How to File Texas Franchise Tax No Tax Due Report (Zero Income) + Information Report (2023 & prior)

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This video is an Example of how you can file your Texas Franchise Tax and Public Information Report (for Zero Income) in less than 2 minutes.
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[@LomaRisper]

Simple Step-by-Step GUIDE to Fix My Company's Texas Franchise Tax Status - Get Reinstated: www.lomarisper.com/fixfranchisetax

[@Sisi_San]

You are amazing and a lifesaver! Thanks so much 🤗

[@LomaRisper]

Thank you so much for supporting me 🙏🏼

[@titijuju777]

Great information.. I will be filing this weekend.. I wish I could have found your video sooner.. I definitely owe for 2022..

[@LomaRisper]

If you made less than $1.2 million, you'll only owe the late filing fee, but if you download the waiver/penalty form I put a link to in the description, you won't have to pay that fee. Make sure you watch the video below BEFORE you file because it gives instructions on how to file when you had income: kzbin.info/www/bejne/amnNdImsrdF0mcksi=holR29T2IdoEZPc2

[@titijuju777]

@@LomaRisper wonderful!!! Thank you!

[@femiibrahim7645]

Thank you. You made it very easy to do this. I had piles of letters due to this, and didn't know how to figure this out. Now I feel a burden lifted

[@LomaRisper]

Femi, I'm so happy to hear my instructions and explanations helped you. 🙌 You can also sign up for my weekly business tips at www.LomaRisper.com

[@claudejohnson8849]

This was very helpful. My tax lady usually does it, but i did it this year

[@LomaRisper]

Way to go, Claude!!! ✨️ So glad it was helpful ☺️ For more business tips, sign up at www.LomaRisper.com 👍

[@MrPatilbaba]

Thank you, It was super easy, just filed it.. I had to pay penalty though as it was past due

[@LomaRisper]

Happy to hear it helped! 😊

[@markus2012mb]

Thank you for the great explanation on how to complete and understand this report. Very informational and percise.

[@LomaRisper]

Thanks, Markus!

[@saquitareese9213]

Thank you so much you definitely broke this down for me.

[@LomaRisper]

😊

[@BondMotivate]

Thank you for your wonderful video. I am getting this error on the filing date: Error - The Accounting Year End Date cannot be after January 4th of the report year being filed.

[@LomaRisper]

Thank you 🙏🏼. You may be getting that error because the franchise tax return dates are a bit different from the IRS. Below are examples/guide to go by. The 2024 return (due May 15, 2024) is for Jan 1, 2023 to Dec 31, 2023. The 2023 return (normally due May 15, 2023 but was pushed back to May 17, 2023 because of technical issues with their website) Jan 1, 2022 to Dec 31, 2022. Hope this helps 🙂 Sign up for Free weekly business tips at wwwLomaRisper.com 👍

[@mohammadghafoory3544]

Thank you so much for posting this video, I learned a lot

[@LomaRisper]

So glad it helped! 😊

[@morakinyo.morakinyo.5780]

Beginning with reports due in 2024, taxable entities with annualized total revenue less than or equal to the no tax due. threshold are no longer required to file a No Tax Due Report but must still file a Public/Ownership Information Report. Note that the threshold applies to the annualized total revenue of a combined group, not to the individual members of a combined group. please can u help interpret this, was trying to file my no tax due but it wouldn't let me.

[@christopherseymour7044]

I’m confused on why we mark “No” for the question asking if it’s a passive entity. I thought LLC’s are passive entities, as the profits pass through to the owners personal tax forms. Am I thinking of this the wrong way?

[@LomaRisper]

Hi, Christopher 😃 In the case of Texas Franchise Tax, a passive entity is a partnership or trust that earns at least 90% of its income from certain passive sources. Passive entities are exempt from paying Texas franchise tax Here's more info on it and when an LLC qualifies to be a passive entity: comptroller.texas.gov/taxes/franchise/faq/passive-entities.php#:~:text=To%20qualify%20as%20a%20passive,which%20the%20tax%20is%20based. Hope this helps. Sign up for more FREE weekly business tips at www.LomaRisper.com 👍

[@user-tb9jh6pz2j]

No I’ve been saving up, so….I’m a little backed up. I trust that you guys are hold on to my change till I get back in touch with y’all. No worries though I’m in to sharing..

