRS adjustments made to each company in the consolidated group,
  • A copy of the Federal Form 851, Affiliations Schedule,
  • A copy of the income statement spread for every company, and
  • A copy of the consolidated Federal 1120 as originally filed and/or amended.

If the IRS audit results in a refund, the request for refund must be made within one year from the date of final determination of the IRS audit. If the audit results in additional tax due, the department can assess the additional tax within one year after the department has been notified.

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 cause unnecessary expenses.

Section 41-1-20 requires electronic payments if your tax liability is $750.

Electronic Payment Options Available:

ACH Credit – Taxpayers may remit tax payments by electronic funds transfer (EFT). The taxpayer must be pre-approved by ALDOR. 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, visit ALDOR’s Pay by EFT/ACH Page.

ACH Debit – Taxpayers making e-payments via ACH Debit must have a Sign On ID and Access Code to login to My Alabama Taxes. Pre-registration is not necessary to make a payment on an invoice or assessment.

New taxpayers, who have recently registered with the Alabama Secretary of State, will receive an Online Filing Information letter. The Online Filing Information letter is for “information purposes” and provides the taxpayer with a Sign On ID and Access Code which permits access to My Alabama Taxes.

Alabama Interactive – ALDOR will accept e-payments for estimated and automatic extension payments through Alabama Interactive. Visit Tax Estimation or Tax Extension.

Payments less than $750 not remitted electronically must be remitted with Form FIE-V. DO NOT MAIL FORM FIE-V IF THE PAYMENT IS REMITTED ELECTRONICALLY. To obtain Form FIE-V visit revenue.alabama.gov.

 

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 Make A Payment Page.

ACH Debit – Taxpayers making e-payments via ACH Debit must have a Sign On ID and Access Code to login to My Alabama Taxes (MAT) . Pre-registration is not necessary to make a payment on an invoice or assessment.

New taxpayers, who have recently registered with the Alabama Secretary of State, will receive an Online Filing Information letter. The Online Filing Information letter is for “information purposes” and provides the taxpayer with a Sign On ID and Access Code which permits access to My Alabama Taxes (MAT) via Internet.

Alabama Interactive – The Department will accept e-payments for estimated and automatic extension payments through Alabama Interactive. Visit Tax Estimation or Tax Extension .

Payments less than $750 not remitted electronically must be remitted with Form FIE-V. DO NOT MAIL FORM FIE-V IF THE PAYMENT IS REMITTED ELECTRONICALLY. To obtain Form FIE-V visit

Forms

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 and reported to the Internal Revenue Service as a tax exempt organization and to the Alabama Credit Union Administration (ACUA), or other government regulatory authority.”

In support of Line 1, Credit Unions will need to submit with Form ET-1 a copy of Federal Form 990/990T and the Call Report submitted to the National Credit Union Association (NCUA), or other reporting/insuring entity such as American Share Insurance (ASI).

Yes, the taxpayer can submit the Alabama Form PWR after paying all tax and interest due. The PWR does not guarantee relief of penalty. To obtain Form PWR visit revenue.alabama.gov.