Frequency of Updates:Annually
Everything you need to file Texas franchise (margin) tax returns and devise tax planning strategies throughout the year!
Here's a sample of the topics covered in this edition:
- Filing Requirements, Due Dates, and Extensions: Covers all filing and payment requirements, including the new taxpayer-friendly interpretation of the total revenue threshold for filing a no tax due information report.
- Tax Rates and Discounts: Explains the margin tax formula, including the simplified EZ tax computation method; tax rates, including the lower rate for retailers and wholesalers; and available discounts.
- Taxable, Nontaxable, and Passive Entities: Answers the questions about who's taxable and who's not.
- Combined Reporting: Covers this revolutionary new-for-Texas concept.
- Revenue and Apportionment: The franchise tax ties revenues directly to the taxable entity's federal tax return. Five new sample filled-in worksheets for various types of entities illustrate how to transfer the numbers from the entity's federal tax return to its Texas franchise tax report.
- Cost of Goods Sold and Compensation Deductions: Explains what's deductible and what's not.
- Special Status Entities: A chapter devoted to special status entities and the special treatment they receive.
- Allowable Deductions, Credits, and Refunds: Discusses the temporary credit and the tax credits that continue to carry over to 2009.
- Accounting Methods and Periods: Also includes a discussion of the implications of the "frozen" Internal Revenue Code as defined for franchise tax purposes and its reporting implications and FIN 48-related issues.
- Dealing Effectively with the Comptroller: Discusses handling franchise tax audits, refund claims, and more.
- Tax Planning: A chapter devoted to tax planning for the franchise tax provides a round-up of tax planning ideas that can serve as either the basis for development of a similar planning opportunity for the taxpayer, or as a starting point for taxpayers and their representatives to develop their own individualized tax planning strategies.