[@LomaRisper]

If your gross income was under the $1,230,000 threshold, you won't owe anything. You would file the No Tax Due Report. 👍

[@vee4029]

Thank you for your helpful videos. As you replied to an earlier comment, I look forward to your video on latest requirements to file a public information report. Could you please include how to fill the PIR beneficial owner info for single member LLCs? Thank you.

[@LomaRisper]

I am currently working on that video and will be posting it soon. If you sign up for my weekly business tips at www.LomaRisper.com, you'll get an email once I post it 😊

[@relaxingmind3745]

Thanks for this video, really informative. but i am confused on some points, and looking for your guidance, 1- The Naics code , which i used at the time of the formation of Disregarded LLC and it is also printed on my Sales and use tax permit, in not available right now, please advise which Naics code should be used? 2- Do i need to show my non USA Residential address anywhere in these reports while doing e-commerce from outside US but having virtual US address..

[@LomaRisper]

Great questions! 1 - You're not permanently tied to the original NAICS code you chose, so just look up the next closet code that matches your business. 2 - You can use any address where you can reliably receive mail. You can even use the business address (even virtual). 3 - If you found my videos and this reply helpful😊, sign up for my free weekly business tips at www.LomaRisper.com 👌

[@hemanttank6829]

Hi There, really love the way you explained everything. My LLC was formed in Jun2023 , when i follow the steps you showed, i get message "No period obligations found for taxpayer" , i saw your comment saying new video will be posted but i dont see it.

[@LomaRisper]

Thank you so much 💓 I will be posting the video soon, hopefully this week. Make sure you sign up for my weekly business tips to get notified at www.LomaRisper.com 😊

[@jeanneetaylor8643]

I thought we were filing as a single owner LLC? so why would we file anything or even multiple persons under "officers, Directors, Managers, Members or General Partners" section? you confused me at this point........makes no sense. which place do we put our name in if it is a single entity LLC as you are supposed to be exampling? also it would be nice if you give more explanation under the "Taxpayer" tab. Is our taxpayer number our EIN? What is an SOS or comptroller file number?

[@LomaRisper]

A Single-Member LLC can have one owner but also hire people to act in management roles (Director, Manager, CFO, COO, etc...). If it's just you, put your name down in the first officer section and your title (Manager, Director, etc.) and leave the others blank. The Taxpayer number is the number that was assigned to you by the Texas Comptroller after you registered your LLC with the Texas Secretary of State (SOS). You would have received that in the mail on the letter that has your Webfile number. Your SOS Comptroller File number can be found on the Original Document after you filed to register your LLC with the Secretary State of Texas (SOS). Jeannee, I want to invite you to sign up for my Business BOSS Membership to ask business questions like this whenever you have them at www.LomaRisper.com 👍 I also hold a monthly video call with my members to ask me questions directly. ✨️

[@aaronashworth5058]

Do you have a video on paper filing? I'm new to LLC ownership and used one of the "done for you" online services. They did not update my address with the state when I moved even though I notified them of the change. Now all my correspondence from the state has evidently gone to my previous address. I'm 2 years behind, have to paper file my 2 preceding years, and I cannot get an efile number until my previous years are filed and address updated...all of which has to be done by mail. Very frustrating, and do not reccomend using an online service to start your LLC.

[@LomaRisper]

Hey, Aaron. I totally agree with you. The online services don't do a good job on educating small business owners of the ongoing filing responsibilities. I think they do that because they are leveraging the free LLC setup so they can secure charging you for the ongoing filings needed (and the over-priced registered agent service). Unfortunately, I don't have a video on how to file a paper return, but it should be pretty straightforward if you match up my online filing instructions with the form. You can update your address online without a Webfile # if you don't have a Comptroller office in your area to go to (you have to wait for them to process it when submitting it online unless you go in to the office): comptroller.texas.gov/web-forms/manage-account/change-address/ You can call the Comptroller to have a rep email you the specific filing forms for each year if you don't already have the forms. Regarding your Webfile #...if you used a done-for-you service, the copy of the initial letter the Comptroller would have sent to you may be inside your Inbox with their service. That letter would have your Webfile #. Hope this helps 🙏🏼 Sign up for free weekly business tips at www.LomaRisper.com

[@Whitneybreeze]

Completed filing thanks to your experience and guidance.

