texas franchise tax instructions 2020

No Tax Due Threshold Entities that report total revenue of less than $1,180,000 are allowed to automatically file a No Tax Due Report (Form 05-163). As Texas has no net corporate or personal income tax, the Texas Franchise Tax is our states primary tax on businesses. As youve probably deduced from this guide, filing your annual franchise tax reporton time and correctlyis a pretty big deal. benefits provided to all personnel to the extent deductible for federal income tax purposes, including workers compensation, health care and retirement benefits. Note that the reporting requirements are different for each scenario. The registered business location is at 5900 Balcones Dr Ste 100, Austin, TX 78731. Icon-facebook Icon-twitter Icon-youtube-v Icon-instagram-1. (See the next section for how to find annualized revenue). Is not required to pay any tax. Texas Franchise Tax: 2020 Rates, Thresholds, & Deduction Limits. hb```f`` Lesson 1 Applicability of the Texas Franchise Tax Completion of this lesson will enable you to: Discuss the basic formulas and options for calculating the Texas franchise tax. Wire transfer is not an option if you are not enrolled in TEXNET. Margin is apportioned to Texas using a single-factor apportionment formula based on gross receipts. Cost of goods sold includes costs related to the acquisition and production of tangible personal property and real property. Trusts should report their trustee information and not check any box (PARTNER or OTHER). Your business is a real estate investment trust. Total sales of last return filed (if new entity, enter zero), Total amount paid of last return filed (if new entity, enter zero), RT # (Webfile number for filing reports for sales and most other taxes), XT # (Webfile number for filing franchise tax reports), 100 percent of the tax that was due and payable in the previous reporting year; or. The following are the qualifying federal COVID-related relief programs: Yes. Tax Rate (other than retail or wholesale) For most entities, this is the tax rate on its taxable margin. the date it is or was no longer subject to the tax. Learn more 2009 Texas Franchise Tax Report Information and. Texas Franchise Tax: 2020 Rates, Thresholds, & Deduction Limits. Entities not registered with the Secretary of State must notify our office in writing of the last day business was conducted. If youre already familiar with Texas franchise tax, know your LLCs annualized total revenue is less than $1,230,000, and just want to file your No Tax Due Report (and PIR), you can find simpler . 2023 Gollob Morgan Peddy PC | Disclaimer Compensation does not include 1099 labor or payroll taxes paid by the employer. However, after passage of House Bill 1195 in the 87th Legislature, Regular Session, taxable entities that received certain COVID-related relief grants or had certain COVID-related relief loans forgiven by the federal government do not have to report those grant or loan proceeds as income on their 2021 franchise tax reports. If tax is paid 1-30 days after the due date, a 5 percent penalty is assessed. . Additionally, if your business does owe a franchise tax payment, and your payment is 1-30 days late, a fine will be assessed in the amount of 5% of your total tax due. Franchise tax rates, thresholds and deduction limits vary by report year. This entity enters 06/19/2020 as its accounting year begin date for its first annual franchise tax report. Cartod Holdings, LLC is a franchise tax permit holder. P.O. The majority of LLCs in Texas fall under the no tax due threshold, which is currently $1,230,000 in annualized total revenue. If, however, there is no such ending date, which may occur when an entity uses a 52-53-week accounting period, then enter Dec. 31 of the calendar year before the calendar year in which the franchise tax report is due. 5,001 or more. See Tax Code Section 171.1013 and Rule 3.589 for more information about compensation. The Texas Franchise Tax is calculated on a companys margin for all entities with revenues above $1,230,000. The margins threshold is subject to change each year. Franchise tax report forms should be mailed to the following address: Texas Comptroller of Public AccountsP.O. See Rule 3.585 for additional information." 