The Texas Comptroller’s Office issued a draft copy of its 2012 Texas franchise tax report. The report identifies several new items for 2012, including a $50 late filing penalty. Taxpayers are reminded that the $1 million no tax due threshold is extended to December 31, 2013. As a result of the Consumer Price Index adjustment, the no tax due threshold is now raised to $1,030,000, and the compensation deduction has also been raised to $330,000 per person, for reports due on or after January 1, 2012, and before January 1, 2014. The report also list some additional exclusions from revenue, such as qualified live event promotion companies, couriers, and logistics companies. To review the entire report, Google Draft, 2012 Texas Franchise Tax Report Information and Instructions, Comptroller of Public Accounts, October 2011.
About Stephen A. Mendel, Estate Planning Attorney
Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.