Get Form 05-166, 2024 Texas Franchise Tax Affiliate Schedule For Final Report

Filling out the Form 05-166, 2024 Texas Franchise Tax Affiliate Schedule For Final Report online can seem daunting, but with the right guidance, it becomes a straightforward process. This guide will walk you through each section of the form to ensure you complete it accurately and effectively.

Follow the steps to properly complete the Form 05-166 online.

1. Click ‘Get Form’ button to obtain the form and open it in the online editor.
2. Enter the report year. For this form, specify the year as 2024.
3. In the 'Reporting entity taxpayer name' field, provide the legal name of the reporting entity.
4. Input the reporting entity taxpayer number, which is essential for identifying your business within the Texas franchise tax system.
5. If applicable, blacken the circle to indicate that the entity is disregarded for franchise tax purposes.
6. Indicate if the entity does not have nexus in Texas by blackening the appropriate circle.
7. For gross receipts subject to throwback in other states, enter the relevant amount before eliminations.
8. Provide the total gross receipts everywhere (before eliminations) in the designated field.
9. Enter the gross receipts generated within Texas (before eliminations).
10. Input the cost of goods sold or compensation amount (before eliminations) if applicable.
11. Include common owner information if your reporting entity is part of a combined group that has temporary credits for business loss carryforwards.
12. Ensure that you have filed an information report (Form 05-102 or Form 05-167) for each affiliate organized or having physical presence in Texas.
13. After all fields are filled out, you may save changes, download, print, or share the completed form.

Complete your documents online to ensure timely and accurate submission.