Texas Franchise Tax Returns Due May 15
Texas physician practices that are organized as a limited liability partnership, limited liability company, physician association, or any other corporate form are subject to the Texas franchise tax. Tax returns (or extension requests) are due May 15.
You will owe a $50 late filing penalty on reports filed after May 15 if you do not file an extension request, the according to the comptroller’s office.
Businesses that have total revenues of less than $1,110,000 will not owe any tax but still must file an electronic “no tax due” report.
Remember, physician practices may exclude revenues from Medicare, Medicaid, and workers’ compensation plans and the cost basis of any charity care they provide from their total revenue before they calculate their tax.
If you need more time to file, submit a franchise tax extension request on or before May 15.