3 By contrast, no such limitation appears in the Report Year 2017 Texas Franchise Tax Report Information and Instructions. Menu. (Paper forms not allowed for No Tax Due Information Report.) To end the franchise tax reporting responsibility of an unregistered entity (i.e., an entity not registered with the SOS) that is not or is no longer subject to franchise tax, the unregistered entity must do the following with the Texas Comptroller of Public Accounts: This will provide information required for the Comptrollers office to end the entitys franchise tax reporting responsibility, including. Its annualized revenue is $1,182,870 ($350,000 divided by 108 days multiplied by 365 days). As you can see, there are a variety of methods that can be used to calculate an entitys franchise tax for a particular year. RESET FORM 05-102 Rev.9-15/33 PRINT FORM Texas Franchise Tax Public Information Report Tcode 13196 Franchise Professional Associations PA and Financial Institutions Report year Taxpayer number You have certain rights under Chapter 552 and 559 Government Code to review request and correct information Blacken circle if the mailing address has changed. For example, for report year 2014, the accounting period ending date for an entity with a fiscal year end of Sept. 30 will be Sept. 30, 2013. On its 2021 annual franchise tax report, the entity will enter its accounting year begin date as 01/01/2020. Franchise Tax Reasons We Send Courtesy or Statutory Notices, General Information Letters and Private Letter Rulings, State Tax Automated Research (STAR) System, Historically Underutilized Business (HUB), Vendor Performance Tracking System (VPTS), Texas Procurement and Contract Management Guide, Minnie Stevens Piper Foundation College Compendium, Franchise Tax Frequently Asked Questions (FAQs) Exemptions, General Rule 3.13 (c), Postmarks, Timely Filing of Reports, and Timely Payment of Taxes and Fees, Rule 3.584 (c)(5), Margin: Reports and Payments, Rule 3.585, Margin: Annual Report Extension, satisfy all filing requirements through the date it was no longer subject to the tax; and. If the Comptrollers office does not receive your franchise tax report (and payment, if you owe one) within 45 days of the deadline, they are required by law to forfeit your businesss right to transact business in Texas. The rate increases to 0.75% for other non-exempt businesses. Website by GroupM7 Design. Austin, If you are unable to file using Webfile, use our downloadable .PDF reports, designed to work with the free Adobe Reader. Click on New Document and choose the form importing option: upload Texas form 05 102 instructions 2020 from your device, the cloud, or a protected URL. TX The Texas Secretary of State (SOS) maintains and updates Registered Agent and/or Office information. Franchise tax is based on a taxable entity's margin. total revenue minus cost of goods sold (COGS); total revenue minus $1 million (effective Jan. 1, 2014). If you are paying electronically using Webfile, you have until midnight (CT) on the due date for your payment to be considered timely. After filing your tax report and paying the amount due, you may request a waiver of all penalties assessed by downloading, completing and submitting Form 89-224, Request for Waiver of Penalty for Late Report and/or Payment (PDF). No Tax Due Threshold. EZ Computation Rate The rate is applied against the taxable revenue. Note for an entity that became subject to the tax during the 2020 calendar year and has a federal accounting year end date that occurs before to the date the entity became subject to franchise tax, use the day the entity became subject to franchise tax as its accounting year end date on its first annual report. A foreign taxable entity with no physical presence in Texas now has nexus if, during any federal accounting period ending in 2019 or later, it has gross receipts from business done in Texas of $500,000 or more. For additional information, see our Call Tips and Peak Schedule webpage. When it files its 2021 annual franchise tax report, it will enter its accounting year end as 03/31/2020. 0 The Comptroller's office has amended Rule 3.586, Margin: Nexus, for franchise tax reports due on or after Jan. 1, 2020. On its 2021 first annual franchise tax report, it will enter its accounting year end date as 12/31/2020. The FQ number is used for filing Form AP-114, Texas Nexus Questionnaire (PDF) online. Affected members of a Texas combined reporting group will need to recompute apportionment under the Comptroller's revised policy to determine the potential impact. Note: Due to Covid-19, the 2020 filing deadline for all franchise taxpayers has been extended to July 15. . Posted on 26 Feb in greenshield pharmacy intervention codes. Use professional pre-built templates to fill in and sign documents online faster. If any of the following are true, your business doesnt owe franchise taxbut youll still need to file an annual franchise tax report: If your company doesnt meet at least one of the criteria above (and its not a sole proprietorship or general partnership), then franchise tax is owed. EZ Computation Total Revenue Threshold Taxpayers with revenue less than the EZ Computation revenue threshold may choose to file Form 05-169 for a potentially more favorable tax outcome. If you need more time to file your Franchise Tax Report, you can submit a Franchise Tax Extension with the Comptroller. Annualized per 12 month period on which the report is based. hbbd``b`@ H@BH0d;5]$HqW A taxable entity will owe no tax based on the following criteria. Franchise tax reports are due on May 15 each year. An amended report that results in a reduction of tax liability is a request for refund and must meet refund requirements. It's nearly May and I can't complete my Texas Franchise Tax Information Worksheet. Free shipping for many products! dynamically populate dropdown jquery; basement suites for rent in merritt bc; charlie brown christmas wood patterns; The revisions apply to a broad range of services and sales of property; incorporate a number of legislative changes, court decisions and some Comptroller rulings; and update definitions. 