Texas Franchise Tax (Margin Tax) returns for the 2009 Report Year (2008 Tax Year) are due this Friday (May 15, 2009).
Here are a couple of reminders/tips:
1. If you will be filing an extension, remember 90% of the current year's tax is due with the extension to avoid interest and penalties.
2. If you are filing a combined return, remember to file the correct "Affiliate Schedule." There is one for extension purposes and a different one to be filed with the actual return.
3. If you have any limited partnerships that qualify as "passive entities," remember passive entities are not included in a combined return. In addition, information reports are not required to be filed for passive entities.
4. For all entities that have nexus in Texas, information reports are required to be filed in addition to the Texas Franchise Tax return. Remember to file the correct information report ("Ownership Information Report" or "Public Information Report").
If you have any questions regarding the Texas Franchise Tax (Margin Tax), please contact me at leveragesalt@earthlink.net.
