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Filing Requirements, Due Dates, and Extensions: Covers all filing and payment requirements, including the total revenue threshold for filing an EZ computation report.
Tax Rates and Calculations: Explains the margin tax formula, including the simplified EZ tax computation method; tax rates, including the lower rate for retailers and wholesalers.
Taxable, Nontaxable, and Passive Entities: Answers the questions about who's taxable and who's not. Combined Reporting: Covers concept, including several recent developments for combined groups.
Revenue and Apportionment: The franchise tax ties revenues directly to the taxable entity's federal tax return. Revenue exclusions are explained, and 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.
Allowable Deductions, Credits, and Refunds: Discusses deductions allowed from apportioned margin and franchise tax credits, including the temporary credit and carryover credits.
Accounting Methods and Periods: Explains the implications of the "frozen" Internal Revenue Code as defined for franchise tax purposes and its reporting implications and addresses accounting for the franchise tax under FASB ASC 740 and the impact of FASB ASC 740-10.
Dealing Effectively with the Comptroller: Discusses handling franchise tax audits, refund claims, and more.