Category Archives: Taxes

Comptroller Announces Texas Taxpayer Bill of Rights

Yesterday the Texas Comptroller of Public Accounts, Glenn Hegar, announced the creation of the Texas Taxpayer Bill of Rights.  These were promulgated as part of his goals to address taxpayer concerns in an efficient and respectful manner.  I’ve listed the short version below, but you can access the Taxpayer Bill of Rights here.

  1. You have the RIGHT to Fair and Equitable Treatment
  2. You have the RIGHT to Privacy and Confidentiality
  3. You have the RIGHT to Understand the Taxes You Pay
  4. You have the RIGHT to Pay Only What You Owe
  5. You have the RIGHT to Representation
  6. You have the RIGHT to Contest a Decision
  7. You have the RIGHT to Request a Waiver of Penalties
  8. You have the RIGHT to Simpler Tax Filing
  9. You have the RIGHT to Courteous, Accessible Assistance from a Real Person
  10. You have the RIGHT to Know How Government Spends Your Tax Dollars

Notices of Forfeiture of Right to Transact Business Mailing this Week

From the Comptroller’s Office:

On Aug. 8, the Comptroller will mail the “Texas Notice of Intent to Forfeit Right to Transact Business” form to taxable entities that failed to file the 2014 Franchise Tax report that was due May 15, 2014, if an extension of time to file was not requested and granted. The Comptroller will also send this notice to companies that failed to file a complete report or to pay the full amount due.

By law, the right to transact business cannot be forfeited before 45 days from the date the Comptroller mails the notice. During this period, when the company has received the notice of intent to forfeit, but the forfeiture has not yet occurred, the company’s status on the Comptroller’s Taxable Entity Search will remain as “active.”

http://www.window.state.tx.us/taxinfo/taxpnw/tpn2014/tpn1408.html

 

It’s time to confirm your company filed its annual franchise tax reports and keep an eye on your mailbox.  The excerpt above is from the Comptroller’s office which is mailing these notices this week.   If you receive a notice of intent to forfeit your company’s right to transact business you should take action immediately.

After the 45 day period the Comptroller’s may forfeit a taxable entity’s right to transact business.  This creates personal liability for each director, officer, or manager of the taxable entity for any debts incurred by the taxable entity after the date of forfeiture.  Obviously this is a scenario your company will want to avoid.

Texas Franchise Tax Annual Reports Due May 15th

Don’t forget to file your annual Texas Franchise Tax Annual Report this year.  The due date is coming up on May 15th.  Corporations, limited liability companies, professional corporations, partnerships, trusts, associations, and joint ventures are all subject to the tax and required to file an annual report.

You can find information about the Texas Franchise Tax by visiting the Comptroller’s website here.  You can find forms and e-file your report on that website as well.

Failing to file your annual report could result in significant penalties including forfeiture of the right to transact business, the entities charter, and personal liability for officers and directors.

A Summary of the 2013 Texas Legislature’s Impact On Business Laws In Texas

The Texas legislature’s 2013 regular session produced a number of bills that amend or alter laws affecting businesses in Texas.  Below is a summary of key bills passed by this legislature that affect Texas businesses, some of which will be addressed in more detail in later posts.  There is also a list of other bills… Continue Reading

IRS Adopts Final Regulation Requiring Updates to Employer Identification Number Information

The IRS recently adopted a final regulation requiring companies (and individuals) to update the information provided in the application for their employer identification number. You can read the final rule here. The final regulation states the following basis for the rule: Some EIN applicants continue to list individuals temporarily authorized to act on behalf of… Continue Reading

IRS Notice 2012-09

Notice 2012-09 restates and amends the interim guidance on informational reporting to employees of the cost of their employer-sponsored group health plan coverage initially provided in Notice 2011-28, 2011-16 I.R.B. 656, required under as part of the Affordable Care Act to provide useful and comparable consumer information to employees on the cost of their health… Continue Reading

IRS Notice 2012-05 and Revenue Procedure 2012-14

Notice 2012-05 provides a safe harbor reporting method that an eligible real estate mortgage investment conduit (REMIC) may use to satisfy its reporting obligations with respect to information regarding REMIC assets that the REMIC must report  to residual interest holders. Revenue Procedure 2012-14 sets forth a safe harbor providing the extent to which investments by… Continue Reading