In December, Congress approved and President Donald Trump signed the first significant update to the United States’ tax code in more than 30 years.
Rep. Drew Darby and Sen. Jane Nelson worked with TMA and a coalition of business groups to eliminate the antiquated occupations tax that was levied on top of licensure fees. A significant portion of licensure fees already go to fund the state budget. However, the occupations tax was not applied fairly across all occupations and professions. This was a $200/year reduction for every Texas licensed physician.
Let’s talk about sales and franchise taxes, shall we?
Do you need to file past-due sales or franchise tax reports, or change reports that underreported taxes, but you don’t want to pay the penalties and interest?
Wish there were some way the penalties and interest could be waived?
Well, you’re in luck, because the state Comptroller of Public Accounts is planning to do just that through June 29.
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