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

Taxpayers must maintain records that can be used to determine their franchise and excise tax liability. 2. Key Content & Procedures 167.part1.rar

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) If a taxpayer files a consolidated federal return,

Ensure all financial records, including federal RARs, are organized and securely maintained for at least the duration of the statue of limitations. including federal RARs

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