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RESET FORM PRINT FORM Texas Franchise Tax Affiliate Schedule 05-166 (Rev.9-16/7) (Rev.9-16/7) FILING REQUIREMENTS AnnualFranchise Code 13253 Annual Reporting entity taxpayer number Report year Reporting.
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FAQ
For the 2023 report year, a passive entity as defined in Texas Tax Code Section 171.0003; an entity that has total annualized revenue less than or equal to the no tax due threshold of $1,230,000; an entity that has zero Texas gross receipts; an entity that is a Real Estate Investment Trust (REIT) meeting the ...
A $50 late filing fee/penalty may be assessed on returns filed after the due date. See Late Filing Penalties (PDF). A 5 percent penalty is assessed on tax due the day after the due date, and a second 5 percent penalty is assessed on tax due the 31st day after the due date.
If you fail to file a report, pay taxes, or post a security bond, the Comptroller's office may suspend any permit or license issued by this agency after conducting a hearing. You can avoid this hearing simply by filing and paying the past due period(s) and/or posting the required security bond.
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.
It typically happens when a person or company has not paid certain taxes or fees, and the Comptroller needs to take action to get the money. Before freezing your bank account, the Texas Comptroller will usually notify you in writing that they plan to take this action.
Gross receipts in Texas include sales of real property located in Texas, sales of tangible personal property when the property is delivered or shipped to a purchaser within Texas, services performed within Texas, rentals of property situated in Texas, royalties from use of patents or copyrights within Texas, revenues ...
In general, the limitations period for assessing taxes is four years from the date the tax becomes due and payable.
You may qualify for penalty relief if you demonstrate that you exercised ordinary care and prudence and were nevertheless unable to file your return or pay your taxes on time. Examples of valid reasons for failing to file or pay on time may include: Fires, natural disasters or civil disturbances.
Related content
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Dec 10, 2023 — Information about franchise tax is available on the Comptroller's website...
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