Businesses in Texas are obliged to file the Texas Public Information Report on a yearly basis to the Texas Comptroller of Public Accounts. This report contains vital data regarding your company’s ownership and financial situation, and failing to file it could result in penalties and fines. This page will give you the details you require if you’re unsure of where to mail your Texas Public Information Report.
Depending on the type of corporate entity you have, your Texas Public Information Report’s mailing address will change. The addresses for each kind of entity are listed below:
Companies should contact the Texas Comptroller of Public Accounts at P.O. Box 149348, Austin, TX 78714-9348.
– Texas Comptroller of Public Accounts, P.O. Box 149354, Austin, TX 78714-9354, Limited Liability Companies (LLCs) – Texas Comptroller of Public Accounts, P.O. Box 149353, Austin, TX 78714-9353, Limited Partnerships (LPs) – Limited Liability Partnerships (LLPs): Texas Comptroller of Public Accounts, Postal Code 149352, Austin, Texas 78714-9352 Before submitting your report, be sure to check the postal address for your entity type to make sure it gets delivered to the right place.
Yes, in order to help the businesses impacted by the winter storm that hit the state in February 2021, Texas has extended the deadline for reporting and paying state taxes to June 15, 2021. All companies, including those liable for franchise tax and sales tax, are covered by this extension. It’s crucial to keep in mind that this postponement only pertains to state taxes; firms must still meet federal tax deadlines.
The 2021 tax year’s federal income tax filing date is April 18, 2022. But in each year, the IRS normally starts taking tax returns in late January or early February. You should verify with your state’s tax office to be sure you’re adhering to all applicable dates because some states may have different filing deadlines.
You could face fines, interest, and possibly legal action if you fail to pay your Texas franchise tax. Depending on how late the payment is, the penalty for failing to pay the franchise tax can range from 5% to 10% of the outstanding tax. Until the tax is fully paid, interest is also assessed on the outstanding portion at a rate of 1% per month. The Texas Comptroller of Public Accounts may also file a lawsuit to recover the unpaid tax, which could result in the seizure of assets or the creation of property liens.
What Is the No Tax Due Threshold for Texas? The amount of revenue a business must generate in Texas before it must pay franchise tax is known as the no tax due threshold. The no tax payable level for the majority of enterprises for the 2021 tax year is $1,180,000. It follows that you owe no franchise tax if your company’s revenue for the 2021 tax year was less than $1,180,000. You must still submit your Texas Public Information Report and any other necessary tax filings, though.