How to File Texas Franchise Tax No Tax Due Report (w/Income) + Public Information Rep (2023 & prior) 

Thank you so much for your feedback and for sharing your experience. I actually am working on the video to set up a new esystems account and how to Assign the applicable tax. My previous Sales Tax YT video explains a little bit about the process, but I plan to make an updated video to show how to do that.

On another note, did you already go through the process to get verified as a veteran and take advantage of the 5 year exemption or the free/refundable state formation filing fees?

Yes, they had me on record as a Veteran owned Business but I still needed to fill this form I was told.@@LomaRisper

Thank you 😊

For free weekly business tips, sign up at www.LomaRisper.com 👍

😍 Your support means the world to me! Yes, glad you've were able to get the update info. I have a video on the changes and filing soon. If you'd like weekly business tips, sign up at www.LomaRisper.com 👍

Awesome 😊

Awesome 👌

Thank you for your support 😃

Thank you so much, Jeimy!!! I look forward to meeting you. The next meeting is this Sat. www.LomaRisper.com 😊

Thank you 😊

Awesome 👌. You ROCK!

You are so sweet, thank you, Alma! Were you filing for a return that was due May 2024 or a previous year?

Thank you, Nathalie ☺️ If you made less than $2.47 million, you only have to file the Public Information Report! I will be posting a video on the changes and how to file soon. You can sign up for my weekly business tips to get notified at www.LomaRisper.com

Yes. Previously, you had to file a No Tax Due Report and the Public Ownership Report, but starting this year, if you make under the $2.47 million threshold, you only need to file the Public Information Report.

Awesome, thx for watching, and thx for your support, Juan! 😀

Thank you 😊

Thank you 😊

Thx for supporting me 😃

You're welcome 😊

Awwww, thank you 😊

Hi, Mayra. If you're filing for a past due Franchise Tax Return, you will need the accurate number that would end up on your tax return. If you're not sure, I wouldn't advise guessing. If your bookkeeper has the exact number you know for sure that will go on your final tax return, then you can use that. If you're filing a Franchise Tax Return that is due this year (2024), you only need that information if you reached the $2.47 million threshold. If you made less than that, you'll just file the public information report. If this was helpful and you want more free business tips, sign up at www.LomaRisper.com 👍

It sounds like you're asking about two different types of taxes. Franchise Taxes - If you made any income, regardless of expenses, use the instructions in this video to file your annual return. As long as you made less than $1.2 million, you won't owe anything, but you must file. Sales Tax - If you have a sales tax permit, you have to file. If you don't sell products and only sell services, check to see if that service is taxable. If it is taxable, charge your customers, file your sales tax returns, and send the Comptroller the tax you collected. If your service is not taxable and you have a sales tax permit, you may need to close your account because as long as your sales tax account is open, you have to file to stay in compliance.

You didn't miss anything. 😊 Now that the PIR is the only filing requirement for businesses that make less than the $2.4 million threshold, there isn't a $50 penalty anymore. You just have to file (preferably on time) to avoid losing your Active Status with the Secretary of State. Hope that helps 🙏🏼

Thank you 😊

Hi. I'm working on a video to show how to file business federal IRS taxes. To get notified when that video is posted, sign up for my business tips at www.LomaRisper.com

Glad to hear that ☺️

@@LomaRisper WHat address should i mention in director information my business address or residential address? i am foreigner

​@@insubject9245 You can use either your business address or residential address based on what address you want the public to be able to see if they looked up your company with the Comptroller public records.

