When it files its 2021 annual franchise tax report, it will enter its accounting year end as 12/31/2020. To calculate interest on past due taxes, visit. To learn more about what to do when an entity's accounting year end date is before the date it becomes subject to the franchise tax, read this question below: What if the entity's normal accounting year end date is before the date it became responsible for franchise tax? to elect to use the COGS or the compensation deduction. This forfeiture is essentially a loss of corporate liability protection: business owners will become liable for the debts of the business, and the entity will not be permitted to defend itself in a court of law. The Texas Franchise Tax is an annual business privilege tax processed by the Texas Comptroller of Public Accounts. Where you aware that you had to file a Franchise Tax form even if you do not owe any Franchise Tax. A foreign taxable entity with no physical presence in Texas now has nexus if, during any federal accounting period ending in 2019 or later, it has gross receipts from business done in Texas of $500,000 or more. 05-169 Texas Franchise Tax 2019 E-Z Computation. To annualize total revenue, divide total revenue by the number of days in the period upon which the report is based, then multiply the result by 365. Whether or not you owe a payment, the first few steps to filing a Franchise Tax Report are the same: There are a number of different fees and penalties your business may be subject to if you fail to submit your Texas Franchise Tax Report by the deadline. That step is reminiscent of a failed attempt in 2012 by Wilmington city officials to bring an Atlanta Braves minor league team to the Port City. Compensation Deduction Limit This is the annual limit per officer, director, owner, partner and employee to calculate the margin via the compensation deduction method. The letter must also include the name and taxpayer number of the combined group's reporting entity, along with a request for a refund or authorization to transfer any tax payment from the member's account to the reporting entity's account. Taxpayer Information Learn more [PDF] REFERENCE AND TROUBLESHOOTING GUIDE. A Texas entity registered with the SOS on Dec. 20, 2020. Please have your 11-digit taxpayer number ready when you call. The entity must submit all required reports to satisfy their filing requirements. For periods beginning on or after January 1, 2023, $2.75 for each $1,000 or major fraction thereof in excess of $300,000 of capital employed in Louisiana. Unless you are filing your businesss franchise tax report and paying any franchise tax due by the reporting due date, you need to file a franchise extension request with the Comptrollers office. Where can I find Texas Franchise Tax forms (& more information)? If your entity is a member of a combined group, see Rule 3.590(k) to determine whether you are required to file a final report in addition to the annual report and appropriate information report. Learn more 2009 Texas Franchise Tax Report Information and. Youll be asked to select the reason your business doesnt owe tax (i.e. (512) 318-2199, 5900 Balcones Drive Suite 100, Corporate taxes are taxes that. Notethey do not extend payment due dates. This penalty is assessed regardless of whether any taxes or fees are due for the late-filed report period. On its 2021 first annual franchise tax report, it enters its accounting year end date as 09/01/2021. Customer Service . If your business does not owe franchise tax, you'll file a No Tax Due Report (Form 05-163) as well as a Texas Franchise Tax Public Information Report (Form 05-102). did not file the tax report as a combined group report; did not list your affiliate member when it filed the tax report; or, files the missing tax report with all required schedules such as the listing affiliates; or. 2020 Texas Franchise Tax Report Information and Instructions Form 05-908 (9-19) Topics covered in this booklet: . Complete the report. This instruction covers the Texas Nonprofits State tax filing requirements, Charity registration Form 202 & reinstatement Form 811, period report Form 802 & filings. Determining If Your Business Owes Franchise Tax, About Our Texas Franchise Tax Report Service. This entity enters 06/19/2020 as its accounting year begin date for its first annual franchise tax report. What is Texas Franchise Tax and how is it different from sales tax? Your entitys annualized revenue is at or below the No Tax Due Threshold. its annual report for the current privilege period. Sx,_p% @TO8`OKfiLmhsq)xt7A&{2MvK'0))4ZQj+yb/7ax[O] f>Iz]%=r>\VoQ'|"P3I|rP:$uD:LHQUE#le;@ TN&|Ea^|})IgD"F/ [3 So, on its 2021 first annual franchise tax report, it enters 12/20/2020 as its accounting year begin date. The FQ number is used for filing Form AP-114, Texas Nexus Questionnaire (PDF) online. Exclusions from revenue include the following: See Tax Code Section 171.1011 and Rule 3.587 for more information about total revenue. For an annual report, enter the day after the end date the entity reported on its previous years franchise tax report. the date it is or was no longer subject to the tax. Annual Tax Filing Instructions for the State of Texas. Instead, to resolve the issue, contact the entity that reports your company's information on the combined group franchise tax report. Here are the most common questions we receive about the franchise tax. Yes. The Authorized Share Method. Posted on 26 Feb in greenshield pharmacy intervention codes. hmoD?a_;lW A taxable entity, therefore, that became subject to franchise tax during calendar year 2013 had a 2014 annual report due on May 15, 2014. Austin, TX 78714-9348. 51 0 obj <>/Filter/FlateDecode/ID[<1B007E036974375671BB8841FA4FCFA8><4A7D3537708C5B4BAF73D24FD8342EC0>]/Index[41 24]/Info 40 0 R/Length 67/Prev 94549/Root 42 0 R/Size 65/Type/XRef/W[1 2 1]>>stream For Tax Year 2020 Only The required annual payment is the least of: 90% of your tax liability in 2020 100% of your actual liability for 2019 75% of your actual liability for 2018 For Tax Years Other Than 2020 Do I need to submit an initial franchise tax report for my new business? Franchise tax reports are due on May 15 each year. 05 158 Texas Franchise Tax Annual Report 2022-2023 . In both cases, write the word PREMATURE across the top of the report(s). Zp Homes, LLC is a business operating in Houston, Texas, in the county of Harris. Your 11-digit Texas taxpayer ID number. hb```f`` Click on New Document and choose the form importing option: upload Texas form 05 102 instructions 2020 from your device, the cloud, or a protected URL. at the best online prices at eBay! The Texas franchise tax is a privilege tax imposed on each taxable entity formed or organized in Texas or doing business in Texas. 2020. Other allowances are made for specific industries. Taxpayer Information Find many great new & used options and get the best deals for 1993 Donruss The Elite Series #20 of 36 set Ryne Sandberg #02708/10,000 Cubs! If you are paying electronically using Webfile, you have until midnight (CT) on the due date for your payment to be considered timely. Include Form 05-359, Request for Certificate of Account Status to Terminate a Taxable Entity's Existence in Texas or Registration (PDF). 2020) revises the policy guidance in STAR . For an annual report, generally an entity should enter the federal accounting year end date that ended in the calendar year before the calendar year in which the report is originally due. In 2013, the entity will file with an accounting period Oct. 5, 2011, through Aug. 31, 2012, for the privilege period ending Dec. 31, 2013. Before your annual report is due, we will send a notice to your client account reminding you of the upcoming due date. Note: Due to Covid-19, the 2020 filing deadline for all franchise taxpayers has been extended to July 15. . Our Texas registered agent service includes free due date tracking and reminders, and you can add our Franchise Tax Report service to any of our other business services at checkout. Additional Input can be made in the following screens by module . This publication is intended as a general guide and not as a comprehensive resource on the subjects covered. dividends and interest from federal obligations; foreign royalties and dividends under Internal Revenue Code Section 78 and Sections 951-964; W-2 wages and cash compensation paid to officers, directors, owners, partners and employees (including net distributive income to natural persons) for the 12-month period upon which the tax is based, subject to the inflation-adjusted per person. An entitys accounting period includes both its accounting year begin and end dates. If, however, there is no such ending date, which may occur when an entity uses a 52-53-week accounting period, then enter Dec. 31 of the calendar year before the calendar year in which the franchise tax report is due. The business is registered with Texas Comptroller of Public Accounts, with taxpayer number #32076183121, and permit start date on October 6, 2020. What are the different Texas Franchise Tax rates? Effective Dec. 29, 2019, the Texas Comptroller of Public Accounts amended the Texas Administrative Code to establish a "bright-line" nexus threshold for franchise tax purposes. Taxpayer is a newly established Texas Veteran Owned Business (must be pre-qualified). For reports received more than 30 days past the deadline, the penalty jumps to 10%. Each taxable entity formed in Texas or doing business in Texas must file and pay franchise tax. benefits provided to all personnel to the extent deductible for federal income tax purposes, including workers compensation, health care and retirement benefits. After you log in to the system for the first time and complete your franchise tax questionnaire (addressed in the next step), youll receive a permanent WebFile number beginning with XT for your franchise tax account. General Information Letters and Private Letter Rulings, State Tax Automated Research (STAR) System, Historically Underutilized Business (HUB), Vendor Performance Tracking System (VPTS), Texas Procurement and Contract Management Guide, Minnie Stevens Piper Foundation College Compendium, read more about tiered partnership provisions, Form 05-359, Request for Certificate of Account Status to Terminate a Taxable Entity's Existence in Texas or Registration. 