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News Release from Comptroller Susan Combs

For Immediate Release
May 9, 2008

Comptroller Schedules More Webinars to Assist Franchise Taxpayers

(AUSTIN) — Business taxpayers who need another opportunity to review changes to the Texas franchise tax can get answers to their questions during three Webinars on Tuesday and Wednesday, May 13 and 14.

The May 13 Webinar from 9 a.m.-noon will present an overview of the revised franchise tax.  The session will cover entities subject to the franchise tax, the new tax base and the tax rates.  It will also discuss the components used in determining the new tax base as well as reporting options available to taxable entities.

Two Webinars are scheduled May 14.  The first session from 10-11 a.m. covers combined reporting.  The discussion will cover members of the combined group, unitary business, accounting period, reporting entity, tax rate, elections, total revenue for combined groups, cost of goods sold for combined groups and compensation for combined groups.

The second May 14 Webinar from 2-3 p.m. covers reports and payments. It will focus on filing options and completing tax forms.  It will not cover the details of computing total revenue, cost of goods sold or compensation.

To participate in the Webinars, go to the Comptroller’s Web site at http://www.window.state.tx.us/taxinfo/franchise/webinars_0805.html. Click on the registration link to register.

Texas Comptroller Susan Combs reminds businesses that are unable to meet the May 15 due date for the franchise tax that they will have an additional 30 days to submit their returns or file an extension without penalty.

“Taxpayers who file by June 16 will not receive a late-payment penalty,” Combs said.  “We understand taxpayers are dealing with new calculations and enhanced technology for filing reports.  We want to make sure businesses and tax practitioners have enough time and all the information they need to comply with the revised franchise tax.  Our Webinars can help with last-minute questions.”

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Find details on all the services of the Comptroller’s office at www.window.state.tx.us, including a transparent look at state spending at www.window.state.tx.us/wherethemoneygoes.

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