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For reports originally due on or after Jan. 1, 2024, a taxable entity whose annualized total revenue is less than or equal to $2.47 million is no longer required to file a No Tax Due Report.
Effective for reports due on or after Jan.1, 2024, an entity that has annualized total revenue less than or equal to the no tax due threshold of $2.47 million is not required to file a No Tax Due Report. However, the entity is still required to file a Public Information Report (PIR) or an Ownership Information Report (OIR).
Nov 7, 2023 · The entities that can currently file a No Tax Due Report will report, or not report, as follows, beginning with the 2024 report. Taxable entities whose annualized total revenue is at or below the no tax threshold do not owe any tax and are not required to file a franchise tax report.
Nov 27, 2023 · For example, if your LLC was approved on April 2nd, 2023 and you’re filing your LLC’s 2024 No Tax Due Report: your LLC’s report year will be 2024; but your LLC’s accounting year will be 4/2/2023 – 12/31/2023; For example, if your LLC was approved on June 15th, 2024 and you’re filing your LLC’s 2025 No Tax Due Report:
How to File. There are three ways to file the Texas Franchise Tax Report: No Tax Due; EZ Computation; Long Form; If your business falls under the $1,230,000 revenue limit, then you don’t owe any franchise tax. If you are above the limit, you can choose to fill out and file the EZ Computation form or to take the time to fill out the Long Form.
Jan 10, 2024 · Starting in 2024, entities that fall below the new no-tax-due threshold will not be required to file the traditional no-tax-due report (Form 05-163). This move is designed to streamline the reporting process and reduce administrative burdens on businesses.
