For corporations, Wisconsin has a couple of filings that resemble franchise taxes, either in name or format, that are typically filed by an accountant: an annual report filing and a franchise tax filing.
Foreign-registered corporations in Wisconsin must report on "Capital representation" in Wisconsin on the state's annual report (Form Corp18), which is used to calculate the filing fee. It requires detailed financial information; as a result, this is typically filed by an accountant.
Foreign corporations must file their annual report by March 31 each year.
The first annual report is due during the first calendar quarter following the entity's initial registration in Wisconsin.
For example, if the entity registered in Wisconsin on February 1, the first annual report would be due March 31 of the following year, and then annually by March 31 thereafter.
Failure to file the annual report can result in administrative dissolution or revocation of authority to do business in Wisconsin.
Wisconsin also has franchise taxes that must be filed each year for certain entities. Wisconsin’s franchise tax more closely resembles corporate income taxes than the average franchise tax filing in other states. The state has a concise Q&A on corporate taxes on its website.
For corporations, Wisconsin franchise taxes are typically filed by an accountant, as they are virtually identical to corporate income taxes. A corporation will only pay franchise taxes or corporate income taxes in a given year, not both.
Talk to your tax accountant to determine which tax you may owe. Franchise tax applies to foreign corporations (that are not tax-exempt) doing business in Wisconsin, as well as to domestic corporations.
Certain entities are exempt from Wisconsin franchise and income taxes, including:
Consult with your tax advisor to determine if your entity qualifies for any exemptions.
Form 4 and 6 (Corporation franchise or income tax return) are due:
Wisconsin imposes penalties for late or missed franchise tax filings, including:
Wisconsin's dual reporting requirements (annual reports to DFI and franchise taxes to DOR) create ongoing compliance obligations that multiply when managing entities across multiple states.
While Discern does not file Wisconsin franchise taxes (these require an accountant due to the detailed financial information involved), Discern can file your Wisconsin annual reports, notify you when franchise taxes are due, and provide guidance and tracking to help you stay compliant.
Ready to simplify your multi-state compliance? Book a demo to see how Discern streamlines entity management across all 50 states and DC.
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