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What is the Franchise Tax Accountability Questionnaire? The Comptroller sets up a franchise tax account for your business based on information provided from the Texas Secretary of State and other sources. The Franchise Tax Accountability Questionnaire allows you to update your entity's information with us online.
Penalties and Interest 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.
Final Franchise Tax Reports A Texas entity, terminating, converting or merging, must file its final tax report and pay any amount due in the year it plans to terminate, convert or merge.
Each taxable entity formed in Texas or doing business in Texas must file and pay franchise tax.
Texas Tax Code Section 171.001 imposes franchise tax on each taxable entity that is formed in or doing business in this state. All taxable entities must file completed franchise tax and information reports each year.
Forfeiture of Rights and Privileges If you do not file a franchise tax annual report within 45 days after the due date, your corporate privileges and rights to conduct business within the state will be forfeited.
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 ...
FQ Numbers: The number begins with the letters FQ followed by 6 digits. They are for completing a Franchise Tax Questionnaire, and they are printed in the right corner of the Registration Letter.
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 ...