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It is highly recommended to make a copy of any signed, amended, or revised tax forms before returning them to the auditor. 3. Related Tax Considerations (As of 2025-2026)

Franchise tax is calculated based on the taxpayer's net worth, which is total assets minus total liabilities, derived from records. 4. Best Practices

If a taxpayer files a consolidated federal return, a reconciliation reflecting all adjustments for each entity is generally required. 167.part1.rar

For tax years ending on or after December 31, 2024, a standard excise tax deduction is available, which is the lesser of net earnings or $50,000.

Taxpayers are often requested to provide pertinent pages from the federal RAR, along with schedules detailing changes affecting the specific taxpayer. It is highly recommended to make a copy

"RAR" stands for Revenue Agent Report, which details changes resulting from a federal tax examination.

In Tennessee, any tax return open under the statute of limitations is subject to either a field audit or an office audit. Taxpayers are often requested to provide pertinent pages

Retain documentation explaining how consolidated federal returns are reconciled with state-specific liability. To make this content more useful, could you tell me: Is this in the context of a personal or business audit? I can refine this information based on your specific needs. Franchise and Excise Tax Manual - June 2025 - TN.gov