2. An entity ending its existence that is not part of a combined group must file. After filing your tax report and paying the amount due, you may request a waiver of all penalties assessed by downloading, completing and submitting Form 89-224, Request for Waiver of Penalty for Late Report and/or Payment (PDF). Box 13528. If you need more time to file your Franchise Tax Report, you can submit a Franchise Tax Extension with the Comptroller. Note for an entity that became subject to the tax during the 2020 calendar year and has a federal accounting year end date that occurs before to the date the entity became subject to franchise tax, use the day the entity became subject to franchise tax as its accounting year end date on its first annual report. Your entitys situation (the cause for the notice) will resolve itself automatically when the reporting entity, You must amend and submit all franchise tax reports in paper format with, For more information about amending reports, see. An amended report that results in a reduction of tax liability is a request for refund and must meet refund requirements. If annualized total revenue is less than the no-tax-due threshold amount, then the taxable entity files Form 05-163, Texas Franchise Tax No Tax Due Report (PDF). Best quick tax returns franchise information from entrepreneur.com signing out of account, standby. See Tax Code Section 171.1013 and Rule 3.589 for more information about compensation. Taxpayer is a Real Estate Investment Trust that meets the qualifications. The no-tax-due threshold is adjusted each even-numbered year as required by TTC Section 171.006. The initial corporation franchise tax is $110. No Tax Due Threshold. The Texas Comptroller of Public Accounts has issued guidance in the July edition of Texas Tax Policy News explaining the state's procedures for mandatory electronic payers to request a second extension for 2020 franchise tax report purposes, and to pay any additional tax due. On its 2021 first annual franchise tax report, it will enter its accounting year end date as 12/31/2020. We accept 2020 Texas Corporation tax returns from beginning of tax season to end of tax season. The following are the qualifying federal COVID-related relief programs: Yes. There are three ways to file the Texas Franchise Tax Report: If your business falls under the $1,230,000 revenue limit, then you dont owe any franchise tax. submit your extension request. You can file your entitys franchise tax and information reports using, If your entity is a member of a combined group and it received an Original Franchise Tax Report Not Filed notice, your entity is delinquent because the reporting entity, Your entity does not need to contact or file anything with the Comptrollers office. Texas Nonprofits State Tax Overview - Updated April 29, 2020 - 8.00 AM - Admin, ExpressTaxExempt. Texas Comptroller Official Use Only VE/DE PIR IND 5900 Balcones Drive Suite 100, The final report will cover the day after its normal year end through the last day the entity conducted business. For a first annual report, enter the accounting period end date reported for federal income tax purposes that is in the same calendar year as the entity's accounting year begin date.. You can find the appropriate tax rate on our Franchise Tax webpage in the Tax Rates, Thresholds and Deduction Limits section. For more information about filing an extension request, see. As youve probably deduced from this guide, filing your annual franchise tax reporton time and correctlyis a pretty big deal. No. Lesson 1 Applicability of the Texas Franchise Tax Completion of this lesson will enable you to: Discuss the basic formulas and options for calculating the Texas franchise tax. For the 2020 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 $1,180,000; an entity that has zero Texas gross receipts; an entity that is a Real Estate Investment Trust (REIT) meeting the qualifications specified in Texas Tax Code Section 171.0002(c)(4); or an entity that is a pre-qualified new veteran-owned business as defined in Texas Tax Code Section 171.0005 can file a No Tax Due Report. But whether or not tax is owed, youll need to file a Texas Franchise Tax Report every year to keep your business in good standing. Each member of a combined group must submit a separate PIR or OIR unless the member does not have nexus in Texas. 