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  1. extension of time to file your annual return of . six. months.* • June 30, we grant you an automatic extension of time to file your annual return of . seven. months.* See Illinois Income Tax Regulations, Section 100.5020 for more information. *If you are a cooperative, we grant you an automatic extension of time to file your annual return of . seven. months regardless of when

  2. Starting in 2014, unitary groups file Form CO-411, Corporate Income Tax Return. The CO-411U has been discontinued. Each return package will have a BA-402, Apportionment & Allocation Schedule Instructions which reports the PVC’s apportionment percentage, and carries forward to Line 6 of the CO-411. The tax calculation for the PVC occurs on ...

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    When to file extension of time for franchise tax?

    When is unitary Corporation included in tax report?

    When does a cooperative organization file a tax return?

    When does an alien corporation need to be included in a combined tax report?

    • Entities Subject to Franchise Tax
    • Entities Not Subject to Franchise Tax
    • Calculation of The Tax
    • Available Credits
    • Combined Reporting
    • Franchise Tax Returns and Information Reports
    • Due Dates, Extensions and Filing Methods
    • Questions?
    • Disclaimer

    Each taxable entity formed in Texas or doing business in Texas must file and pay franchise tax. These entities include: 1. corporations; 2. limited liability companies (LLCs), including series LLCs; 3. banks; 4. state limited banking associations; 5. savings and loan associations; 6. S corporations; 7. professional corporations; 8. partnerships (general, limited and limited liability); 9. trusts; 10. professional associations; 11. business associations; 12. joint ventures; and 13. other legal entities. See Franchise Tax Rule 3.586External Linkfor a list of some activities considered to be “doing business in Texas.”

    The following entities do not file or pay franchise tax: 1. sole proprietorships (except for single member LLCs); 2. general partnerships when direct ownership is composed entirely of natural persons (except for limited liability partnerships); 3. entities exempt under Tax Code Chapter 171, Subchapter B; 4. certain unincorporated passive entities; 5. certain grantor trusts, estates of natural persons and escrows; 6. real estate mortgage investment conduits and certain qualified real estate investment trusts; 7. a nonprofit self-insurance trust created under Insurance Code Chapter 2212; 8. a trust qualified under Internal Revenue Code Section 401(a); 9. a trust exempt under Internal Revenue Code Section 501(c)(9); or 10. unincorporated political committees.

    Margin

    Franchise tax is based on a taxable entity’s margin. Unless a taxable entity qualifies and chooses to file using the EZ computation, the tax base is the taxable entity’s margin and is computed in one of the following ways: 1. total revenue times 70 percent; 2. total revenue minus cost of goods sold (COGS); 3. total revenue minus compensation; or 4. total revenue minus $1 million (effective Jan. 1, 2014).

    Total Revenue

    Total revenue is determined from revenue amounts reported for federal income tax minus statutory exclusions. Exclusions from revenue include the following: 1. dividends and interest from federal obligations; 2. Schedule C dividends; 3. foreign royalties and dividends under Internal Revenue Code Section 78 and Sections 951-964; 4. certain flow-through funds; and 5. other industry-specific exclusions. See Tax Code Section 171.1011External Link and Rule 3.587External Linkfor more information abo...

    Cost of Goods Sold

    Cost of goods sold generally includes costs related to the acquisition and production of tangible personal property and real property. There are other cost of goods sold allowances for certain industries. Taxable entities that only sell services will not generally have a cost of goods sold deduction. See Tax Code Section 171.1012External Link and Rule 3.588External Linkfor more information about cost of goods sold.

    The following franchise tax credits are available: 1. Temporary Credit for Business Loss Carryforwards under Texas Tax Code Section 171.111External Link(effective for reports originally due on or after Jan. 1, 2008) 2. Research and Development Activities Credit under Texas Tax Code Chapter 171, Subchapter MExternal Link(effective for reports originally due on or after Jan. 1, 2014) 3. Certified Historic Structures Rehabilitation Credit under Texas Tax Code Chapter 171, Subchapter SExternal Link(effective for reports originally due on or after Jan. 1, 2015)

    Taxable entities that are part of an affiliated group engaged in a unitary business must file a combined group report. Members of a combined group must use the same method to compute margin. See Tax Code Section 171.1014External Link and Rule 3.590External Linkfor more information on combined reporting.

    Each taxable entity must file a Franchise Tax Report (No Tax Due, EZ Computation or Long Form) and an Information Report (Public Information Report or Ownership Information Report).

    Franchise tax reports are due on May 15 each year. If May 15 falls on a Saturday, Sunday or legal holiday, the next business day becomes the due date. The Comptroller’s office will tentatively grant an extension of time to file a franchise tax report upon timely receipt of the appropriate form. Timely means the request is received or postmarked on or before the due date of the original report. See Franchise Tax Extensions of Time to Filefor more information. You can file your franchise tax report, or request an extension of time to file, onlineExternal Link. There is a $50 penalty for a franchise tax report filed after the due date, even if no tax is due with that report and even if the taxpayer subsequently files the report.

    Visit our website for more information about the franchise tax, including answers to frequently asked questions.

    This publication is intended as a general guide and not as a comprehensive resource on the subjects covered. It is not a substitute for legal advice. 98-806 (08/2019)

  4. The designated agent of a newly formed or pre-existing combined group must file one Form CT-5.3, Request for Six-Month Extension to File (for combined franchise tax return, or combined MTA surcharge return, or both), to request an extension of time to file for all corporations included in the combined group, including taxpayer members being ...

  5. REG-24-007 Corporation Income Tax Returns: Extensions of Time for Filing or Payment. 007.01 Extensions of time for filing. The Nebraska Department of Revenue (Department) may grant an extension of time to file the Nebraska corporation income tax return, if an Application for Automatic Extension of Time to File Nebraska Corporation, Fiduciary, or Partnership Return, Form 7004N is filed and the ...

  6. The extension of time is to file the return not pay the tax. Ninty percent of the tax must be paid by the due date to avoid late payment penalty. Is a non-profit, 501(c)(3) organization required to file a copy of our annual IRS Return of Organization Exempt for Income Tax, Form 990 to the Kansas Department of Revenue?

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