[@LomaRisper]

I'm so happy to hear it helped you! ☺️

[@viralg724]

I’ve formed LLC on 4th December 2023 in Texas so now on 16th May, I’ve to pay a tax for that in zero income catagory, that’s why I’m getting a reminder rn from Incfile(Bizee) . But the problem is, I don’t have taxpayer number (TIN) so where I can get one ? Btw I’m a non resident.

[@LomaRisper]

You do have to file by May 15th every year. There were changes to the law this year. Incfile is only trying to offer you a service to file it for you. It's easy to file yourself. If you didn't make any money, you won't have to pay a tax, but you do have to file the report. I will be posting a new video on the changes and how to file for free soon. You can sign up for my free weekly business tips to get notified at www.LomaRisper.com

[@hurleyjones6664]

Thanks Loma, your Instructions were fantastic!

[@LomaRisper]

Thank you, Hurley 😊. You made my day ✨️

[@RickVenegas]

Im so confused. Started TX LLC in 2021 and since its inception we still arent positive in revenue yet but I just recieved a franchise tax bill for almost $1500 im so confused!

[@LomaRisper]

Watch my other video: kzbin.info/www/bejne/amnNdImsrdF0mck Then, log into your account. If there is still a tax period(s) showing as able to be filed, file them. Follow the instructions in my other video. You will be assessed a $50 late filing fee for each year. The estimated fees will be removed and adjusted based on what you file. Hope that helps. 🙏 Sign up for more business tips at www.LomaRisper.com

[@tolexfabiyi6223]

I had d same issue

[@CitizensoftheInternet]

We don't have to file franchise tax in 2024 anymore unless you meet the 2 million thresh hold. Only gotta do the public information

[@christinacordero9343]

thanks for this! I was thinking I was doing something wrong. So we don't file anything at all for 2024?

[@CitizensoftheInternet]

@@christinacordero9343 only public information. You can call the comptroller to verify

[@mdekhlaqurrahman827]

I think Franchise tax are not applicable and this option is not available anymore on webfile and no need to file starting 1/1/2024 if you make less than $2.47 million. Can you please make a video to explain that?

[@user-rn1kw6gl7j]

Thanks so much for this information. You are the best

[@LomaRisper]

So happy to hear it helped 🙌

[@JustPhil-yw6bt]

Thanks. This is easy to understand.

[@LomaRisper]

Awesome! If you want more business tips like this, sign up at www.LomaRisper.com

[@user-xd4xq9ms6k]

Which video shows how to add your company to your Comptroller account? Thanks!

[@LomaRisper]

This one has the old Comptroller website but gives you an idea of how to set up the account and add the tax type you want to file. I will be uploading an updated video on that specific topic soon. kzbin.info/www/bejne/q6LNdYWmj7Bmmtksi=WIkn8fvrCnFO0DOo

[@user-xd4xq9ms6k]

@@LomaRisper I was able to get it. Thanks! 😉

[@jasonross817]

Great explanation! Thx

[@LomaRisper]

Thx, Jason 😊

[@user-zl2cv4rw7p]

Help, so I open an llc and never used it. Never!!! I opened it in 2021 and haven't filed anything. I honestly forgot about the llc.. I want to close it. Help !!

[@LomaRisper]

Message me at [e-mail] and I can explain the steps.

[@stevedavisthird]

how you would fill out the PIR for a single Member LLC? Would I be a Director? Or Manager?

[@LomaRisper]

Hi, Steve. Depends on if you set up your LLC as a manager managed LLC (you would be the manager) or a member managed LLC (you could be listed as a director) when you registered with the Secretary of State. Hope that helps you 🙏🏼 😊 Sign up for free weekly business tips at www.LomaRisper.com

[@iraniantrucker9311]

I don't know what I can say about your video, but I really appreciate it you solved my franchise problem with this great video, I will be one of your subscribers ❤

[@LomaRisper]

Thank you 😊. I'm glad it helped you.

[@hislah.c.1065]

Thank you so much. This was very helpful 🙏🏼

[@LomaRisper]

Happy to hear it helped you 😊

[@jaidiva7408]

Awesome!!! Thank you for the detailed information

[@LomaRisper]

Happy to hear it helped 😀. Thank you for the feedback ☺️.

