Alabama Annual Report Requirement Update
Entities registered in Alabama must be aware of the recent amendment to the annual report requirement. This blog post will provide an overview of the previous requirements, explain the changes made, discuss the filing process, and offer tips for success.
Previous Annual Report Requirements
Previously, all entity types in Alabama were obligated to file an annual report alongside their Business Privilege Tax Return, which was submitted to the Alabama Department of Revenue. Annual reports were due to be submitted no later than March 15 of each year following the calendar year of initial registration.
Changes in the Annual Report Requirement
As of January 1, 2024, the annual report filing process has been modified. The Alabama Secretary of State’s Business Services Division will now process annual reports for Domestic and Foreign For-Profit Corporations and Professional Corporations.
With this new change, all other entity types, such as Limited Liability Companies (LLCs), are no longer required to file an annual report.
Key Deadlines and Filing Process
Along with the new requirement comes a new filing process. The Alabama Secretary of State’s website now provides a digital and printable form for the annual report. The filing fee for the annual report is $10 per report. The annual report due date of March 15, each year following the calendar year of initial registration, will remain the same.
How to Prepare
To ensure successful compliance with the new annual report requirement, here are a few practical tips for Alabama business owners:
- Stay informed: Regularly check the Alabama Secretary of State’s website for any updates or changes in the filing process or requirements.
- Mark key dates: Add the annual report filing deadline to your calendar and set reminders to ensure timely submission.
- Double-check information: Review all the details before submitting the report to ensure accuracy and completeness.
- Seek professional assistance if needed: Harbor Compliance’s Managed Annual Report Service can help save time and ensure on-time filing. Contact us today to learn more.
