Welcome to Compliance Dos & Don’ts, where experts share their licensing and compliance knowledge. Today, Tameika Johnson, Annual Returns & Corporate Tax Filings Supervisor at Insurance Licensing Services of America, Inc., shares her dos and don’ts for franchise taxes. Her secret for success: Start by determining if you have nexus in a state. Don’t assume that you don’t have nexus just because you don’t have a brick-and-mortar office or employees there.
And if you only learn one thing from this podcast, let it be this: Franchise tax requirements can apply to BOTH resident and foreign (or non-resident) business entities.