- Texas franchise tax is filed with the Texas Comptroller's Office.
- Filing methods include Franchise Tax Webfile, tax software providers or printable reports.
- You can pay via credit card, tax software, or Texnet (if you pay more than $100K/yr)
How to file franchise tax?
- All entities that are subject to franchise tax must file in 1 of 3 ways:
- No tax due information report
- E-Z Computation
- Long Form
- All entities that file a franchise tax report must also file an information report
When to file franchise tax?
- Annual Report and payment due May 15th each year
What are penalties for filing/paying late?
- Late filing results in an initial $50 dollar late fee (even if no tax due)
- Penalty of 5% of tax due if payed late
- Additional 5% of tax due after 30 days
- Interest begins accruing at 60 days @ prime + 1%
- If franchise tax report and req’d information report not filed, and/or tax not paid within 45 days of the due date, its powers, rights and
its right to transact business may be forfeited
What the heck is a comptroller?
- A comptroller is a management level position responsible for supervising the quality of accounting and financial reporting of an organization.
- In charge of Taxes, Purchasing, Education, Finances & Economy