3. Our Texas registered agent service includes free due date tracking and reminders, and you can add our Franchise Tax Report service to any of our other business services at checkout. To qualify, an entity must have at least 50% of total revenue derived from those activities, less than 50% of total revenue from the sale of products it produces or from an affiliated entity, and the taxpayer does not provide retail or wholesale utilities (including telecommunications services, electricity, or gas). Whether or not you owe a payment, the first few steps to filing a Franchise Tax Report are the same: There are a number of different fees and penalties your business may be subject to if you fail to submit your Texas Franchise Tax Report by the deadline. See Franchise Tax Rule 3.584 (c) and (i), Margin: Reports and Payments. Please put the reporting entitys Texas taxpayer number and the report year on the check. The registered business location is at 2119 Westheimer Rd Apt 1220, Houston, TX 77098. A taxable entity, therefore, that became subject to franchise tax during calendar year 2013 had a 2014 annual report due on May 15, 2014. Mandalay Baseball and the Braves proposed to bring the franchise to town if Wilmington would build a $37 million, 6,000-seat stadium, necessitating a 2.5-cent property tax increase. Other allowances are made for specific industries. For reports received more than 30 days past the deadline, the penalty jumps to 10%. An entity entered the accounting year end date of 12/31/2019 on its 2020 annual franchise tax report. annualized revenue below the No Tax Due Threshold). The margin can be calculated in one of the following ways: Total revenue is calculated by taking revenue amounts reported for federal income tax and subtracting statutory exclusions. 51 0 obj <>/Filter/FlateDecode/ID[<1B007E036974375671BB8841FA4FCFA8><4A7D3537708C5B4BAF73D24FD8342EC0>]/Index[41 24]/Info 40 0 R/Length 67/Prev 94549/Root 42 0 R/Size 65/Type/XRef/W[1 2 1]>>stream The Comptrollers office will tentatively grant an extension of time to file a franchise tax report upon timely receipt of the appropriate form. If tax is paid over 30 days after the due date, a 10 percent penalty is assessed. The Comptroller uses this number to identify your entity for franchise and sales tax purposes. The Texas Franchise Tax is complex, but were here to help. A taxable entity that elects to use the E-Z Computation is not eligible for the cost of goods sold (COGS), compensation or other margin deductions and may not claim any credits (Texas Tax Code (TTC) 171.1016). Associations, trusts and all other taxable entities file the OIR. %PDF-1.3 % when is texas franchise tax due 2021 Affordable auto transport rates Menu what happened to skittles crazy cores. In Drake22, if. Use the rate that corresponds to the year for which you are filing. 2199 0 obj <>/Filter/FlateDecode/ID[<86697406788548338DC92CB85FED4061><94C46D71E9F3B741B8F35F16BBFC30DE>]/Index[2175 46]/Info 2174 0 R/Length 118/Prev 731414/Root 2176 0 R/Size 2221/Type/XRef/W[1 3 1]>>stream Your entitys annualized revenue is at or below the No Tax Due Threshold. All other entities should report their executive board members and check the OTHER box. The revised policy significantly changes how net gains and losses are computed for Texas franchise (margin) tax apportionment purposes. 78731, How to Apply for a Texas Business License, How to Submit a Certificate of Correction, Temporary Credit for Business Loss Carryforwards, Research and Development Activities Credit, Certified Historic Structures Rehabilitation Credit, Texan Registered Agent LLC Privacy Policy, Sole Proprietorships (Except Single Member LLCs), General Partnerships Owned Directly by a Single Natural Person, Entities Exempt Under Tax Code Chapter 171, Subchapter B, Certain Grantor Trusts, Estates of Natural Persons & Escrows, Certain Qualified Real Estate Investment Trusts, Non Profit Self-Insurance Trust (Insurance Code Chapter 2212), Trusts Qualified Under IRS Code Section 401(a), Trusts Exempt Except Under IRS Code Section 501(c)(9), Dividends & Interests From Federal Obligations, Foreign Royalties & Dividends (IRS Code Sections 78 & 951-964), W-2 Wages & Cash Compensation to Directors/Owners/Partners/Employees, Benefits Provided to All Personnel to Extent Deductible for Income Tax Purposes. %PDF-1.6 % 2021 texas franchise tax report information and instructions (pdf). Next Rule>> TITLE 34: PUBLIC FINANCE . TechConnect BBS (Austin, Texas, U.S.A.) . Taxpayer is a newly established Texas Veteran Owned Business (must be pre-qualified). The entity that filed incorrectly should submit a letter with its name and taxpayer number stating that the report was filed in error and the entity will report with a combined group. On its 2021 final franchise tax report, the entity enters its accounting year end date as 05/31/2021. Additionally, a foreign taxable entity with a Texas use tax permit is presumed to have nexus and is subject to Texas franchise tax. A 2019 Federal return is needed to complete a 2020 Texas Franchise Tax Report. Download blank or fill out online in PDF format. Our filing service ensures that your business doesnt miss this all-important deadline, and also helps everyone in your company to maintain their privacy. For more information about changing the registered agents name or office address, please contact the SOS at 512-463-5555 or visit the SOS website. If you are needing to file any year prior to the current year report, you will need to use the forms and instructions available on the Texas . Our office prints this number on the reports and notices we mail to each business. Freeman Law. See Franchise Tax Extensions of Time to File for more information. The security information options listed include. 4.5 Satisfied (277 Votes) Create this form in 5 minutes! 0 For an annual report, generally an entity should enter the federal accounting year end date that ended in the calendar year before the calendar year in which the report is originally due. Compensation Deduction Limit This is the annual limit per officer, director, owner, partner and employee to calculate the margin via the compensation deduction method. That step is reminiscent of a failed attempt in 2012 by Wilmington city officials to bring an Atlanta Braves minor league team to the Port City. The entity must file this certificate as part of the termination filing to end the entity's existence with the Secretary of State. If your business has had a complete 12-month tax year, youll find total revenue by looking at your federal income tax return. 2175 0 obj <> endobj If the tax due is less than $1,000, but annualized total revenue is greater than the no-tax-due threshold amount, then a No Tax Due Report cannot be filed. No. The registered business location is at 22711 Fossil Peak, San Antonio, TX 78261. 721 Smith Rd. So, on its 2021 first annual franchise tax report, it enters 12/20/2020 as its accounting year begin date. Tax Rate (retail or wholesale) Qualifying retailers and wholesalers are entities primarily engaged in retail and/or wholesale trade. Texas Nonprofits State Tax Overview - Updated April 29, 2020 - 8.00 AM - Admin, ExpressTaxExempt. the federal return has fiscal year accounting dates and; the federal accounting year end date is in 2022 Log in to WebFile. This will result in a $0 tax due report. This information applies to reports originally due on or after Jan. 1, 2008, unless otherwise noted. For a final report, enter the day after the end date the entity reported on its current years annual franchise tax report. limited liability companies (LLCs), including series LLCs; partnerships (general, limited and limited liability); sole proprietorships (except for single member LLCs); general partnerships when direct ownership is composed entirely of natural persons (except for limited liability partnerships); entities exempt under Tax Code Chapter 171, Subchapter B; certain grantor trusts, estates of natural persons and escrows; real estate mortgage investment conduits and certain qualified real estate investment trusts; a nonprofit self-insurance trust created under Insurance Code Chapter 2212; a trust qualified under Internal Revenue Code Section 401(a); a trust exempt under Internal Revenue Code Section 501(c)(9); or. Since Texas Tax Code Section 171.001 imposes franchise tax on each taxable entity that is formed in or doing business in this state, if you have not filed an original franchise tax report for your entity, or the Comptrollers office could not process the filed report, we estimate the tax liability due. $50 annual fee, $175 tax. No. This publication is intended as a general guide and not as a comprehensive resource on the subjects covered. All taxable entities must file completed franchise tax and information reports each year. This is an important distinction. 