What is a Final Franchise Tax Report?
A corporation that for any reason (e. Earned surplus for an annual report should be reported beginning with the day after the ending date on the previous franchise tax report and ending with the end of the corporation’s last federal accounting period in the calendar year prior to the calendar year in which the report is due. 063 recognizes that certain corporations qualifying for a federal exemption may qualify for exemption from the franchise tax. 17th Street, Austin, Texas, 78774. Because the franchise tax is a privilege tax, what privilege periods are covered by these reports? The privilege period for the initial report extends from the corporation’s beginning date through the day before the corporation’s first anniversary date (first privilege period); and from the anniversary date through December31 of that calendar year (second privilege period). For more details on surplus, see Rule 3. If you use WebFile to request the extension, we will link you directly to TexNet to make your
A corporation that for any reason (e.g., dissolution, merger, withdrawal) becomes no longer subject to the earned surplus component of the tax must file a final franchise tax report. The final report must be filed within 60 days of the date the corporation is no longer subject to the earned surplus component. This requirement also applies to a non-Texas corporation that is no longer subject to the earned surplus component of the tax. For more information about the final report, see Sec. 171.0011 of the Texas Tax Code.
Related Questions
- I currently report all my use tax liability on my Franchise Tax Board (FTB) income tax return. Do I still need to register if I am a qualified purchaser under Revenue and Taxation Code section 6225?
- If an entity is a member of a combined group, will it be required to file a final franchise tax report?
- What is a Final Franchise Tax Report?
