Instructions for Form ET-1 Financial Institution Excise Tax - Alabama

Form ET-1 Financial Institution Excise Tax Return - Alabama

This document contains official instructions for Form ET-1 , Financial Institution Excise Tax - a form released and collected by the Alabama Department of Revenue. An up-to-date fillable Form ET-1 is available for download through this link.

FAQ

Q: What is Form ET-1?A: Form ET-1 is the Financial Institution Excise Tax form that needs to be filed by financial institutions in Alabama.

Q: Who needs to file Form ET-1?A: Financial institutions operating in Alabama need to file Form ET-1.

Q: What is the purpose of Form ET-1?A: The purpose of Form ET-1 is to report and pay the Financial Institution Excise Tax, which is imposed on financial institutions by the state of Alabama.

Q: How often do financial institutions need to file Form ET-1?A: Financial institutions need to file Form ET-1 annually.

Q: What information is required to complete Form ET-1?A: To complete Form ET-1, financial institutions need to provide information such as their gross receipts, net income, and any tax credits they are claiming.

Q: When is Form ET-1 due?A: Form ET-1 is due on or before the last day of the fourth month following the close of the financial institution's taxable year.

Q: Are there any penalties for late or incorrect filing of Form ET-1?A: Yes, there are penalties for late or incorrect filing of Form ET-1. Financial institutions may be subject to interest charges and penalties for failure to file or pay the tax on time.