41 0 obj <> endobj hbbd```b`` "Xd%de R"`&,{L~ 7DH.01H26'2@ V&F@t%3 |t Using the lowest figure that results from the three subtractions, a company that is primarily engaged in wholesale or retail trade will pay a tax of 0.375%; all others will pay 0.75%. b>#O'|{ QK2I/b/ge^pZ7#)HpG5-0 This will result in a $0 tax due report. Minimum entries to produce the TX Form 05-164 - Franchise Tax Extension Request: Select Texas > Franchise Tax. The address is: Texas Comptroller of Public Accounts. If the business owner is unable to meet this August deadline, they can request a second extension, which moves the deadline to November 15. (1065) A partnership that is a Limited Liability Company (LLC) files the 05-102. . This method will generally apply to companies with low salaries and low product costs. The registered business location is at 2803 Houston Ave Apt C, Houston, TX 77009. Keep in mind that in order for an extension request to be granted, it needs to be submitted or postmarked on or before the due date in question, and 90 percent of the tax due must be paid along with the extension request. Cost of goods sold includes costs related to the acquisition and production of tangible personal property and real property. 2175 0 obj <> endobj 2022 report year forms and instructions; 2021 report year forms and instructions; 2020 report year forms and instructions; 2019 report year forms and instructions; 2018 report year forms and instructions; 2017 report year forms and instructions hb```b````e`Wbb@ !+'E.(cb:. G8&0(Pdg?|cetCYg$>H8fS}^`'O:[(WKqd~mj}x%[;?7qa-j7Q=2]C+/ dr_7qMk9/pq1`os@SZ6]iuC%=D8U!n{K5Z~M]^4Z 2220 0 obj <>stream The registered business location is at 26 Purple Sage Ranch Cir, Odessa, TX 79765. That step is reminiscent of a failed attempt in 2012 by Wilmington city officials to bring an Atlanta Braves minor league team to the Port City. The law requires all No Tax Due Reports originally due after Jan. 1, 2016 to be filed electronically. The business is registered with Texas Comptroller of Public Accounts, with taxpayer number #32073102173, and permit start date on January 15, 2020. If the Comptrollers office does not receive your franchise tax report (and payment, if you owe one) within 45 days of the deadline, they are required by law to forfeit your businesss right to transact business in Texas. 5900 Balcones Drive Suite 100 Austin,TX 78731 | (737) 277-4667, 2023 Independent Texas Registered Agent LLC. 4 As a result, combined groups are now eligible to use the 100 percent of prior year's tax due extension option for the May 15th extension, even if the combined group has . A foreign taxable entity with no physical presence in Texas now has nexus if, during any federal accounting period ending in 2019 or later, it has gross receipts from business done in Texas of $500,000 or more. If the entity's normal accounting year ending date is before the date the entity first became responsible for the tax, the first annual report filed will reflect a one-day accounting period (that is, the accounting year end date will be the same as the accounting year begin date). The registered business location is at 417 Hawkins St, Fort Worth, TX 76105. With advance tax planning, it is often possible to avoid the Texas franchise tax. For a Texas-formed entity, this is its Texas Secretary of State (SOS) registration date. An out-of-state entity uses a calendar year accounting period of Dec. 31 for reporting with the Internal Revenue Service (IRS). Texas amends franchise tax nexus regulations. An out-of-state entity created Texas nexus on Sep. 1, 2020. Admin. For a final report, enter the day the entity ends its Texas nexus (or a date within 60 days of its last business transaction in Texas) as its final franchise tax accounting year end date. See Tax Code Section 171.106 and Rule 3.591 for more information about apportionment. The texas income tax has one tax bracket, with a maximum marginal income tax of 0.00% as of 2021. Free shipping for many products! $50 annual fee, $200-$180,000 tax. 6nU 8 RESET FORM 05-102 Rev.9-15/33 PRINT FORM Texas Franchise Tax Public Information Report Tcode 13196 Franchise Professional Associations PA and Financial. All taxable entities must file completed franchise tax and information reports each year. TTC 171.206 says "the following information is confidential and may not be made open to public inspection: 1) information that is obtained from a record or other instrument that is required by this chapter to be filed with the comptroller." If May 15 falls on a weekend or holiday, the due date will be the next business day. The Texas Comptroller's Office recently released the 2020 Texas Franchise Tax Report Information and Instructions (Form 05-908). Form 05-163 Is Often Used In Texas Tax Forms, Texas Comptroller Of Public Accounts, United States Tax Forms, Tax, Texas Legal Forms And United States Legal Forms. To determine if your nonprofit organization qualifies for an exemption from franchise tax reporting, please see our Exempt Organizations webpage. 