Preparing Tennessee Combined Financial Institution Franchise and Excise tax returns (1120)

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Use this procedure to ensure the correct preparation of Tennessee Combined Financial Institution Franchise and Excise tax returns.

  1. Add Tennessee to the parent client, the eliminations client (if applicable), and the subsidiaries. Complete all data entry for these member clients. Each member’s state return should be complete and correct before proceeding to the next step.

    Note: Apportionment data entry must be completed for each member client, even if the client is 100 percent in-state. Apportionment data entry is accessed through View > Apportionment.

  2. In the parent client return, choose the File > Client Properties > Tennessee tab, and mark the Parent company checkbox. Click OK to close the Client Properties dialog. A Unitary input screen folder is now available in the list of Tennessee input screen folders.
  3. In each subsidiary client return and the eliminations client return (if applicable), choose the File > Client Properties > Tennessee tab, and enter the EIN of the parent client in the Parent company EIN field.
  4. Print preview each subsidiary client return and the eliminations client return (if applicable) to prepare the member state return information to share data into the parent company return.
  5. Open the parent company client return and navigate to the Tennessee input screens. The Data Sharing – Pending Updates dialog opens listing each subsidiary client and the eliminations client (if applicable) available to share data.

    Note: A client will not be listed in the Data Sharing dialog if you did not perform both steps 3 and 4 above or if the member client does not have a numeric EIN entered in the Federal tab in View > Client Properties.

  6. Select the first member and press the Add Unit button at the bottom of the Data Sharing dialog. You will now see a list of the data to be imported into the parent company client return. Click the Accept and import new source data option and press the Accept button at the bottom of the dialog. Repeat this step for each member of the unitary group.

    Note: If the unitary group return contains members not available to share data, you can add a unit of the Unitary input screens by selecting Edit > Add Unit in Screen TNUGen.

  7. Click the Tennessee Unitary input screen folder. There is now a separate unit of the Unitary input screens for each member client with shared data in step 6.
  8. Review each unit of the Unitary input screens and complete any necessary data entry.
  9. Print and review the Tennessee Combined Form FAQ 174 Franchise and Excise tax return.

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