Full Name: Texas Franchise Tax Long Form (Form 05-158-A & Form 05-158-B). Thats why weve compiled all the information youll need based on your particular state. If you are unable to file using Webfile, use our downloadable .PDF reports, designed to work with the free Adobe Reader. It doesnt matter when you formed your LLC, as every LLC operating in Texas has the same May 15th deadline for filing its annual Franchise Tax Public Information Report. Please consult a licensed professional if you have legal or tax questions. They are different numbers. Texas Comptroller Contact Info If you have any questions about filing your LLC's "annual report" (No Tax Due & Public Information Report), you can contact the Texas Comptroller at 1-800-252-1381. Unless your LLC is owned by another entity (such as an LLC, Corporation, Trust, etc. Well explain the rest of the steps in paragraph-format below. If you need to add more choose Add Another. Also, when you use WebFile (the online filing system) youll need this number. This stands for your Franchise Tax Questionnaire. information below: Franchise Tax Report The information below is subject to change. By mail: Certifying Team. Partnership Social Security numbers or federal employers identification numbers for each partner. Member-Managed LLC vs. Manager-Managed LLC, on your stamped and approved Certificate of Formation. P. O. And the office address can be a home address, if applicable. Let's say your Texas LLC is approved on August 5th 2021. You need to complete a Franchise Tax Questionnaire so the Texas Comptroller knows what taxes and filings your LLC is responsible for. 05-163, No Tax Due Report - ANNUAL (PDF) or FINAL (PDF) 05-102, Public Information. If May 15th falls on a weekend or holiday, the due date will simply move to the next business day. Hope that helps! Glenn Hegar. If the Comptroller has the most updated data on record, anyone including future partners and clients can find your business by performing a name search. This question largely comes down to personal preferences, but we do have some general insights. Domestic limited liability companies must enter all managers and, if the company is member-managed, list all members. The Texas Comptroller doesnt care how your LLC is taxed by the IRS. information relating to any transaction, series of transactions, or to the account including costs, charges and And while that statement is true, your LLC is not a Sole Proprietorship. File two copies. "Established" LLCs fall into this 2nd category: How to file a Texas LLC No Tax Due Report and PIR, temporary credit for business loss carryforwards, Texas Comptroller: Guidelines to Texas Tax Exemptions, Texas Comptroller: calling tips and peak schedule, Texas Comptroller: contact the Comptrollers Office, Texas Comptroller: Franchise Tax overview, Texas Comptroller: FAQs on Taxable Entities, Texas Comptroller: How to add WebFile access, Texas Comptroller: Getting started with WebFile, Texas Comptroller: Certificate of Account Status, Texas Comptroller: FAQs on Combined Reporting, Texas Comptroller: FAQs on compensation deduction, Texas Comptroller: FAQs on calculating Total Revenue, Texas Comptroller: FAQs on cost of goods sold deduction, Texas Administrative Code: Subchapter V (Franchise Tax), Texas Administrative Code: Subchapter A (General Rules), Texas Comptroller: Reasons for courtesy or statutory notices, Texas Comptroller: Transparency, where state revenue comes from, Texas Comptroller: FAQs on Franchise Tax reports and payments, Texas Comptroller: requirements for reporting and paying Franchise Tax electronically, Texas Department of Banking: Proof of Good Standing with the Texas Comptroller, Why you shouldnt form an LLC in Delaware. (per 12-month period on which the margin is based). You then take your Taxable Margin and multiply it by your Tax Rate. Check off the box declaring the information is correct, review the information and check for typos, then click Submit. The mailing address is the address where the Comptroller will send you notices and correspondence. No worries at all. Youll see a confirmation page which you can print or save for your records. Instead, you have an experienced professional guiding you through the entire process. Lets say your Texas LLC is approved on August 5th 2022. The state allows you to run your calculations using both the Long Form and EZ computation method (if your LLC qualifies) and pick whichever one has the smallest tax bill. General Information Letters and Private Letter Rulings, State Tax Automated Research (STAR) System, Weathering the Pandemic: Texas Industries and COVID-19, Chapter 313: Trading Tax Limitations for Development, Historically Underutilized Business (HUB), Vendor Performance Tracking System (VPTS), Texas Procurement and Contract Management Guide, Minnie Stevens Piper Foundation College Compendium, download and install the latest version of Adobe Reader, Reports Originally Due May 15, 2000 through May 15, 2007, Reports Originally Due January 1, 1992 through December 31, 1999, Reports Originally Due Prior to January 1, 1992, Credit Schedules for Reports Originally Due before January 1, 2008, 05-397, Unincorporated Political Committee Statement, 05-359, Request for Certificate of Account Status, 05-391, Tax Clearance Letter Request for Reinstatement, 05-904, Certification of New Veteran-Owned Business. Enter your Texas LLCs annualized Total Revenue from the prior year. An EFT payor may request a second extension to Nov. 15, 2022, to file the report by paying electronically before Aug. 15, 2022, the balance of the amount of tax that will be reported as due on Nov. 15, 2022, using TEXNET (tax