Texas Franchise Tax Forms and Instructions for 2023
This file contains important information and instructions for Texas Franchise Tax reporting. It includes forms such as the Ownership Information Report (OIR) and the E-Z Computation Report. Essential for entities needing to comply with Texas tax regulations.
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How do I fill this out?
Filling out this form correctly is crucial for compliance with Texas tax regulations. Begin by carefully reading the instructions and ensuring you have all necessary information. Detailed guidance will follow to help you complete each section accurately.
How to fill out the Texas Franchise Tax Forms and Instructions for 2023?
1
Read the instructions thoroughly before starting.
2
Gather all necessary information and documents.
3
Complete each section of the form carefully.
4
Double-check for accuracy and completeness.
5
Sign and submit the form as instructed.
Who needs the Texas Franchise Tax Forms and Instructions for 2023?
1
Professional associations need this form for franchise tax reporting in Texas.
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Partnerships must file this form to comply with state tax regulations.
3
Trusts use this form to fulfill their tax reporting obligations.
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Entities with annualized total revenue of $10 million or less use the E-Z Computation Report.
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Combined groups must complete the necessary schedules and forms for accurate franchise tax reporting.
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What are the instructions for submitting this form?
Submit the completed form by mailing it to the Texas Comptroller's office at: Comptroller of Public Accounts, P.O. Box 149348, Austin, TX 78714-9348. Alternatively, forms can be filed electronically through the Texas Comptroller's website. It is advisable to retain copies of all submitted documents for your records. Ensure timely submission to avoid penalties.
What are the important dates for this form in 2024 and 2025?
Franchise tax reports for the calendar year 2023 and initial reports due in 2024 are generally due by May 15, 2024. An extension request can be filed until November 15, 2024.
What is the purpose of this form?
The purpose of this form is to ensure compliance with Texas state franchise tax regulations. It helps various taxable entities such as professional associations, partnerships, and trusts report their franchise tax obligations accurately. Proper submission of these forms maintains the entity's good standing in Texas and avoids potential penalties.
Tell me about this form and its components and fields line-by-line.
- 1. General Partner Information: Details of each general partner, including name, title, and mailing address.
- 2. Ownership Interest: Information about any person or entity owning an interest of ten percent or more.
- 3. Registered Agent: Details of the entity's registered agent in accordance with Texas Tax Code Sec. 171.354.
- 4. Gross Receipts or Sales: Total gross receipts or sales as required in the E-Z Computation Report.
- 5. Dividends: Reported dividends as per Form 05-158-A.
- 6. Interest: Interest amounts as per Form 05-158-A instructions.
- 7. Rents: Income from rents as per Form 05-158-A instructions.
- 8. Royalties: Amounts from royalties as specified in the related instructions.
- 9. Gains/Losses: Details of gains or losses as per Form 05-158-A instructions.
- 10. Other Income: Additional income sources as per Form 05-158-A instructions.
- 11. Exclusions: Exclusions from gross revenue, excluding COGS or compensation amounts.
- 12. Total Revenue: Calculation of total revenue as described in the instructions.
- 13. Apportionment Factor: Factor for apportioning revenue based on Texas and overall gross receipts.
- 14. Tax Due: Computation of tax due before and after applying discounts and exclusions.
What happens if I fail to submit this form?
Failing to submit this form can result in serious penalties and forfeiture of the right to do business in Texas.
- Penalties: Penalties for late submission can include a five percent initial penalty, with an additional five percent if more than 30 days delinquent.
- Interest: Interest will be assessed on any unpaid tax amounts beginning 60 days after the due date.
- Legal Forfeiture: The entity may lose the right to transact business, sue, or defend in Texas courts.
How do I know when to use this form?
- 1. Ownership Information Report: Required for taxable entities other than legally formed corporations or financial institutions.
- 2. E-Z Computation Report: Used by entities with annualized total revenue of $10 million or less.
- 3. Registered Agent Update: To report changes in registered agents or offices.
- 4. Gross Receipts Reporting: Necessary for calculating and reporting gross receipts.
- 5. Revenue Apportionment: Details the apportionment of revenue for tax calculations.
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