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The document is a Texas Franchise Tax Report form that collects essential information from taxpayers, including their identification details, revenue figures, cost of goods sold, and compensation data for the reporting year. It includes sections for gross receipts, dividends, interest, rents, royalties, and other income, as well as instructions for adjustments and certifications.

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What triggers Texas franchise tax?

If you are a taxable entity that conducts business within the State of Texas that has an annual revenue of over $1,230,000, you will probably have to pay franchise taxes. The types of entities that must pay this tax in Texas include: Corporations. Limited liability companies or limited liability corporations (LLCs)

Does an LLC have to file franchise tax in Texas?

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.

What happens if you dont file franchise tax in Texas?

Fines, Penalties, and Interest For Failing To Pay Texas Franchise Tax. Besides the loss of your corporate privileges within the state of Texas, legal entities will also face fines, penalties, and interest for not paying Texas franchise tax. If you do not file your franchise tax report, you will face a $50 fine.

How do I get the penalty waiver for late filing of franchise taxes in Texas?

If you believe you are eligible to request a waiver, or if you have extenuating circumstances, complete Form 89-224, Request for Waiver of Penalty for Late Report and/or Payment (PDF), or Form 89-225, Request for Waiver of Penalty for Failure to File and/or Pay Electronically (PDF).

What is a Texas franchise tax report?

The franchise tax report determines how much tax your Texas limited liability company (LLC) or corporation owes, as well as keeping your information up to date in state databases.

texas form 05 158 a

texas franchise tax report form comptroller

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Do you have to pay franchise tax if less than $1000 in Texas?

Minimum Franchise Tax Additionally, an entity that calculates an amount of tax due that is less than $1,000 is not required to pay any tax. (See the section on Tiered Partnership Election for the tiered partnership exception.) The entity, however, must submit all required reports to satisfy its filing requirements.

What happens if you dont file Texas franchise tax?

A $50 penalty is assessed on each report filed after the due date. If tax is paid 1-30 days after the due date, a 5 percent penalty is assessed. If tax is paid over 30 days after the due date, a 10 percent penalty is assessed.

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What triggers Texas franchise tax?

Does an LLC have to file franchise tax in Texas?

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What is a Texas franchise tax report?

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Do you have to pay franchise tax if less than $1000 in Texas?

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