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Screen TNLLCGen - Tennessee Single Member LLC - General Information (1040)

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Overview

Use this screen to enter information for Form FAE 170, Franchise Excise Tax Return. For detailed information on creating LLC activities, select the Processing 1040 Tennessee returns and frequently asked questions link.

Activity Information

This section displays the entity information for activities included in the Limited Liability Company. The
Activities included in LLC
 statement dialog lists all federal activities included in the LLC. If no data is present in the statement dialog, the LLC is a state unit only activity, no federal data entry is transferred to the LLC.
Create an LLC with no federal activity
Enter
X
 to create an LLC activity when the LLC account number is not included on any federal activity input screen. All information for this return must be entered in the Tennessee screens.

Miscellaneous

LLC Name (Force)
Use this field to enter a name for the LLC different than the
Activity Description
 field in the first line of the
Activities included in LLC
 statement dialog.
Address (Force)
UltraTax CS defaults to the business address entered in federal C Screen for the first unit included in the
Activities included in LLC
 statement dialog. If there are no Schedule C activities included in the LLC, or no business addresses entered in federal C Screen, the address in federal 1040 Screen is used. Use these fields to enter a different address.
Federal identification number or social security number (Force)
UltraTax CS uses the first federal employer identification number in the activities included in the
LLC
 statement dialog if present; when no FEIN is present, the Social Security number of the member is used. Use this field to enter a different identification number.
Public Law 86-272 applies to Excise Tax
Enter
X
 when the return is exempt from excise tax due to application of Public Law 86-272. When this box is marked, Form FAE 170, Page 1, displays zero for excise tax, and marks the appropriate checkbox.
If a final return, provide schedule of liquidation, distribution, or disposition of all assets
Enter liquidation, distribution, or disposition of asset information in this statement dialog. When information is entered in this statement dialog, UltraTax CS automatically marks the final return field on Form FAE 170.
Principal business activity code (Force)
UltraTax CS defaults to the principle business activity code of the first federal Schedule C included in the LLC. Use this field to enter a PBA code if different.
Date operations began / ... / Short period return (Force)
Enter the date operations began for Form 170, Page 1, if this information was not proforma'd from the prior year. UltraTax CS assumes the end of the tax year is December 31st when the
Date operations ended
 field is blank. UltraTax CS automatically calculates the short year limitation when the beginning and ending dates of operation are less than 12 months apart.
Client does not want forms mailed next year
Enter
X
 to indicate that the taxpayer does not need forms mailed next year.
Taxpayer telephone number
Enter the taxpayer telephone number to be included on the Application for Form 170 Exemption Franchise and Excise Taxes and on the LLC's Form INC 250, Individual Income Tax Return. The option in the Setup, 1040 Individual, Other Return Options, and then Return tab is not required to be marked.
Inactive in Tennessee
Enter
X
 to indicate the LLC is inactive in the current year and not subject to excise tax. Form FAE 170 prints only Page 1 including the minimum franchise tax and payments made.
General footnote
Entries in this statement dialog proforma from the prior year. The general footnote appears as a separate item in each collation. This statement may be printed and attached to the return for informational purposes.

Filing Instructions

UltraTax CS does not make the determination as to whether Electronic Fund Transfer (EFT) is required by the state for this client. Enter
X
 in the appropriate field for the franchise, excise tax return, extension of time to file, or quarterly tax declaration filing instructions after EFT is set up to print filing instructions indicating payments are to be made via EFT.
Any return filed electronically is required to make all payments electronically. Electronic funds withdrawal as designated in an e-file and EFT are both considered electronic payments.

Application for Exemption

Use this section to complete one of the Application for Exemption Franchise and Excise Tax forms. Data entry in the
Reason for requesting exemption
 field in this section suspends the calculation of Form 170 and prints the application form. Other than the
New exemption
 field, all information in this section and all prior carryover information for Form 170 proformas to next year. To calculate and print Form 170, remove the entry in the
Reason for requesting exemption
 field. Exemption returns are not eligible for electronic filing.

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