The Full Retirement Age Is Increasing Full retirement age (also called normal retirement age) had been 65 for many years. However, beginning with people born in 1938 or later, that age gradually increases until it reaches 67 for people born after 1959.
Franchise Tax. Franchise taxes are fees that companies must pay for the privilege of doing business in a particular state or city. (Despite the name, they don't apply just to franchises.) Franchise taxes are not based on profit, meaning that even companies that lose money or only break even must pay them.
The corporation must use the assets as of the first day of the taxable period. For example, a calendar 2015 franchise tax return is based on assets as of December 31, 2014 or January 1, 2015 and it covers the taxable period from January 1, 2015 to December 31, 2015.