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MAY & BFG: YOUR MONTHLY NEWSLETTER💐
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May 2023 Volume 5 | From BFG Tax Central
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Tax Tip of the Month
Texas State Franchise Tax
The Texas franchise tax is a privilege tax imposed on each taxable entity formed or organized in Texas or doing business in Texas
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Due Dates
Annual Franchise Tax Reports
The annual franchise tax report is due May 15. If May 15 falls on a weekend or holiday, the due date will be the next business day.
Final Franchise Tax Reports
Before getting a Certificate of Account Status to terminate, convert, merge or withdraw registration with the Texas Secretary of State:
- A Texas entity, terminating, converting or merging, must file its final tax report and pay any amount due in the year it plans to terminate, convert or merge.
- An out-of-state entity, ending its nexus in Texas, must file its final report and pay any amount due within 60 days of ceasing to have nexus.
Penalties and Interest
Penalties
- A $50 penalty is assessed on each report filed after the due date.
- If tax is paid 1-30 days after the due date, a 5 percent penalty is assessed.
- If tax is paid over 30 days after the due date, a 10 percent penalty is assessed.
Interest
- Past due taxes are charged interest beginning 61 days after the due date.
Needing assistance with your annual franchise tax report?
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So you’ve got a neighbor, cousin, or church friend in the tax business? Do they specialize in tax resolution AND tax planning?? No worries, we do, and we have you covered!
Let us be your go-to for any tax resolution needs you may have. From IRS wage garnishment protection to helping you get “Innocent Spouse” protection, we have the experience you need.
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LOOKING FOR ADVICE YOU CAN TRUST FROM A RICHARDSON TAX PROFESSIONAL?
WE GET IT.
AND WE CAN HELP.
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Are you facing a tax debt, lien, or other tax-related issue?
Contact Us Today!
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Most small business owners waste valuable time attempting to manage finances and keep up the bookkeeping end of their business when the time could be far better spent focusing on the service or the clients your business specialize in.
The successful small business owner knows to spend more time on work means generating more profit. Leave the tedious, time-consuming job of bookkeeping and accounting to the professionals! Make your life easier, click here!
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It is no secret that taxes can be confusing and stressful. However, when you fall behind and can’t afford to pay what you owe, that stress can turn into a nightmare. Fortunately, the IRS does offer some programs that can help alleviate some of the pressure, including the Offer in Compromise. In this blog post, we will dive deeper into what an Offer in Compromise is, how it can help you with your tax debt, and if it is the right step for you.
What is an Offer in Compromise?
An Offer in Compromise (OIC) is an agreement between the taxpayer and the IRS that settles a tax debt for less than what is owed. The program is designed to help taxpayers who genuinely cannot pay their full tax liability or if paying the full amount would cause an undue hardship. In other words, an Offer in Compromise allows you to negotiate with the IRS to pay a lesser amount that you can afford.
...Read More Here
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For those who filed a tax extension:
Filing a tax extension with the IRS is a great way to get some extra time for filing your personal taxes. It is important to understand that an extension does not in any way delay payments owed for taxes, however it will give you some additional time to gather the necessary documents and file your personal return without incurring any penalties or late fees. Let’s break down the basics of filing a tax extension with the IRS.
Deadlines and Penalties
The normal tax return deadlines for your personal tax return is April 18ths. However, with approval, this deadline can be extended until October 16th. It is important to note that.... Read more here
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Mother's Day Truffle Cheesecake Recipe Idea
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Our team is here to help you with any questions or concerns you may have. Contact our support team and they will be happy to help you.
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