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News Release from Comptroller Susan Combs

Contact: Allen Spelce
R.J. DeSilva
(512) 463-4070

For Immediate Release
January 22, 2008

Comptroller Schedules Webinars to Inform Taxpayers About Revised Franchise Tax


(AUSTIN) — Business taxpayers with questions about the revised Texas franchise tax can learn the basics and more during four online seminars hosted by the state Comptroller’s office on Thursday and Friday, Jan. 24 and 25, and Monday and Tuesday, Feb. 4 and 5. Additional seminars will be scheduled for future dates.

“Last fall, we presented seminars in 10 cities,” Comptroller Susan Combs said. “Now, we are pleased to be able to use technology to keep reaching out to taxpayers across the state to ensure that they are well informed about franchise tax changes. The webinars also offer participants the opportunity to exchange real-time questions and answers with our franchise tax experts during the presentations.”

Participants must register in advance and may choose to view all of the online presentations, or select only the presentations they need. To learn the computer system requirements and to register for the webinars, go to the link on the home page of the Comptroller’s Web site at http://www.window.state.tx.us/.

The initial webinar schedule is:

Thursday, Jan 24, and Monday, Feb. 4
9 a.m. - 12 p.m. — Overview of the Revised Franchise Tax
1:30 - 2:30 p.m. — Total Revenue

Friday, Jan. 25, and Tuesday, Feb. 5
10 - 11 a.m. — Cost of Goods Sold
1:30 - 2:30 p.m. — Compensation

The Overview of the Revised Franchise Tax presentation will highlight changes made to the Texas franchise tax by the Texas Legislature. The webinar will review the entities subject to the franchise tax, the new tax base, tax rates and reporting options available to taxable entities.

The presentation on Total Revenue will focus on the computation of total revenue, which is the starting point for computing the amount of franchise tax due under the revised franchise tax. The webinar will review all items of revenue that should be included, as well as items that may be deducted from revenue.

The presentation covering Cost of Goods Sold (COGS) will focus on the calculation of COGS, which is a factor that may be used in determining a taxable entity's margin. The webinar will review all allowable expenses that can be included as part of COGS, as well as items that are specifically excluded from COGS.

The session on Compensation will focus on the calculation of compensation, which is a factor that may be used in determining a taxable entity's margin. The webinar will review the definitions of wages and cash compensation, benefits and net distributive income along with the applicable limitations on those items.

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