The Texas Franchise Tax filing deadline is six short days away! Yes indeed, your business’s 2010 Texas Franchise Tax return must be postmarked or extended by Monday, May 17th.
Not sure if your business is required to file a franchise tax report? Check and see where your entity falls on the lists below- it will give you a better idea of your filing obligation:
Entities Subject to Franchise Tax
- Partnerships (general, limited and limited liability),
- Corporations
- LLCs
- Business trusts
- Professional associations
- Business associations
- Joint ventures
- Other legal entities as defined here
Entities Not Subject to Franchise Tax
- Sole proprietorships
- NOTE: The tax does apply to single member LLCs filing as a sole proprietor for federal income tax purposes.
- General partnerships directly and solely owned by natural persons
- NOTE: The tax does apply to all limited liability partnerships
- Entities exempt under Texas Administrative Code Rule §3.583(d)
- Passive entities as defined under Texas Administrative Code Rule §3.582(c)
For a full list of which entities are and are not subject to the Texas Franchise Tax, check out the Texas Franchise Tax section of the Texas Administrative Code here.
As always, we’re here to help! Our staff will gladly address any questions or concerns you may have on how the Texas Franchise Tax rules affect your business.
by Jami Taylor
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