2024 Reporting Changes
This Senate bill increased the no tax due threshold and eliminated reporting requirements for certain entities.
What is Senate Bill 3
This is the first form mailed to taxpayers to inform them their account is not current.
What is a Texas Notice of Intent to Forfeit Right to Transact Business?
These entities must satisfy all state tax filing requirements before they can terminate, merge or convert a business.
What are both Texas-formed and out of state entities registered with the Texas Secretary of State (SOS).
There are 21 types of this type of Nexus in Rule 3.586
What is Physical Presence
(1) advertising:
(2) consignments:
(3) contracting:
(4) delivering:
(5) employees or representatives:
(6) federal enclaves:
(7) franchisors:
(8) holding companies:
(9) inventory:
(10) leasing:
(11) loan production activities:
(12) partners:
(13) place of business:
(14) processing:
(15) real estate:
(16) services
(17) shipment:
(18) shows and performances:
(19) solicitation:
(20) telephone listing:
(21) transportation:
This is when a newly taxable entity's first report due.
What is May 15 of the year following the year the entity became subject to the tax.
Passing of SB3 Legislation eliminated this Report for taxable entities whose annualized total revenue is at or below the no tax due threshold the 2024 report year and beyond.
What is form 05-163 No Tax Due Report
This is the term used when an entity loses their Charter with the Secretary of State.
What is a Charter forfeiture?
This is the agency who taxpayers file their termination paperwork with.
What is The Secretary of State?
Gross receipts from business done in Texas of $500,000 or more.
What is the Threshold for Economic Nexus.
If the tax due is less than this amount but annualized total revenue is greater than the no tax due threshold, a franchise tax report supporting that no tax is due (Form 05-158, or Form 05-169) must be filed.
What is Less than $1000.00
These type of entities must file either the EZ Computation Report or the Long Form and blacken the appropriate circle in the taxpayer information section at the top of the form to indicate they are not required to report financial information.
What is a Qualifying passive entities and/or REITs
This is the phrase used to inform the entity they are not current with the Comptroller's reporting requirement.
What is the Forfeiture of Right to Transact Business?
This is the title of Form 05-359
What is the Request for Certificate of Account Status to Terminate a Taxable Entity’s Existence in Texas
Fill in the Blank
A taxable entity is subject to Texas franchise tax when it has ______________ with this state to be taxed without violating the United States Constitution.
What is sufficient contact?
This type of report is filed
What is an amended report
A taxable entity with zero Texas gross receipts must file on of these forms.
What is a EZ Computation Report or the Long Form.
This period is the prior year's financial period for the period before the report year due date.
What is the "accounting period" for the 2025 EZ computation or the Long form.
These entity types can NOT submit an electronic request? (Name two)
What are
This form allows you to update your entity's information with us online. This includes providing a mailing address, as well as establishing the tax responsibility beginning date and determining the first report due date for non-Texas entities.
What is the Franchise Tax Accountability Questionnaire?
A non-EFT filer can extended to November 15 by meeting these three requirements.
What is-
(1) requests the extension on or before May 15;
(2) requests the extension on a form provided by the comptroller; and
(3) remits with the extension request:
(A) 90% or more of the amount of tax reported as due on the report filed on or before November 15; or
(B) 100% of the tax reported as due for the previous calendar year on the report due in the previous calendar year and filed on or before May 14 of the year for which the extension is requested.
Fill in the Blank
There were _____ (how many) types of entities eligible to file a No Tax Due Report for reports originally due on or before Jan. 1, 2024.
What is five types of entities eligible to file a No Tax Due Report.
Form 377 is filed with the Secretary of state along with applicable forms and SOS fees as the final step to this process.
What is reinstating a forfeited charter.
This is the code that requires registered entities to present a COAS as evidence that their state taxes have been paid before an entity can terminate its existence through filing with the Secretary of State’s office (SOS).
What is the The Business Organizations Code
This type of entity with a Texas use tax permit is presumed to have nexus in Texas and is subject to Texas franchise tax.
What is a foreign taxable entity.
Filing this report, an entity is not eligible for the cost of goods sold, compensation or other margin deductions and may not claim any credits.
What is the EZ Computation Report Form 05-169