Form 05-166, 2024 Texas Franchise Tax Affiliate Schedule for Final Report-2025

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The document outlines the reporting requirements for a taxpayer entity in Texas, including details on gross receipts, cost of goods sold, and franchise tax obligations. It emphasizes the need to report common owner information for combined groups with business loss carryforwards and specifies that an information report must be filed for each affiliate organized or having a physical presence in Texas.

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What is the due date for a Texas franchise tax return in 2024?

Annual Franchise Tax Reports The annual franchise tax report is due May 15. If May 15 falls on a weekend or holiday, the due date will be the next business day.

Who is required to file a sales tax return in Texas?

In addition to meeting economic nexus thresholds, if a business has employees, an office, or a warehouse located in Texas and is selling taxable goods and/or services, the business must collect sales taxes on all taxable transactions, file returns, and pay the appropriate amount to the state.

Who needs to register with Texas Comptroller?

If you are conducting business in Texas, it is likely you will have to register your business with the State Comptroller. Depending on the type of business you conduct, you may also be required to obtain a permit, collect and or pay tax, and file tax returns.

Is Texas Comptroller no tax due report 2024?

The No Tax Due Report is not available for 2024 reports. Effective for reports due on or after Jan.1, 2024, an entity that has annualized total revenue less than or equal to the no tax due threshold of $2.47 million is not required to file a No Tax Due Report.

Who is exempt from franchise tax in Texas?

Entities Not Subject to Franchise Tax The following entities do not file or pay franchise tax: sole proprietorships (except for single member LLCs); general partnerships when direct ownership is composed entirely of natural persons (except for limited liability partnerships);

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What is the Texas Form 05 166 affiliate schedule?

The Texas Franchise Tax Affiliate Schedule Form 05-166 serves as a critical tool for businesses with affiliate entities operating in Texas. Its primary purpose is to ensure that all required information regarding affiliates is accurately reported to the Texas Comptrollers office.

Who needs to file a Texas franchise tax report?

Each taxable entity formed as a corporation, limited liability company (LLC), limited partnership, professional association and financial institution that is organized in Texas or has nexus in Texas must file Form 05-102, Texas Franchise Tax Public Information Report (PIR) annually to satisfy their filing requirements.

Who must file Texas Form 05 167?

Each entity on the Affiliate Schedule indicated as an entity other than a Corporation or LLC needs to file an Ownership Information Report (OIR) (Form 05-167).

Form 05-166, 2024 Texas Franchise Tax Affiliate Schedule for Final Report-2025

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What is the due date for a Texas franchise tax return in 2024?

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