Exemptions to Tennessee Franchise and Excise Tax

[Christy Osterkamp]

Hello Fellow BP'ers,

As a fairly new Tennessee LLC, we received a "final notice" from Tennessee Department of Revenue requesting $646 for Franchise and Excise taxes and late fees.

When I called the Dept of Revenue, I was told the amount was an estimate based upon the lack of filing, so I should register online, and file the form, then they would tell me what I really owed.

The form is 8 pages, and is so complex that it should require a CPA to decifer it.  However, I did an internet search and found that there is an exemption for FAMILY OWNED, NON CORPORATE Entities (otherwise known as FONCE), that we could apply for.  The form to request exemption is four pages long!

We are still waiting to find out if the exemption makes it unnecessary to file the 8 page form.

Does anyone have any experience with this?  I considered myself an informed investor, then something like this comes along and makes my head swim.

Thanks for sharing your knowledge and experience!