2023 report year forms and instructions; Texas Franchise Tax Reports for 2022 and Prior Years. Estimate the tax. Any entity that does not elect to file using the EZ Computation, or that does not qualify to file a No Tax Due Report, should file the Long Form report. If you are paying electronically using TEXNET, read more about a "TEXNET Missed Payment Deadline" if you wish to make a payment by wire transfer. A taxable entity first subject to franchise tax on or after Oct. 4, 2009, will file a first annual report, instead of an initial report, on May 15 of the year following the year the entity became subject to the tax. b>#O'|{ QK2I/b/ge^pZ7#)HpG5-0 See Tax Rates for information on current and historic tax rate information. The entity must submit all required reports to satisfy their filing requirements. When the accounting period upon which the franchise tax report is based is more or less than 12 months, a taxable entity must annualize its total revenue to determine its eligibility for the no-tax-due threshold and qualification for the E-Z Computation. %%EOF endstream endobj startxref What are the different Texas Franchise Tax rates? Your 11-digit Texas taxpayer ID number. 05-169 Texas Franchise Tax 2019 E-Z Computation. It contains relevant information to assist taxpayers with the proper and timely filing of Texas Franchise Reports for the 2020 report year. Taxable entities that only sell services will not generally have a cost of goods sold deduction. An out-of-state-formed entity registers with the SOS July 31, 2020, but it sent employees to Texas on June 19, 2020, to submit bids for the new construction contracts it won. Any taxable entity that owes any amount of franchise tax where the tax was not remitted electronically is required to submit the payment form with a check or money order made payable to the Texas Comptroller. \0 =@j(XQLwP#5 =yRH<80,fR[$;, Wb`N-^$1}!l5Ax|o |{\Nia 17-0444 (Tex. dividends and interest from federal obligations; foreign royalties and dividends under Internal Revenue Code Section 78 and Sections 951-964; W-2 wages and cash compensation paid to officers, directors, owners, partners and employees (including net distributive income to natural persons) for the 12-month period upon which the tax is based, subject to the inflation-adjusted per person. This will be a zero return. The registered business location is at 417 Hawkins St, Fort Worth, TX 76105. We offer unique and valued counsel, insight, and experience. An out-of-state entity uses a calendar year accounting period of Dec. 31 for reporting with the Internal Revenue Service (IRS). For a first annual report, enter the accounting period end date reported for federal income tax purposes that is in the same calendar year as the entitys accounting year begin date. For a first annual report, enter the accounting period end date reported for federal income tax purposes that is in the same calendar year as the entity's accounting year begin date.. An entity registered with the Texas Secretary of State (SOS) must satisfy all state tax filing requirements before it can reinstate, terminate, merge or convert its business. In this case, the entity will file with a one-day accounting year beginning and ending date of Oct. 5, 2011, for the privilege period Oct. 5, 2011, through Dec. 31, 2012. A Texas 2022 report year covers an accounting period that ends in 2021. First and second extensions are available for taxpayers who need extra time to submit their franchise tax reports. 4 As a result, combined groups are now eligible to use the 100 percent of prior year's tax due extension option for the May 15th extension, even if the combined group has . 2020 and before Jan. 1, 2022. 2220 0 obj <>stream In some cases, the proper reporting method and forms used will vary in order to lessen the potential tax burden. The law requires all No Tax Due Reports originally due after Jan. 1, 2016 to be filed electronically. You can download the Franchise Tax Report forms from the Comptroller and submit them by mail to the following address: Texas Comptroller of Public Accounts Best quick tax returns franchise information from entrepreneur.com signing out of account, standby. Web get the free texas form 05 102 instructions 2013. If annualized total revenue is less than the no-tax-due threshold amount, then the taxable entity files Form 05-163, Texas Franchise Tax No Tax Due Report (PDF). For an out-of-state-formed entity, this may be the entitys Texas SOS registration date or the day it began operations in Texas. Our firm is where clients turn when the stakes are high and the issues are complex. Thus, when the amount of tax due shown on these forms is less than $1,000, the entity files the report but does not owe any tax. A taxpayer (or tax preparer) uses the Webfile systems XT number for. 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). what was patmos like when john was there It is worth noting that of the 46 states that have a personal income tax each has extended its April 15 due date (39 states with a July 15 . Note that taxpayers who elected to use the E-Z Computation Report or filed the No Tax Due Report may amend to the long form and elect to use the COGS or the compensation deduction. The recent Sunstate Equipment Co., LLC vs. Comptroller of Public Accounts , No. The upcoming 2020 report year will be using the same franchise tax rates, along with updates to the No Tax Due Threshold and Compensation Deduction Limit: 2020 Rates, Thresholds, & Deduction Limits, Tax Rate (other than retail or wholesale), EZ Computation Total Revenue Threshold. 