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Final Franchise Tax Reports Before getting a Certificate of Account Status to terminate, convert, merge or withdraw registration with the Texas Secretary of State:. 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.
View call tips and peak schedule information. For questions regarding electronic filing or payment, please email Electronic Reporting or call 800-442-3453. For questions regarding TEXNET payments, please call the TEXNET Hotline at 800-531-5441, ext. 3-3010. Who files electronically and what tools should they use.
The No Tax Due Report is not available for 2024 reports. Effective for reports due on or after Jan.1, 2024, an entity that has annualized total revenue less than or equal to the no tax due threshold of $2.47 million is not required to file a No Tax Due Report. However, the entity is still required to file a Public Information Report (PIR) or an ...
Learn how to resolve this issue and ensure your franchise tax account is current. If your entity's annualized total revenue for the 2024 report year is at or below the no tax due threshold of $2,470,000, you are not required to file a return, but you still must file either a Public Information Report or an Ownership Information Report.
Calculating the Franchise Tax. The Texas Franchise Tax is calculated on a company’s margin for all entities with revenues above $2,470,000. The margin’s threshold is subject to change each year. The margin can be calculated in one of the following ways: Total Revenue Multiplied by 70 Percent. Total Revenue Minus Cost of Goods Sold.
This walkthrough shows you how to use Texas' webfile system to file Franchise Tax Returns and Public Information Reports (PIRs). This is a follow up to our r...
- 5 min
- 12.1K
- Ronald Rohde Law
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Fortunately, the No Tax Due Threshold, currently set at $2,470,000, prevents most small companies (like LLCs) from having to pay any franchise tax. As of 2024, businesses under the tax threshold no longer need to file a No Tax Due Report. Instead, LLCs and corporations making less than $2.47 million just need to file a Public Information Report.