[@kamism2360]

Nice briefing Loma..Thanks

[@LomaRisper]

Thank you 😊

[@nipunipalliyaguru9239]

Is this still applicable for 2024? I tried following these instructions and got a message saying "No period obligations found for taxpayer". Appreciate it if you could clarify. Thank you!

[@LomaRisper]

Please watch for my next video on the new Texas Franchise Tax rules. To be notified when it gets posted, sign up for my business tips at www.LomaRisper.com

[@markcano16]

Thank yo soo much!!

[@LomaRisper]

You're welcome, Mark 😊. Check out my weekly business tips at www.LomaRisper.com for more ✨️

[@conkerhernandez]

what do you put for the question "Is this a passive entity as defined in Chapter 171 of the Texas Tax Code?" if it is a Multi member LLC ?

[@LomaRisper]

The question of whether your entity is passive is just asking if the LLC and its members actively participate in running the business vs owning an LLC that doesn't actively do work (hands on) to make the money for the business. Hope this helps you 🙂

[@sivaprasadvadlamudi]

Hello, you said other videos on how to setup an esystems account and how to add our company to the account, could you post the links here?

[@LomaRisper]

Here's the link to several helpful videos (set up a new account, add tax type to your account, etc...) comptroller.texas.gov/taxes/file-pay/about-webfile.php They make pretty good instructional videos 👌

[@user-di8bl1ul7h]

Weren't the rules just changed? What about the Texas Franchise Tax Public Information Report?

[@LomaRisper]

Hi, Pat. Yes, the Comptroller changed the rules recently. I will be making a new video explaining the new laws and requirements. If you want to get notified when I do, you can Ring the YT bell and sign up for my business tips at www.LomaRisper.com

[@girlssoftball2707]

This is super helpful information so thank you. I am new to Texas and being a business owner. I received one of these letters on 07-28-2023 and the reporting year on the letter says 2023 annual. So am I filing no tax due for 2023, even though the year isn't done or reporting no tax due for 2022. I see the date on your video is 05/01/2023 and the time span on the form is a calendar year for 2022, so I am assuming we are doing 2022. I am thrown off by the reporting year 2023. I apologize for the ramble or if it's a silly question. Thank you.

[@LomaRisper]

Hi! I agree. It's confusing for the Comptroller to tell us to file our 2023 return when they want us to report Jan-Dec 2022 transactions. So yes, report 2022 on the 2023 return.👍

[@user-bf9su5re5i]

Hi dear Thank you, do you know how i can get a XT number?

[@LomaRisper]

Check out this video: kzbin.info/www/bejne/gn-xZYidlpeseNEsi=Gv6GsFQjUZcU4G_x

[@amberaminaxo]

This helped a lot - thank you!!

[@LomaRisper]

So happy to hear that 😀

[@FatimaVega-wf8un]

For me it says it won’t let me because it to late how can I do ?

[@LomaRisper]

What year are you trying to file, Fatima? What year do you see is next due? What exactly does the late message say?

[@brandimastain7154]

What video shows what to do if made income?

[@LomaRisper]

Here you go, Brandi! ✨️ Just remember, these instructions only apply to franchise taxes that were DUE May 15, 2023, or a prior year. As of 2024, you only have to file the (2024) Public Information Report if you made less than $2.47 million in 2023. Hope that helps 🙏🏼 kzbin.info/www/bejne/amnNdImsrdF0mck

[@MrAnimeseeker]

So what if you’re a veteran business owner and you made a bit of money. Because Veteran business owners are exempt from paying Franchise Taxes for 5yrs

[@LomaRisper]

Did you already receive your assigned identifier code from the Texas Veterans Commission and confirm your 5 yr waiver (and request reimbursement for the formation fee if you paid it)? If you did, you would answer each question in the Qualifications Questions section, choose Yes for the Veteran-Owned Business question and enter your total revenue. Here's my video explaining how to calculate the total revenue: kzbin.info/www/bejne/amnNdImsrdF0mcksi=dst3JViAQ3IyRoUU Hope this helps 🙏

[@MrAnimeseeker]

@@LomaRisper so when I initially filed for my LLC through the proper portal the 300.00 fee was waived. The thing is when it comes to filing the Franchise Tax online, how would that work if Vets are exempt from filing Franchise Taxes?