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. In Drake22, if. Annual report fee and tax fee. Log in to WebFile. Get started: Step 1: Go to WebFile. If your business account is already listed, select the 11-digit taxpayer number next to your business name. Total sales of last return filed (if new entity, enter zero), Total amount paid of last return filed (if new entity, enter zero), RT # (Webfile number for filing reports for sales and most other taxes), XT # (Webfile number for filing franchise tax reports), 100 percent of the tax that was due and payable in the previous reporting year; or. Estimate the tax. when is texas franchise tax due 2021 Affordable auto transport rates Menu what happened to skittles crazy cores. Freeman Law is a tax, white-collar, and litigation boutique law firm. Web How To Edit Your Free Texas Form 05 102 Instructions 2020 Online Easily Than Ever. Opportunity tax franchise information from entrepreneur.com signing out of account, standby. Regardless of whether a business owes franchise tax, business owners are charged a $50 fee for submitting reports after the due date. If the tax does apply, it can often be minimized by a close reading and application of the rules. Note - for an entity that became subject to the tax during the 2020 calendar year and has a federal accounting year end date that . The law requires all No Tax Due Reports originally due after Jan. 1, 2016 to be filed electronically. The business is registered with Texas Comptroller of Public Accounts, with taxpayer number #32074258560, and permit start date on May 13, 2020. endstream endobj 2176 0 obj <>>> endobj 2177 0 obj <> endobj 2178 0 obj <. Accounting Year End Date. While we are available Monday through Friday, 8 a.m.-5 p.m. Central Time, shorter wait times normally occur from 8-10 a.m. and 4-5 p.m. If a businesss franchise tax report is overdue by 120 days or more, the Texas Secretary of State may terminate the businesss registration in Texas. When the accounting period upon which the franchise tax report is based is more or less than 12 months, a taxable entity must annualize its total revenue to determine its eligibility for the no-tax-due threshold and qualification for the E-Z Computation. You can pay your franchise tax online, by mail, or in person. If you are unable to file using Webfile, use our downloadable .PDF reports, designed to work with the free Adobe Reader. All Texas LLCs must file a Franchise Tax Report. The annual report will cover the period from its beginning date through the entity's normal accounting year end. Austin, The registered business location is at 400 N Loop 1604 E Ste 200, San Antonio, TX 78232. Mandalay Baseball and the Braves proposed to bring the franchise to town if Wilmington would build a $37 million, 6,000-seat stadium, necessitating a 2.5-cent property tax increase. Texas Tax Code Section 171.001 imposes franchise tax on each taxable entity that is formed in or doing business in this state. The security information options listed include. How to File. This will be a zero return. The entity must file this certificate as part of the termination filing to end the entity's existence with the Secretary of State. A taxable entity will owe no tax based on the following criteria. You can download the Franchise Tax Report forms from the Comptroller and submit them by mail to the following address: Texas Comptroller of Public Accounts limited liability companies (LLCs), including series LLCs; partnerships (general, limited and limited liability); sole proprietorships (except for single member LLCs); general partnerships when direct ownership is composed entirely of natural persons (except for limited liability partnerships); entities exempt under Tax Code Chapter 171, Subchapter B; certain grantor trusts, estates of natural persons and escrows; real estate mortgage investment conduits and certain qualified real estate investment trusts; a nonprofit self-insurance trust created under Insurance Code Chapter 2212; a trust qualified under Internal Revenue Code Section 401(a); a trust exempt under Internal Revenue Code Section 501(c)(9); or. Here's what you should know about it. For more information about changing the registered agents name or office address, please contact the SOS at 512-463-5555 or visit the SOS website. Franchise Tax Reasons We Send Courtesy or Statutory Notices, General Information Letters and Private Letter Rulings, State Tax Automated Research (STAR) System, Historically Underutilized Business (HUB), Vendor Performance Tracking System (VPTS), Texas Procurement and Contract Management Guide, Minnie Stevens Piper Foundation College Compendium, Franchise Tax Frequently Asked Questions (FAQs) Exemptions, General Rule 3.13 (c), Postmarks, Timely Filing of Reports, and Timely Payment of Taxes and Fees, Rule 3.584 (c)(5), Margin: Reports and Payments, Rule 3.585, Margin: Annual Report Extension, satisfy all filing requirements through the date it was no longer subject to the tax; and. As Texas has no net corporate or personal income tax, the Texas Franchise Tax is our states primary tax on businesses. To end the franchise tax reporting responsibility of an unregistered entity (i.e., an entity not registered with the SOS) that is not or is no longer subject to franchise tax, the unregistered entity must do the following with the Texas Comptroller of Public Accounts: This will provide information required for the Comptrollers office to end the entitys franchise tax reporting responsibility, including. \0 =@j(XQLwP#5 =yRH<80,fR[$;, Wb`N-^$1}!l5Ax|o |{\Nia Learn about the no-tax-due threshold amounts for each report year by reading this question below: How much is the no-tax-due threshold amount? You can cancel our franchise tax filing service at any time with one click in your online account. Thus, when the amount of tax due shown on these forms is less than $1,000, the entity files the report but does not owe any tax. For more information, see Publication 98-918, Late Filing Penalties (PDF). To protect the security of the account when updating the address, you must provide two pieces of confidential information. Visit our website for more information about the franchise tax, including answers to frequently asked questions. 2020 and before Jan. 1, 2022. Make adjustments to the sample. (214) 984-3410. freeman@freemanlaw.com. While were not a tax preparation service, Independent Texas Registered Agent can provide expert, timely filing of your businesss No Tax Due Information Report for a flat fee of $100. An out-of-state-formed entity is withdrawing its Texas SOS registration on May 31, 2021. The Comptroller's office has amended Rule 3.586, Margin: Nexus, for franchise tax reports due on or after Jan. 1, 2020. . To qualify, an entity must have at least 50% of total revenue derived from those activities, less than 50% of total revenue from the sale of products it produces or from an affiliated entity, and the taxpayer does not provide retail or wholesale utilities (including telecommunications services, electricity, or gas). e:ETgurn'$5`wO%Sv0ettt00 2023 Gollob Morgan Peddy PC | Disclaimer . Any entity that does not elect to file using the EZ Computation, or that does not qualify to file a No Tax Due Report, should file the Long Form report. The Comptroller uses this number to identify your entity for franchise and sales tax purposes. RESET FORM PRINT FORM Texas Franchise Tax No Tax Due Report 05-163 Rev.9-17/9 FILING REQUIREMENTS Tcode 13275 Final FinalFranchise Taxpayer number Report. Box 149348Austin, TX 78714-9348, General Information Letters and Private Letter Rulings, State Tax Automated Research (STAR) System, 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, 05-176, Professional Employer Organization Report / Temporary Employment Service Report, AP-235, Historic Structure Credit Registration, 05-179, Sale, Assignment or Allocation of Historic Structure Credit, 05-359, Request for Certificate of Account Status, 05-391, Tax Clearance Letter Request for Reinstatement, 05-166, Affiliate Schedule (for combined groups) -, 05-175, Tiered Partnership Report (required for tiered partnerships only) -, 05-177, Common Owner Information Report (required for combined groups only) -, 05-158-A and 05-158-B, Franchise Tax Report (pages 1 and 2) -, 05-178, Research and Development Activities Credits Schedule -, 05-180, Historic Structure Credit Supplement for Credit Claimed on Report -, 05-165, Extension Affiliate List (for combined groups) -. Our office prints this number on the reports and notices we mail to each business. West Texas Primary Purpose Inc. is a business operating in Odessa, Texas, in the county of Midland. 2199 0 obj <>/Filter/FlateDecode/ID[<86697406788548338DC92CB85FED4061><94C46D71E9F3B741B8F35F16BBFC30DE>]/Index[2175 46]/Info 2174 0 R/Length 118/Prev 731414/Root 2176 0 R/Size 2221/Type/XRef/W[1 3 1]>>stream 2023 Texas Franchise Tax Report Information and Instructions Form 05-911 (Rev. If tax is paid over 30 days after the due date, a 10 percent penalty is assessed. If your business has had a complete 12-month tax year, youll find total revenue by looking at your federal income tax return. Select section 1 - General Information. All other entities should report their executive board members and check the OTHER box.