Texas Comptroller Extends May 15 Texas Franchise Tax Filing Deadline

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Franchise Tax Extended Due Date

The Texas Comptroller of Public Accounts is automatically extending the due date for 2020 Texas franchise tax reports to July 15, 2020, to be consistent with the Internal Revenue Service (IRS). The due date extension applies to all franchise taxpayers. The extension is automatic, and franchise taxpayers do not need to file any additional forms.

The Comptroller’s statement provides:

Non-EFT Franchise Taxpayers

Non-electronic funds transfer (non-EFT) franchise taxpayers that cannot file by July 15 may file an extension request on or before July 15 and must pay 90% of the tax due for the current year, or 100% of the tax reported as due for the prior year with the extension request. Non-EFT franchise taxpayers who request an extension have until Jan. 15 to file their report and pay the remainder of the tax due.

If the extension request does not meet the payment requirements when the report is filed, penalty and interest will apply to any part of the 90% of the tax not paid by July 15 and to any part of the 10% of the tax not paid by Jan. 15, 2021.

EFT Franchise Taxpayers

On or before July 15, franchise taxpayers that are mandatory EFT payers may request an extension of time to file to Aug. 15 and must pay 90% of the tax due for the current year or 100% of the tax reported as due for the prior year with the extension request. On or before Aug. 15, EFT franchise taxpayers may request a second extension of time to file their report and must pay the remainder of any tax due with their extension request. The Aug. 15 extension request extends the report due date to Jan 15.

Any payments made after Aug. 15 will be subject to penalty and interest.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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