- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
My client is a single member LLC. He has a porcelain distribution business with inventory in the warehouse. Anyone knows what he has to file with the state of Texas?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes and yes.
Since ProSeries Basic does not have TX franchise tax, I did it in ProSeries. Now I tried to open the federal tax in ProSeries Basic, I cannot. It asked me to select and download new products "TX Corp.", but ProSeries Basic does not have it. How do I open federal tax for this client in ProSeries Basic ? Thanks
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
An LLC doing business in Texas will owe state franchise taxes if the LLC's annualized total revenue exceeds the threshold set by the State ($2,470,000 for 2024).
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The only report that all LLC's in Texas are required to file is Form 05-102, Texas Franchise Tax Public Information Report (PIR). Depending on your client's revenue they may also need to file a franchise tax report.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you. Please help me how to open the client file in ProSeries Basic that I described problem in the previous message. Thanks