type code 13080 Franchise Tax Extension), Webfile or by submitting a paper Extension Request (Form 05-164) if the entity . Form 05-167 is not for LLCs. But businesses that bring in more than that will be subject to a 0.375% Franchise Tax on retail and wholesale goods and 0.75% on all other revenue. Copies of filed documents or Certificates of Fact may be ordered: To complete the application, you will need the following documentation: Your email address will not be published. These reports are typically quite similar to annual reports, with the difference being that an initial report either accompanies your formation documents or follows their filing within a couple of months. Austin, Texas 78711-3697. This way, your first Annual Franchise Tax Report isnt due until May 15, 2022 (instead of May 15, 2021). Once you're ready to lock it down, have ZenBusiness file all the paperwork. Im planning to register an LLC for my resale business this week. If the company is a Corporation, LLC, limited partnership, professional association, or financial institution . If this is your first time filing a No Tax Due Report, your LLCs accounting year begin date will be the date your LLC was approved. Agency Fee: $0. Do I need to file Annual Report or Franchise Tax by register my business at the end of the year or the last 15 days of the year? Texas Franchise Instructions, Page 11 Changes to the registered agent or registered office must be filed directly with the Secretary of State, and cannot be made on this form. He founded LLC University in 2010 after realizing people needed simple and actionable instructions to start an LLC that other companies weren't offering. SECTION A sheets for Sections A, B and C, if necessary. If you have questions, please see, Answer the qualification questions. As per the Texas Tax Code: Section 171.002, the franchise tax rate is either: 0.375% of taxable margin for wholesalers and retailers, 0.75% of taxable margin for all other companies, or 0.331% of total revenue for companies using the EZ computation method. They also change over time and are specific to your situation. Select File a No Tax Due Information Report. You can file a Franchise Tax Extension Request (Form 05-164) by mail or online via WebFile. Texas corporations file number from the Texas Secretary of State. Due dates and fees vary by state and type of entity. (Want a mini history lesson? Our favorite company, Northwest, is forming LLCs for $39 (60% off!) This video shows how you can use Google Calendar to create free LLC reminders: If your Texas LLC fails to file its franchise tax reports: For more information, please see penalties for past due franchise taxes. Note: The rule above applies only to LLCs that dont have to pay Franchise Tax by Electronic Fund Transfers (EFT). Plus, the Comptroller can revoke your LLCs authority to do business in the state. Owned Entity(s): Enter information for each (subsidiary) corporation, LLC, LP, PA or financial institution, if any, in which this entity owns an interest of 10 percent or more. Representing Petitioner COMPTROLLER'S DECISION This decision is considered final on September 6, 2022, unless a motion for rehearing is timely filed; this date of finality is calculated based on the Administrative Procedure Act (APA). Owned By, Corporation: Enter information for each (parent) corporation, LLC, LP, PA or financial institution, if any, that owns an interest of 10 percent or more in this entity. Principal Office. Texas Comptroller of Public Accounts 800-252-1381 (franchise tax) Texas Comptroller: locations and hours Texas Comptroller: calling tips and peak schedule Texas Comptroller: contact the Comptrollers Office, Texas Tax Code: Chapter 171 Texas TX Comptroller: Franchise Tax Texas Comptroller: Tax publications Texas Comptroller: Franchise Tax overview Texas Comptroller: FAQs on Taxable Entities Texas Comptroller: How to add WebFile access Texas Comptroller: Getting started with WebFile Texas Comptroller: Certificate of Account Status Texas Comptroller: FAQs on Combined Reporting Texas Comptroller: FAQs on compensation deduction Texas Comptroller: FAQs on calculating Total Revenue Texas Comptroller: FAQs on cost of goods sold deduction Texas Administrative Code: Subchapter V (Franchise Tax) Texas Administrative Code: Subchapter A (General Rules) Texas Comptroller: Reasons for courtesy or statutory notices Texas Comptroller: Transparency, where state revenue comes from Texas Comptroller: FAQs on Franchise Tax reports and payments Texas Comptroller: requirements for reporting and paying Franchise Tax electronically Texas Department of Banking: Proof of Good Standing with the Texas Comptroller. In this section, you will enter all of the LLC owners (Members) and any LLC Managers. Instead of using the deductions mentioned above (and filing a Long Form), the EZ Computation Report offers a reduced tax rate of: Note: This reduced tax rate is based on the LLCs annualized Total Revenue, and is not a tax based on margin. The term passive entitydoesnt apply to LLCs in Texas. Within about 2-3 weeks, youll receive a Welcome Letter from the Texas Comptroller. Select your LLCs Report Year. The states Information and Instructions document includes in-depth info about just about every aspect of the reporting process. For more information, please see the Comptrollers FAQs on Combined Reporting. Box 13697. Note: A newly-formed veteran-owned LLC cannot file as part of a Combined Group. A passive entity in Texas is either a Sole Proprietorship or a Partnership. Disclaimer: Nothing on this page shall be interpreted as legal or tax advice. 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