The Comptroller’s office recently announced additional time to file franchise tax reports without penalty. What does this mean specifically?
The Comptroller’s office is giving businesses and tax practitioners an additional 30 days to submit their franchise tax reports and payments, file an extension and preserve the right to take the temporary credit without penalty. The due dates are still May 15 for annual reports, and May 1 for initial reports. However, the 5% penalty for reports filed and payments made no more than 30 days late will be automatically waived, and extensions and preservations made within the 30-day period (i.e., on or before June 16, 2008 for annual reports and June 2, 2008 for initial reports) will be considered timely.
