Franchise Tax Penalty Waiver
Airdate: April 23 - June 16, 2008
The Comptroller’s office is giving businesses and tax practitioners an extra 30 days to submit franchise tax reports or file extensions without penalty. The due dates are still May 15 for annual reports and May 1 for initial reports. But the five percent penalty for reports filed and payments made no more than 30 days late will be waived automatically. The Comptroller’s office recognizes the complexity of the revised franchise tax and wants to make sure taxpayers accurately complete their reports. More details can be found on the Comptroller’s Web site www.window.state.tx.us.