If you have an established Texas business and owe franchise taxes, you have a little more time this year. Texas Comptroller Glenn Hegar announced his agency is extending the 2021 franchise tax reports due date from May 15 to June 15. This change aligns Texas with the IRS which has also extended the April 15- tax filing deadline to June 15 for ALL Texas businesses and residents who owe franchise tax. No additional forms are needed to file.
According to the Comptroller’s office, Franchise taxpayers who need an extension beyond the June 15 date have a few options:
- Non – EFT taxpayers who need an extension, must file on or before the June 15 deadline. 90% of taxes are due for the current year and 100% of taxes for the prior year. This extension gives you until November 15 to file and pay the remaining tax balance.
- If you are a required EFT payer, you can also request an extension through August 15. This still must be done on or before the June 15 deadline. You are required to 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 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 Nov. 15. NOTE: Any payments made after Aug. 15 will be subject to penalty and interest.