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Agricultural, Public Interest, and Burial Organizations May Be Exempt from the Franchise Tax
Many nonprofit organizations may qualify for a franchise tax exemption, but must first submit a written application to the Texas Comptroller of Public Accounts. These organizations are still responsible for paying other ...
Directors and Officers May Be Liable for Corporate Debts in the Event of Forfeiture of Corporate Privileges for Tax Violations
Upon the occurrence of several specified tax violation events, the Texas Comptroller of Public Accounts may forfeit the corporate privileges of a corporation. Directors and officers of the corporation have personal liability ...
Religious Organizations May Be Exempt from the Franchise Tax
Religious organizations and many other kinds of organizations are allowed an exemption from the Texas franchise tax. To obtain the franchise tax exemption, organizations must submit an application to the Texas Comptroller ...
Taxpayers Must File Annual and Information Reports to Comply with the Franchise Tax
Taxpayers must file an annual report with the Texas Comptroller of Public Accounts by May 15 of each year unless they have been approved for a filing time extension.
The New Texas Margin Tax—Understanding the Effective Dates and Anticipated Legislative and Comptroller Guidance
The new Texas margin tax significantly changes Texas law, has a combined group reporting requirement, and has different effective dates for calendar year and fiscal year taxpayers.
Understanding the Use Tax
The Texas use tax applies to items store, used, or otherwise consumed in Texas.
Out-of-State Retailers Engaged in Business in Texas Must Register and Collect the Sales and Use Tax
Texas law imposes a use tax on out-of-state retailers that bring items into Texas to store, use, or otherwise consume such items. Retailers collecting use tax should include the use tax in the sales price.
Sellers Must Retain Records for a Four Years Period
Texas sellers must retain transaction records for at least four years. Resale and exemption certificates must also be retained for at least four years.