What is a Form 05-102?

What is a Form 05-102?

Form 05-102, Texas Franchise Tax Public Information Report, is a tax form filed by corporations, limited partnerships, and different business entities that are registered in Texas. Franchise tax is a tax that enterprises pay when they want to establish their business in certain states.

Do I need to file a Texas franchise tax report?

The Texas Franchise Tax is levied annually by the Texas Comptroller on all taxable entities doing business in the state. Each business in Texas must file an Annual Franchise Tax Report by May 15 each year.

Can I file Form 05-102 online?

No, Form 05-102 can only be e-filed as part of the Texas Franchise Tax return. If separate filing is desired, the form must be paper filed with the taxing authority.

What is a franchise tax account?

A franchise tax is a levy paid by certain enterprises that want to do business in some states. Some entities are exempt from franchise taxes including fraternal organizations, nonprofits, and some limited liability corporations. Franchise taxes are paid in addition to federal and state income taxes.

How do I file final franchise tax in Texas?

Go to https://mycpa.cpa.state.tx.us/securitymp1portal/displayLoginUser.do and log in with the username and password. Once you have entered the web file number, you will see a list of returns that you need to file. Once you have filed all the returns, call the state and request a final return.

Is Texas franchise tax an income tax?

Most Texas small businesses that are partnerships pay the franchise tax, while sole proprietorships do not. In such cases, the business owners must pay federal income tax on this income but not state tax, since Texas does not tax personal income.

How do I file a final franchise tax report in Texas?

Go to https://mycpa.cpa.state.tx.us/securitymp1portal/displayLoginUser.do and log in with the username and password.

1. Select “WebFile/Pay Taxes and Fees” and fill in the required information.
2. Once you have entered the web file number, you will see a list of returns that you need to file.

How do I fill out a franchise tax report in Texas?

Filing Your Texas Annual Franchise Tax Report

1. Enter your username and password.
2. Once you’re successfully logged in, click “WebFile/Pay Taxes and Fees.”
3. Enter your 11-digit Texas taxpayer number.
4. Under the heading “Available Taxes/Fees,” click “Franchise Tax.”
5. You’ll then be prompted to enter your Webfile number.

What type of tax is franchise tax?

A franchise tax is a government levy (tax) charged by some US states to certain business organizations such as corporations and partnerships with a nexus in the state. A franchise tax is not based on income. Rather, the typical franchise tax calculation is based on the net worth of or capital held by the entity.

What do I need to file for Texas franchise tax?

Filing for each of these two scenarios must include the appropriate information report (Form 05-102, Texas Franchise Tax Public Information Report (PDF), or Form 05-167, Texas Franchise Tax Ownership Information Report (PDF)) based on entity type.

When to file Texas franchise tax form 05-163?

Note that the reporting requirements are different for each scenario. If annualized total revenue is less than the no-tax-due threshold amount, then the taxable entity files Form 05-163, Texas Franchise Tax No Tax Due Report (PDF).

Can you request an extension of time to file a franchise tax report?

An extension of time to file a franchise tax report will be tentatively granted upon receipt of a timely request on a form provided by the Comptroller. Timely means the request is received or postmarked on or before the due date of the original report.

How is the franchise tax calculated for 2015?

For reports originally due on or before Dec. 31, 2015, a taxable entity with annualized total revenue of $10 million or less can elect to compute the franchise tax by multiplying total revenue by the apportionment factor and then multiplying the apportioned total revenue by a tax rate of 0.575 percent.