Texas Franchise Tax (Margin Tax): Last Minute Reminder!

If you or your client is filing a Texas Franchise Tax (Margin Tax) return for the 2008 tax year (2009 Report Year), and you extended the return, then you know it is due November 16, 2009.

Please contact me at brian.strahle@bakertilly.com or 612.876.4824 if you have any last minute questions or would like a second opinion regarding your calculation of:

1. revenue
2. cost of goods sold
3. how to utilize the net distributive income deduction
4. how to determine if your limited partnership qualifies as a "passive entity"
5. how to file a combined return; do you include 100% of the gross receipts of each entity? what entities are included? how do I know if they are unitary?
6. what sales, or what entities' sales in a combined return are included in the numerator of the sales factor?
7. what affiliate schedule do I attach to the return?
8. if I can't pay the tax liability, who is liable? who can the state go after?

Also, for additional information you can visit Texas' Website which contains several frequently asked questions.