State's new business tax forms now online

posted on 4.02.2008

Businesses can now download forms to report the revised Texas franchise tax based on the new margin calculation.

The State Comptroller of Public Accounts posted the forms on its website yesterday.

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?Our office is offering electronic reporting and payment options to make it fast and easy for taxpayers to do business with us,? said Texas Comptroller Susan Combs.

?For the first time, taxpayers can submit their franchise tax data and payment electronically to save time and postage.?

Taxpayers will receive notices by mid-April, giving them information needed to file franchise tax reports electronically, including identification and security codes to ensure the confidentiality of their data.

Electronic reports and payments may be submitted beginning April 14.

The report forms and instructions have already been available in preview form on the Comptroller's website to help guide taxpayers.

Taxpayers who prefer to mail a paper report can still take advantage of the online forms, which contain dynamic fields that help prevent calculation errors and unique bar codes to help process reports more quickly and accurately when they are printed and mailed.

The Comptroller's office advises that franchise tax reports must be submitted on the correct forms, or they cannot be processed and must be returned to taxpayers.

Some outside vendors have been selling tax preparation software that does not meet the requirements of the processing system.

The Texas Legislature revised the franchise tax by changing the tax base and the tax rate and extending coverage to most legal entities.

About 200,000 new entities will have to file franchise tax reports for the first time this year.

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