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The Comptroller's office has amended Rule 3. Additionally, a foreign taxable entity with a Texas use tax permit is presumed to have nexus and is subject to Texas franchise tax. The Texas franchise tax is a privilege tax imposed on each taxable entity formed or organized in Texas or doing business in Texas.
For general information, see the Franchise Tax Overview. Franchise tax rates, thresholds and deduction limits vary by report year. Nonprofit corporations that file Form otherwise due on May 17, , will have until June 15, , to file such returns as well. Extensions may still be submitted for the normal extended due dates i. Extensions will not need to be filed until June 15, , however.
To date, the Texas Comptroller has not extended the normal May 15, , due date for Texas franchise tax returns and the accompanying Texas franchise tax. These extensions are automatic; no specific action is needed by taxpayers.
If the IRS sends any late payment or filing penalty notices to an affected taxpayer despite the automatic extension , the IRS advises contacting the IRS at the appropriate number that will be listed on the notice. A taxable entity that uses a 52 - 53 week accounting year end and has an accounting year ending the first four days of January of the year in which the annual report is originally due may use the preceding December 31 as the date through which taxable margin is computed.
If the period used to compute business done for purposes of the annual report differs from the taxable entity's last accounting period for federal income tax purposes, then the taxable entity's total revenue for purposes of the annual report shall be computed as if the taxable entity had reported its federal taxable income on an Internal Revenue Service form covering the period used to compute business done for purposes of the annual report.
The privilege period for an annual report is January 1 through December 31 of the year in which the annual report is originally due. A final tax report and payment of the additional tax are due within 60 days after the taxable entity no longer has sufficient nexus with Texas to be subject to the franchise tax.
A Annual report. B Final report.
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