NAVIGATING TEXAS FRANCHISE TAX FILINGS: WHAT YOU NEED TO KNOW FOR 2024

April 17, 2024

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NAVIGATING TEXAS FRANCHISE TAX FILINGS: WHAT YOU NEED TO KNOW FOR 2024

Business owners operating in the Lone Star state, mark your calendars! Texas annual franchise tax filings are due to the Texas Comptroller’s office on or before May 15. Here’s what you need to know.

TEXAS FRANCHISE TAX FILING: Deadline Reminder: May 15

The deadline for filing your Texas franchise tax return with the Texas Comptroller’s office is Wednesday, May 15, 2024. Missing this deadline can result in late submission penalties and, after time, administrative dissolution or revocation with the Texas Secretary of State, so it is essential to ensure your filings are submitted on time.

Changes for 2024: “No Tax Due” Reports No Longer Required

One meaningful change for 2024 and later filing entities is the elimination of the requirement to file No Tax Due Reports. Previously, businesses with no tax liability still had to file these reports to confirm their exempt status. However, starting in 2024, this requirement has been waived, making the filing process more streamlined for eligible businesses. EZ Computation and Long Form Reports are still required.

Public Information Report Still Required

While the elimination of the No Tax Due Reports simplifies the process for some entities, it is important to note that businesses must still file a Public Information Report (PIR) with the Texas Comptroller’s office. An electronic version of the PIR is available on the Comptroller’s webFile portal. This report confirms information about the company’s ownership, officers, and address, among other details. Failing to file the PIR can result in penalties, so be sure to complete this requirement along with your franchise tax filings.

Stay Informed and Prepared

By understanding these changing obligations, Texas business owners can avoid potential penalties and ensure compliance with state tax laws. As the deadline approaches, staying informed and prepared is critical to a smooth filing process before May 15.

Remember, if you have any questions or need assistance with your franchise tax filings, do not hesitate to consult a qualified tax professional or contact the Texas Comptroller’s Office for guidance.

Don’t stress over Public Information Reports!

Corp1 is here to help- Contact us anytime if you have questions. Stay tuned to our social media pages and blog for updates as we get closer to May 15, 2024.

Please note: The information in this article is not intended to substitute for professional, legal, or tax advice. Corp1 Inc. always recommends contacting your tax or legal professional to determine the best course of action for all legal or financial matters.