Hi, Rhianna.✨️ The registered agent is the person or company you chose to receive your important mail like if you were ever served court documents. Look at your original documents you filed to set up your LLC with the Texas Secretary of State. It would be there. Just a note, if you need to put a different registered agent than what you put on the original document, you'll need to file a change of registered agent with the TX SOS. If this was helpful, sign up for my free weekly business tips at www.LomaRisper.com 😊

Here you go: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-LNN4Uga2yBo.htmlsi=sGhx-JAMEyDhdg4d

Hi, Yalexia! Looks like you have a few different questions... Once you filed and paid the $50, you complied with filing which is all the Comptroller wanted when they mailed that scary estimate to you.😉 When you check your account status, you should see it says "This page is valid for most business transactions...". It's the same message that shows for all the companies you look up. It's not company specific. If you want a Certificate of Filing, follow the instructions at www.sos.state.tx.us/corp/copies.shtml Hope that helps you feel better to know you're good to go 👍

Yes! I also got that scary $1K Intent to Forfeit letter that prompted this video search. $50 stupid tax for being late instead of $1,152.56 is so much better. @@LomaRisper

Hi, Gabriella. If you registered your business this year, you won't be required to file until next year. I recommend you at least set up your account and assign your account to file Franchise Tax using your Webfile #. This way you won't be scrambling to find that Webfile # to file on time.

Yes, that's correct!👍 I will be posting a video on this soon. Sign up for my weekly business tips to get notified at www.LomaRisper.com 😊

@@LomaRisper Thank you!!!

Hi! A registered agent is a company or person who has a physical address that they are actively located at and ready to receive official (court) documents like if a company was being sued. They have to be available during standard business hours. This is a legal requirement to have one to keep your LLC. You can choose to be your own registered agent and use your own home address, but most people don't want their home address listed publicly for their business. You can hire a company like Texas Registered Agent for $35/year to provide this service and use their address instead of your home address.

Hi, Sandra. If you have an LLC, you have to file your Franchise Tax return every year. If you make less than $1.2 million, you won't owe any taxes, BUT you still have to file. I think when you mentioned you file joint with your tax guy, you were talking about your IRS Income Tax return. On the IRS tax return, you can provide your expenses to offset your income and reduce your tax due (or not have to pay any tax if you have a net loss). But this is separate from the Franchise Tax return. Hope this helps you 😊

Hi, Nina. It's so easy, you don't need a CPA to file it. In fact, if your franchise tax return was due this year 2024, the new law says you only have to file the Public Information Report if you made less than $2.47 million dollars. Hope this helps you 🙏🏼. Sign up for more free business tips at www.LomaRisper.com✨️

@@LomaRisper Thanks so much for helpful information 😍

@@LomaRisper registered agent service for my LLC was just recently expired. Should I continue to sign up for the service? Thanks much

It depends on a few things. Email me at loma@lomarisper.com so I can explain your options. I'll also add you to my free weekly business tips list.

I'm afraid foreign entity filings are outside my scope of experience. I'm sure the Comptroller's office would be happy to answer any questions you have on filing for a foreign entity.

If you registered your LLC this year, no, you don't have to file until next year. When you set up your online account and connect it to your Franchise Tax webfile #, you should be able to see whether there is a return that needs to be filed.

@@LomaRisper Thank you Loma! Appreciate for the information and video!

Also, starting this year if you make less than $2.47 million, you only have to file a Public Information Report to stay in compliance. I have a new RU-vid video I will be posting soon explaining the details. Sign up for free business tips at www.LomaRisper.com

Happy to be of service. Let me know if there's any other video topics you would like to see 🙂

It's possible the CPA already filed it. In your account, you should be able to see the history of previous filings and transactions.

Thanks for your prompt reply! Is it also possible the official cancel the reporting "No Tax Due Report" this year? I just notice the webfile login website announcement of "No tax due reports are no longer available or required for reports due Jan. 1, 2024, and later. ". Do you have any idea of that? @@LomaRisper

I did see that update. The Comptroller wording was a bit confusing, so be on the look out for a video from me soon on the details of the new rules.

Yeah! We really need some detailed explanation of new rules! Thanks for doing that! @@LomaRisper

You can also sign up to get weekly business tips like this from me at www.LomaRisper.com

Email it to me at loma@lomarisper.com and include your phone number to discuss your situation. 👍

Deborah, sounds like you filed it right 👍. They do call it a 2023 return for Jan 1 - Dec 31.

