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View All Financial Institution Excise Tax FAQs

Am I required to register a financial institution excise tax account?

I am a financial institution new to Alabama with my first payment and/or return due in the current filing period. Am I required to register a financial institution excise tax account?

Yes, if you are a new entity without an ADOR taxpayer account, a new taxpayer/account registration application is required to be completed using My Alabama Taxes (MAT). For information required to register, click on the following link: https://revenue.alabama.gov/business-registration/ and click on the New Entities tab.

If you are an existing entity without a MAT tax account, visit MAT to request a new tax account. To request to add a new tax account, click on the following link: https://revenue.alabama.gov/business-registration/ and click on the Existing Entities tab.

Yes, if you are a new entity without an ALDOR taxpayer account, a new taxpayer/account registration application is required to be completed through the My Alabama Taxes portal. For information required to register, visit https://www.revenue.alabama.gov/entity-registration/register-a-business/.

If you are an existing entity without a My Alabama Taxes tax account, visit My Alabama Taxes to request a new tax account. For more information, visit https://www.revenue.alabama.gov/entity-registration/register-a-business/.

Related FAQs in Financial Institution Excise Tax

Amended returns should be completed in full and accurately. Amended returns should include a detailed explanation for filing the amended return, supporting documentation to validate amended changes, and computation of the additional amount due or refund due. Blank or partially completed revenue forms require special handling that delays processing and cause unnecessary expenses.

Section 41-1-20, Code of Ala. 1975, requires electronic payments if your tax liability is $750.

Electronic Payment Options Available:

ACH Credit – Taxpayers may remit tax payments by electronic funds transfer (EFT). The taxpayer must be pre-approved by ALDOR.  For more information on EFT, visit ALDOR’s Pay by EFT/ACH Page.

ACH Debit – Taxpayers making e-payments via ACH Debit who have an active revenue tax account can log in to My Alabama Taxes. Taxpayers can also use the “Make a payment” link to make non-logged in payments.  Pre-registration is not necessary to make a payment on an invoice or assessment.

New taxpayers, who have recently registered with the Alabama Secretary of State, will receive an Online Filing Information letter. The Online Filing Information letter is for “information purposes” and provides the taxpayer with a Sign On ID and Access Code which permits access to My Alabama Taxes.

Payments less than $750 not remitted electronically must be remitted with Form FIE-V. DO NOT MAIL FORM FIE-V IF THE PAYMENT IS REMITTED ELECTRONICALLY. To obtain Form FIE-V visit revenue.alabama.gov.

 

ACH Credit – Taxpayers may remit tax payments by electronic funds transfer (EFT). The taxpayer must be pre-approved by ALDOR. For more information on EFT, please go to ALDOR’s Make A Payment page.

ACH Debit – Taxpayers making e-payments via ACH Debit who have an active revenue tax account can log in to My Alabama Taxes. Taxpayers can also use the “Make a payment” link to make non-logged in payments.  Pre-registration is not necessary to make a payment on an invoice or assessment.

New taxpayers, who have recently registered with the Alabama Secretary of State, will receive an Online Filing Information letter. The Online Filing Information letter is for “information purposes” and provides the taxpayer with a Sign-On ID and Access Code which permits access to My Alabama Taxes.

Payments less than $750 not remitted electronically must be remitted with Form FIE-V. DO NOT MAIL FORM FIE-V IF THE PAYMENT IS REMITTED ELECTRONICALLY. To obtain Form FIE-V visit

Forms

Credit Unions will enter their financial statement net income on Form ET-1 Line 1.

Section 40-16-1.3, Code of Alabama 1975, states that the net income for Credit Unions is the “financial statement income which is the final net income amount, total revenue less total expenses, calculated for financial statement purposes and reported to the Internal Revenue Service as a tax exempt organization and to the Alabama Credit Union Administration (ACUA), or other government regulatory authority.”

In support of Line 1, Credit Unions will need to submit with Form ET-1 a copy of Federal Form 990/990T and the Call Report submitted to the National Credit Union Association (NCUA), or other reporting/insuring entity such as American Share Insurance (ASI).

Yes, the taxpayer can submit the Alabama Form PWR after paying all tax and interest due. The PWR does not guarantee relief of penalty. To obtain Form PWR visit revenue.alabama.gov.

 

Yes. The federal limit is 10% of the federal taxable income without the benefit of the deduction.