04/22/2008
New business taxes delayed 30 days from May 15 deadline
Today, Texas Comptroller Susan Combs announced that Texas business owners will have an extra 30 days to report and remit their state business tax. This is welcome news to tens of thousands of Texas small business owners and NFIB/Texas members. This new business tax is proving to be too much for many firms to calculate, and in some cases, pay!
Comptroller Combs has proven time and again that she understands the hardships faced by the small business community and she understands that this extra month spent working on your taxes will save you and your peers from the added stresses of this new gross receipts-based business tax. One thing that Texas legislators did not consider when enacting this new tax is the cost of compliance and the onerous nature with which it was enacted. Most business owners, CPAs and tax planners are telling us this is the most complicated, convoluted tax ever devised by any state, any where!
Thank you, Susan Combs, for your dedication and diligence on behalf of the Texas small business community.
NFIB/Texas Tax Rally May 15
Now is the time to register for the NFIB/Texas Tax Rally on May 15 in Austin. You will receive in-depth understanding of the tax, what it may mean to you, how to plan for it for the future, and the small business reforms we have developed to save your business and keep "Texas Open for Small Business."
Register today
May 15, 11 a.m. – 1 p.m. - Luncheon
Crowne Plaza Hotel
6121 North IH 35
Austin, Texas 78752
512-323-5466
Get more detailed information and register online
Texas Comptroller Susan Combs' Press Release
Contact: Allen Spelce or R.J. DeSilva, 512-463-4070
Comptroller Announces Additional Time to File Annual Franchise Tax Reports
Business given extra month to navigate revised tax
AUSTIN, Texas -- Texas Comptroller Susan Combs announced today that businesses who are unable to meet the May 15 due date for the franchise tax will have an additional 30 days to submit their returns or file an extension without penalty.
The Comptroller's office recognizes the complexity of the revised franchise tax and the newness of the enhanced electronic reporting methods have caused concern among tax practitioners and taxpayers statewide. The extended deadline allows businesses to avoid a 5 percent penalty they would have faced had they not filed by May 15.
"We want to make sure businesses and tax practitioners have adequate time to make sure they're complying with the revised franchise tax," Combs said. "Because they're dealing with new calculations and enhanced technology for filing reports, the one month penalty waiver will help taxpayers accurately complete their returns in the first year of this brand new tax."
Information about the revised franchise tax is available on the Comptroller's Web site or by calling 800-252-1381.
