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I received a letter & began my business in 2023 it hasn’t received any revenue do I still have to file? If so what form the PIR or OIR. I understand the money threshold but isn’t this for all businesses in TX I have an LLC…so confused
For anyone still unsure you still have to file. I filed the OIR form. I called the comptroller office & got an awesome agent who walked me through the entire process online.
Great video. Very informative. I read the instructions on the Comptroller's website and they indicate that even if your revenues are below $2.47M, you still have to file a PIR or face a $50 fine. Can you clarify that? Thanks.
That is correct. comptroller.texas.gov/taxes/franchise/ntd-rpt-updates-2024.php#:~:text=Taxpayers%20Under%20the%20No%20Tax,a%20No%20Tax%20Due%20Report.
@@LedgerGurus Form 05-102, Public Information Report (PDF) or Form 05-167, Ownership Information Report (PDF), I'm confused on which one I need to file?
@@whatsthegoodstuffwtgs8651 Often the penalty is assessed after the return is processed. Keep an eye on your account. The state will also send you a letter.
Yes, there is a penalty for filing after the due date. comptroller.texas.gov/taxes/franchise/#:~:text=Penalties%20and%20Interest&text=A%20%2450%20penalty%20is%20assessed,5%20percent%20penalty%20is%20assessed.
My company is registered in 2022 with total revenue for 2023 is less than the threshold $2.47M. Do I need to fill the EZ computation or Information report only.
A taxable entity that elects to use the E-Z Computation is not eligible for the cost of goods sold, compensation or other margin deductions and may not claim any credits (Texas Tax Code Section 171.1016). comptroller.texas.gov/taxes/franchise/faq/reports-payments.php#:~:text=A%20taxable%20entity%20that%20elects,Texas%20Tax%20Code%20Section%20171.1016).
A nonprofit corporation organized under the Development Corporation Act of 1979 (Article 5190.6, Vernon's Texas Civil Statutes) is exempt from franchise and sales taxes. comptroller.texas.gov/taxes/publications/96-1045.php#:~:text=A%20nonprofit%20corporation%20organized%20under,from%20franchise%20and%20sales%20taxes.
I got this message "what is that mean No period obligations found for taxpayer" when I try to fill and information report ? any idea why they won't let fill it ? I open my llc Sep 2019 and I'ma veteran. Please advice.
Hello Ma’am Hope this email finds you well We are E-Commerce and we have fulfilled our franchise tax few months ago, but recently we received an email regarding franchise tax. I will share the email which we received, kindly give us information what they need. Your Franchise Tax Account is Not Current Our records show your entity’s franchise tax account is not current. You are scheduled to receive a Texas Notice of Intent to Forfeit Right to Transact Business, which will be mailed to you on or after Aug. 6, 2024. Consequences If the Comptroller’s office forfeits your entity's right to transact business in Texas, the forfeiture will be reflected on the Comptroller’s public website; your entity will generally be denied the right to sue or defend in a Texas court; and each officer, director, partner, member or owner may be liable for certain debts of the entity. We are waiting for your response Thanks
I encourage you to schedule a consultation with one of our sales tax experts. They can walk you through exactly what you need to do. You can schedule that here: calendly.com/ledgergurus-sales-tax/?