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. The privilege period covered by the first annual report will be from the date the entity becomes subject to franchise tax through Dec. 31 of the following calendar year. Texas has no individual income tax, but it does levy a franchise tax of 0.375% on some wholesalers and retail businesses. Fortunately, the No Tax Due Threshold, currently set at $1,230,000, prevents most small companies (like LLCs) from having to pay any franchise tax. Franchise tax most frequently asked questions. For periods beginning on or after January 1, 2023, $2.75 for each $1,000 or major fraction thereof in excess of $300,000 of capital employed in Louisiana. Members, directors, officerswe leave everyones personal addresses off of the Public Information Report, populating our Texas business address in every address field instead. Editable TX Comptroller 05-158-A 2020. It is eligible to file using the E-Z Computation. The Comptrollers office assigns unique Webfile numbers to each taxpayer for filing its reports with our office. Thus, when the amount of tax due shown on these forms is less than $1,000, the entity files the report but does not owe any tax. Complete the report online OR download a paper form. and this video will walk you through all that, along wi. 90 percent of the tax that will be due and payable with the current years report. Do I need to submit an initial franchise tax report for my new business? RESET FORM 05-102 Rev.9-15/33 PRINT FORM Texas Franchise Tax Public Information Report Tcode 13196 Franchise Professional Associations PA and Financial. The final report will cover the day after its normal year end through the last day the entity conducted business. Find many great new & used options and get the best deals for 1993 Donruss The Elite Series #20 of 36 set Ryne Sandberg #02708/10,000 Cubs! 78731 | Determining If Your Business Owes Franchise Tax, About Our Texas Franchise Tax Report Service. All Texas LLCs must file a Franchise Tax Report. A franchise tax report supporting the amount of tax due (Form 05-158, Texas Franchise Tax Report (PDF), or Form 05-169, Texas Franchise Tax EZ Computation Report (PDF)) must be filed. . Determine which entities have sufficient contact with the state to subject them to the Texas franchise tax, and identify types of entities exempt from taxation. You can file your entitys franchise tax and information reports using, If your entity is a member of a combined group and it received an Original Franchise Tax Report Not Filed notice, your entity is delinquent because the reporting entity, Your entity does not need to contact or file anything with the Comptrollers office. amends the filed tax report and schedules to provide correct information for all affiliate members of the combined group. The entity's normal accounting year ending date is Aug 31. Vd1EPh No other deduction method is allowed and any credits available for that report year are foregone. Go digital and save time with signNow, the best solution for electronic signatures.Use its powerful functionality with a simple-to-use intuitive interface to fill out 2021 form schedule online, e-sign them, and quickly share them without jumping tabs. be 100% owned by a natural person (or persons), each of whom was honorably discharged from a branch of the hmoD?a_;lW 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. (1120S) S-Corporate. 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. Complete the report. Instead, to resolve the issue, contact the entity that reports your company's information on the combined group franchise tax report. If your company sells services, it typically will not have a cost of goods sold deduction. Overview. Austin, TX 78711-3528 . When you hire Independent Texas to form your Texas company or serve as your registered agent, we keep your state correspondence organized, send you multiple reminders ahead of the franchise tax due date, and provide affordable franchise report filing service. To calculate interest on past due taxes, visit. Printing and scanning is no longer the best way to manage documents. The Texas Franchise Tax . This article will help you determine what return types you can e-file through Lacerte, and when you'll be able to start e-filing each return for tax year 2022. Its total revenue for the period is $350,000. . If you're paying by mail, you'll need to send your payment to the Comptroller's office. This is because your businesss federal income tax extension is filed with the Internal Revenue Service (IRS), not with our office. 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: total revenue times 70 percent; total revenue minus cost of goods sold (COGS); total revenue minus compensation; or.

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