The House of Representatives on December 7, 2009 passed the so-called “Extender Bill,” This is 2010 version of the annual bill which will now extends about 50 expiring tax provisions to 2010.  These include the Sales Tax Deduction, Standard Deduction for Real Property Taxes, Deduction for Qualified Education Expenses,  School Teacher deductions, 15 Year Deprecation [...]

The Texas Franchise Tax law and rules indicate that a taxpayer must elect their method of calculating gross margin on a properly filed return or extended return. Many of us in tax compliance took this to mean that if a taxpayer inadvertently missed their extension or somehow made an invalid extension, then they were [...]

The first returns calculated under new margin-based Texas Franchise Tax are due May 15; Taxpayers who have not previously been subject to the Texas Franchise Tax are required to file a return or an extension by May 15, 2008. If the return is filed, 100% of the tax is due with that filing; [...]