For owners in Frisco
Business CPA Frisco AlternativeThe May franchise report for owners in Frisco.
If you owe no franchise tax, you may still have an information report due on May 15.
See the May date.
Texas franchise tax reports are due every year on May 15. Since the 2024 report year, Texas no longer requires the No Tax Due Report. If your business's yearly revenue is at or under the state's no-tax-due limit (2.65 million dollars for 2026 and 2027), you owe no franchise tax and you don't file a full franchise tax report. You still file a Public Information Report or an Ownership Information Report by the same date, depending on your entity type. Above the limit, the full report is due.
The franchise tax is a Texas tax. It is separate from your federal return and from the sales tax you collect in Frisco. Each of the three is a separate filing.
We prepare the May filing with you on a shared screen, and then we file it. Whether you owe tax or only need the information report, we close December first so the numbers are right.
In April, before the May date gets close, we need a year where your books match your bank statement through December. A franchise tax figure built on an open December is a guess. We would rather close December first than rush a number the books can't support.
The state has an extension process, and an extension still leaves a report to file. If you want more time, tell us early so we can check what your entity needs.
Large companies and small shops don't fill out the same form. For an owner-run company, what matters is whether you owe tax or only the information report, and the date. If last year's franchise report is in a drawer, send it. If you can't find it, tell us.
What we do not do in May.
We don't make up a profit figure just so a form looks finished. If the books are open, we close them first or the report waits.
May is also a poor reason to reopen every prior year. One open year is a project. Five open years take longer, so we set the order before we start.
What we gather before May 15.
We want the prior report, the entity's year end, and a year where your books match the bank through December. If December is open, the report waits or we close December first. A number typed in to meet a deadline won't hold up when the return follows.
Owner pay and draws go on different lines, and the report cares which one you used. If a provider ran wages, we use the provider's year total, not a guess. If no wages ran, we don't make them up in May.
If you want an extension, ask while the original date is still ahead of you. We put the new date on the same calendar as the monthly close, so May doesn't turn into August.
What to read next.
Say whether May applies.
Tell us the type of entity and whether last year's report was filed.
You will be talking to the Steven Palmieri practice.