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If you have any questions regarding your corporation franchise or income tax refund, you may call (866) 947-7363 or check online at revenue.wi.gov/Pages/Apps/TaxReturnStatus.aspx. What kind of corporate tax does Wisconsin have, and what are the tax rates? Wisconsin has both a franchise tax and an income tax.
Corporations pay franchise tax if they meet any of the following: Incorporated or organized in California. Qualified or registered to do business in California. Doing business in California, whether or not incorporated, organized, qualified, or registered under California law.
Schedule M is used to report differences between federal and Wisconsin income. These differences are called modifications and may affect the amount you report on lines 15 and 28 of Form 1NPR.
1 adjustments: reconciliation of book and taxable income (income and deductions.) Differences exist because of the difference in GAAP and tax law. Deferred tax assets and deferred tax liabilities: book assets or book liabilities involving deferred tax amounts.
' Any taxes assessed upon information not contained in records required by the department under s. 71.80 (9) to be kept by any person subject to an income or franchise tax shall carry a penalty of 25 percent of the amount of the tax.
States requiring franchise tax The states are Alabama, Arkansas, California, Delaware, Georgia, Illinois, Louisiana, Mississippi, Missouri, Minnesota, Nevada, New Hampshire, New York, North Carolina, Oklahoma, Tennessee, Texas, Vermont, and the District of Columbia.
Wisconsin also has a flat 7.90 percent corporate income tax rate. Wisconsin has a 5.00 percent state sales tax rate, a max local sales tax rate of 1.75 percent, and an average combined state and local sales tax rate of 5.43 percent. Wisconsin's tax system ranks 27th overall on our 2023 State Business Tax Climate Index.