Texas Franchise Tax: Hot Topics for 2011 Filings Due May 15th!

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The Texas Comptroller's Office published what it thinks are the Hot Topics for the 2011 franchise tax filings in its recent Tax Policy News. 

The following items are addressed:

  1. Franchise Tax Web Service
  2. Passive Entity Reporting
  3. Apportionment (single-sales factor vs. MTC 3-factor)
  4. Temporary Credit Election
  5. Extensions and Mandatory EFT
  6. Combined Group Elections

In addition to the above, I would say that with Texas, you need to do everything you can to properly file all of the correct forms to avoid receiving a notice later.  Remember to file your public information reports along with the franchise tax return.  Also, if you are filing a combined return, remember to attach the correct affiliate schedule to the combined return. 

From a calculation standpoint, make sure to utilize the correct subtraction (wages, cost of goods sold or 30%) with the original return.   

If you are looking for an easy way to estimate your company's franchise tax liability, check out Texas' online calculator.

Texas also provides some additional guidance regarding what forms to file and how to E-file on its website.

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