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As we approach the Texas Franchise Tax deadline on May 15, 2024, it's essential for Texas businesses, especially those who self-file, to be aware of significant changes affecting the filing process this year. One of the most notable changes is the discontinuation of the No Tax Due Report for the 2024 report year and beyond.
For many years, the No Tax Due Report has been a staple in the Texas tax filing system, allowing businesses with no franchise tax liability to report their status to the state. However, starting this year, this requirement has been eliminated for those who fall below the threshold in an effort to ease tax compliance burdens for many.
What Does This Mean for Your Business?
The critical threshold to be aware of is the gross receipts amount. For the 2024 reporting year, businesses with gross receipts totaling $2,470,000 or below are no longer required to file a No Tax Due Report. It’s important to note that the threshold applies to the annualized total revenue of a combined group, not to the individual members of a combined group.
Even though the No Tax Due Report is no longer required for those under the gross receipts threshold, all businesses must still submit a Public/Ownership Information Report. This report is crucial as it maintains transparency about the ownership and management structure of businesses operating within Texas. Ensuring that this report is filed accurately and on time is vital for staying in compliance with state regulations.
Ready to File? Save Time by Filing Online
While we prepare and file the required forms for many clients, this section is for those who choose to self-file.
So, if you are self-filing your TFTR this year, we strongly encourage you to file online. Not only does this method speed up the submission process, but it also reduces the risk of errors, ensuring that your business's compliance is seamless and hassle-free.
We Are Here to Make the Complex Simple
We understand that changes in tax filing requirements can be daunting, especially when trying to ensure that your business remains compliant. If you have questions about these new requirements or need assistance with your tax filing, our team is here to help.
Remember, the deadline for submitting your Texas Franchise Tax Returns is May 15, 2024. If you've already completed your filing for this year, you are good to go.
Have questions? Let’s talk!
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