Annual Franchise Tax Report Due May 15.If May 15 falls on a weekend or holiday, the due date will be the next business day. These extensions are automatic; taxpayers don't need any specific action. If the IRS sends a notice of late payment or filing penalties to an affected taxpayer (despite the automatic extension), the IRS recommends contacting the IRS at the appropriate number that will appear on the notice. If you have any questions about tax deadlines, tax deduction, or navigating tax law updates, contact Lynn Butler, Doug Jones, Albert Lin, or your Husch Blackwell attorney.
Sign up for news and ideas from Husch Blackwell. Texas Comptroller annually applies Texas Franchise Tax to all taxable entities doing business in the state. The tax is based on the entity's margin and can be calculated in a number of different ways. Every business in Texas must file an Annual Franchise Tax Report by May 15 of each year.
Fourth Quarter Individual Estimated Tax Payments Jan. 15.January 31 Filing Deadline for Forms 941, 940. Remember that filing Texas Form 05-164 only gives you an extension to file your annual Texas franchise tax report. If you have questions about relief available in other states where Texas taxpayers can file a return, contact your Cherry Bekaert advisor or Cathie Stanton, state and local tax leader.
All Rights Reserved Unless otherwise noted, attorneys are not certified by the Texas Board of Legal Specialization. Texas franchise tax is imposed on every taxable entity formed or organized in Texas or doing business in Texas. Leffingwell is a tax attorney in the firm's Tax Planning %26 Controversy, Estate Planning %26 Trusts and Real Estate practice groups. Total income is calculated by taking the amounts of income reported for federal income tax and subtracting statutory exclusions.
If you are unable to file your Texas franchise tax report by the extended due date of August 15, you can request a second extension by re-filing Texas Form 05-064 by August 15, which will extend your final filing deadline to November 15.Such taxpayers must pay 90% of the tax due for the current year, or 100% of the declared tax due for the previous year, with the extension request. If you have questions about any additional relief that may be available to affected taxpayers, contact your Cherry Bekaert advisor. In the event that you are unable to file your Texas franchise tax report by the due date, you can request an extension by filing Texas Form 05-164, Texas Franchise Tax Extension Request, which will extend its due date to August 15.Submit any estimated taxes you must pay with Texas Form 05-164 by May 15 to avoid potential late payment penalties. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment, or deposit date that falls within the deferral period, the taxpayer should contact their Cherry Bekaert advisor for help reducing fine.
They must pay 90% of the tax due for the current year, or 100% of the declared tax due for the previous year, with the extension request. More information on extensions to Texas franchise tax reporting can be found on the Comptroller of Public Accounts Texas Taxes website “Texas Taxes”. The IRS automatically provides filing and payment relief to any taxpayer with a registered IRS address located in the disaster area. .