In response to the coronavirus pandemic and following the lead of the IRS, Glenn Hegar, Comptroller for the State of Texas, announced that state franchise tax filings that are ordinarily due on May 15th are extended until July 15th.
This extension is to bring the state filings in line with the extended federal tax return deadline. This extension is applicable for all state franchise tax payers. The extension is automatic; no additional forms need to be filed. Separate rules apply for EFT and non-EFT taxpayers.
For additional information about the extension, please visit the Texas Comptroller’s website. Each taxpayer's situation is different, make sure you contact Jon Wellington, LGT’s state and local tax (SALT) practice leader, for guidance about your specific tax strategy.
LGT's Profit Sense
Financial Tips from Your Trusted Advisor
Keeping you up to date with: