Tax Law and Business Organization Strategy

30 Day Reprieve on Filing Franchise Tax Returns Under the New Law

In an April 22, 2008 News Release, the Texas Comptroller, Susan Combs, announced that businesses unable to meet the May 15 due date for the franchise tax will have an additional 30 days to submit revised franchise tax returns or request an extension without penalty. The Comptroller stated that her office recognizes that the complexity of the revised franchise tax, and the newness of the enhanced electronic reporting methods, have caused concern among tax practitioners and taxpayers throughout Texas. The extension will enable businesses to avoid the 5% penalty that would have been imposed if they had not filed by May 15.
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