Preparing Texas Franchise Tax Returns for Businesses

$29.00

This course will be an overview of Texas franchise taxes, including how to:

Calculate taxable Texas revenue and total franchise tax
Calculate the Texas apportionment factor.
Accurately prepare Texas franchise tax forms.
Use Texas tax instructions to accurately prepare franchise tax returns.

We will also share the filing requirements for different Texas franchise taxes due and which forms to use when filing.

Field of Study:

Taxes

Credit(s):

NASBA: 1.5

Course ID:

NASBA: 23318/27099

Instructor(s):

Skye Moench, CPA

Course Format:

On Demand

Prerequisites:

None

Advanced Preparation:

None

Knowledge Level:

Basic

Publication Date:

09/09/2024

Planned Expiration:

12/31/2024

Provider:

Becker Professional Education

When is the due date for filing Texas franchise taxes?

The annual franchise tax report is due May 15 of each year, though if that date falls on a weekend or holiday, the due date will be the next business day.

Who is subject to Texas franchise tax?

Any taxable entity formed in Texas or doing business in Texas must file and pay Texas franchise taxes, including:

S corporations and C corporations
Partnerships (including general, limited, and limited liability)
LLCs
Banks,
Savings and loan associations
Trusts
Professional associations
Business associations
Joint ventures

Who is not subject to franchise tax in Texas?

Sole proprietorships. not including single member LLCs
General partnerships not including limited liability partnerships
Certain unincorporated passive entities, grantor trusts, individual estates, and escrows
Real estate mortgage investment conduits and certain real estate investment trusts
Entities exempt under Tax Code Chapter 171, Subchapter B
A trust qualified under Internal Revenue Code Section 401 (a)
A trust exempt under Internal Revenue Code Section 501(c)(9)
Unincorporated political committees

Who is this course for?

While there are no prerequisites to taking this course on how to prepare Texas franchise taxes, it’s best for people with a basic knowledge of tax preparation. This can include CPAs, EAs, non-CPA accountants, and other tax professionals.

Learning objectives

After completing this course, the learner should be able to:

Understand what a franchise tax is and why Texas has no income tax.
Understand how Texas calculates and assesses its franchise tax.
Understand how to calculate the Texas apportionment factor.
Understand the various franchise tax forms that may be filed for differing tax circumstances.
Understand the process for preparing and filling out Texas franchise tax forms.
Be comfortable with using Texas state instructions when preparing franchise tax returns.
Understand due dates, extension, tax payment, and e-filing requirements.

Instructor bio

Skye Moench holds a masters degree in tax accounting from Brigham Young University and worked for Ernst & Young Tax in Salt Lake City, Utah for five years before leaving to pursue professional triathlon. Skye now provides tax consulting and compliance services independently while traveling the world training and competing at the top level in long-course triathlon.

A Becker Professional Education is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org

Becker Professional Education Sponsor I.D. Numbers NASBA: 107294, New York: 002087, New Jersey: 20CE00226700, Texas: 009580, Ohio: CPE.186, Illinois 158.002405, Pennsylvania: PX177823