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The New Texas Margin Tax—The Margin Tax Expands the Types of Entities Subject to Taxation
The new Texas Margin Tax expands the entities which are subject to tax, however, exemptions exist for certain entities, small businesses, and passive investment entities.
Improper Documentation and Maintenance of Files Can Lead to the Loss of Exemptions
Items purchased for resale are not taxable in Texas, however, a purchases must provide a resale certificate to a purchaser in order to qualify for an exemption from sales and use tax. Sellers should keep these certificates ...
The Seller and Purchaser Are Both Liable for Uncollected Sales Tax
Liability for payment of uncollected sales tax falls on both Texas sellers and purchasers.
Understanding the Sales Taxation of Services and Enumerated Services
The sales of services are exempt from Texas sales tax, however, there is a long list of statutorily taxed services. Texas courts apply an essence of the transaction test to determine whether a mixed transaction is taxable.
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 ...
The New Texas Margin Tax—Understanding How the Margin Tax is Computed
A short essay discussing how taxable entities calculate the new Texas Margin Tax.
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 ...
The New Texas Margin Tax—The Margin Tax Implements Combined Group Reporting
The Texas Margin Tax requires affiliated entities engaged in a unitary business to file a combined group report. The Texas Margin Tax also increases the entity types which are subject to tax.
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.
Ship and Ship Equipment Sales May Be Exempt from the Sales and Use Tax
While most ship and ship equipment sales and leases are subject to Texas sales and use tax, there are several situations for which the Texas Tax Code provides exemptions.