If you're filing the 2023 Franchise Tax Return, you put Jan. 1, 2022 to Dec. 31, 2022. The Comptroller labels their Tax returns a little differently from the IRS. Hope this helps 🙂

Yes, exactly! Once per year by May 15th or the next business day if the 15th falls on a weekend or holiday.

Thx, Krystal 😀. I hold a group mentoring Zoom call once a month to answer Texas Entrepreneur's tax and business questions if you need help with anything else. www.lomarisper.com/businessbossmembership

Did you answer NO to the 3 questions at the beginning of the filing process?

It's requires income information from your IRS Federal Tax return.

Hi, Rachel! I was a bit confused when you mentioned you opened your business in Jan. 2023 and received the forfeiture letter, so I took a quick look at your LLC on the Comptroller's website and saw you registered your business in Dec. 2022 and that explains why you would have been required to file by May 17th this year (normally every May 15th unless it's a weekend or holiday). With that said, if you've already set up your eSystems Webfile log in, log in. If you don't see File and Pay Franchise Tax, you may need to scroll down to Popular Services: Assign Taxes/Fees, enter your taxpayer number from the letter, enter the Webfile number they assigned you in that letter, and agree to add the franchise tax acct to your profile. Once you see the File and Pay Franchise Tax option on the main screen, click and choose No Tax Due and follow the instructions in my video (Zero Income). You'll have to pay a $50 late filing fee, but then you'll be caught up and just need to add to your calendar to file next year. Make sure you file your regular IRS income tax return beforehand because you will need the information from there to file next year (watch my other Franchise Tax video that shows how to file with Income). Hope this helps!

@@LomaRisper Thank you so much for your thorough reply. I greatly appreciate your time! This was a huge help to me. :)

@@LomaRisper I have the same thing happen to me where I received a notice of Intent To Foreit Right to Transact Business on July 28th. Would I have to pay the $1000+ taxes due as stated or just the $50 penalty charge only?

@@asmamohammad4209 You won't have to pay the $1k. All you have to do is file as normal, and it will only prompt you to pay the $50 penalty.

Thank you so much!! @@LomaRisper

Hi, Angelica. When you registered your LLC with the TX SOS, you would have assigned your Registered Agent. If you didn't pay a service provider for to be it, then you may have decided to be your own Registered Agent. If you don't have your original paperwork, you can search your for LLC online to see who the Registered Agent is. Here's the link to search: mycpa.cpa.state.tx.us/coa/ Hope this helps 🙂

You would file your 2022 Revenue on the 2023 tax return. Your 2023 Revenue would be filed on the 2024 tax return next year.

@@LomaRisper and just to be clear this is for the Franchise Tax, right.

Yes, that info is specifically for Franchise Taxes.

@@LomaRisper thanks. And when they ask for total revenue they are asking for “net income” right. NOT “gross income.”

You will want to watch the video starting at the 8-minute mark to figure out how much to put in the Total Revenue section. You'll need your federal tax return for this part.

Hi 😊

Thank you!

What's your LLC's name?

Centex Cheetahs LLC@@LomaRisper

I'm sorry for the late reply. Your message must have gotten buried. I looked up your LLC and saw the Effective SOS Registration Date is 12/23/2022. That's why they want you to file this year for last year. Hope this helps.

Yeah, I eventually figured that out. Thanks for taking a look.@@LomaRisper

Hi, Stacy. The IRS treats multi-member LLCs as partnerships (unless you filed to be treated like a Corporation), so you would follow the Partnership instructions for calculating the income to report on the franchise tax report. Start at the 9 min mark of the video and read the screenshots for the specific instructions pertaining to partnerships if that applies to your situation. Hope this helps 🙂. Here's the IRS link for more info: www.irs.gov/businesses/small-businesses-self-employed/llc-filing-as-a-corporation-or-partnership

Oh goodness :) Is there anything in particular you got stuck on? I actually hold a monthly Zoom call where I answer tax and business questions if asking me on a video call would make you more comfortable filing your taxes. Here's the link to sign up if you're interested: www.lomarisper.com/businessbossmembership

If there's anything I could have done better, please let me know:)