[@LomaRisper]

Veterans don't have to Pay Franchise Taxes for the 5yr period, but they still have to FILE the Zero Tax Due tax return, otherwise, a $50 penalty will be charged for not filing on time. comptroller.texas.gov/taxes/franchise/veteran-business.php A qualifying new veteran-owned business is not subject to franchise tax for its initial five-year period, but must file Form 05-163, Texas Franchise Tax No Tax Due Report (PDF), for each of those years.

[@shabanabibi8942]

Hello My texas LLC was formed in March 2023. I am filling franchise tax. What will be the accounting year in this specific case? Please guide

[@LomaRisper]

Based on what you explained about your situation, the date you registered your business as an LLC with the Secretary of State will be your beginning date. December 31, 2023 would be the end. Here's the link where the Comptroller explains this: comptroller.texas.gov/taxes/franchise/faq/

[@shabanabibi8942]

@@LomaRisper thanks a million. Your videos are informative. You explains in a easy way

[@aubrey44]

SUBSCRIBED! Thank you for this information! Following you on LinkedIn as well..

[@LomaRisper]

Thank you 😊

[@asvreddy]

Thank you very much for the quality information. If we file after the due date, how to avoid $50 fine?

[@LomaRisper]

Glad to hear it was helpful. After you file (and don't pay the penalty), you can request a waiver. Here's the link to the waiver form: 89-224 Request for Waiver of Penalty for Late Report and/or Payment comptroller.texas.gov/forms/89-224.pdf Here's more info on the rules to get the waiver approved: Waiver Requests for Late Reports and Payments Frequently Asked Questions comptroller.texas.gov/taxes/waivers/faq.php Hope this helps ☺️

[@petrofire5717]

:Loma thank you girl, this is awesome. god bess you.

[@LomaRisper]

You're very welcome, Petro! Glad to hear it helped 😃

[@constanzaestefaniaparrator832]

Hi Loma, I have been trouble closing my LLC they ask me for a valid Tax clearance to proceed the order, but not sure how to get it. let me know if you have information about it. thanks you

[@LomaRisper]

Hi, Connie. If you've caught up all your franchise (and sales tax if applicable) tax returns and paid any taxes you owed, you can log in to WebFile and you'll see the option there to request a clearance letter. Then you can file that with TX SOS Direct online to dissolve the business officially. Don't forget to notify the IRS on your next federal income tax return the closing date of your business so they know this will be your last one. Hope this helps 🙂

[@constanzaestefaniaparrator832]

thank you for the quick response, I will check on that right now. Happy holidays !! @@LomaRisper

[@LomaRisper]

Happy Holidays, Connie! 🎄

[@trinaberks]

Super helpful! Thank you so much.

[@LomaRisper]

So glad to hear that it helped ☺️

[@user-ey3st6mj4z]

Why does this say before 2023? What changed?

[@LomaRisper]

I have some videos coming out soon explaining the new Texas Franchise Tax filing requirements and how to file. Sign up for my weekly business tips to get notified when it’s posted.👍

[@sayedwalihamra4872]

Very useful video thanks

[@LomaRisper]

Thank you 😊

[@katherinepolanco2544]

What address should I use for the director? If i don't want to use my home address since is public information. Can I use the registered agent address?

[@LomaRisper]

You can use the business address instead. I doubt if your Registered Agent would want you to use their address, but you could always ask. They may have another fee for that as a service.

[@nalvarez3505]

Mine say no period to do

[@LomaRisper]

Are you trying to file the May 2024 franchise tax return?

[@emmanuelmallari3006]

I love how easy and informative your video is. ❤ Just want to confirm, in declaring income, do we need to file the gross income or net income? Thank you! ❤

[@emmanuelmallari3006]

Also, for texas franchise taxes filing for 2023, the calendar year for the income we'll file is from Jan 1, 2022 - December 31, 2022 right? Thanksnin advance! :)

[@LomaRisper]

That's correct 👌

[@LomaRisper]

Thank you, Emmanuel! 😀 You will want to watch my video for reporting income on your franchise tax return: kzbin.info/www/bejne/amnNdImsrdF0mck Start at the 8-minute mark to figure out how much to put in the Total Revenue section. You'll need your federal tax return for this part.

[@shadonna713]

Thank you so much 🙏🏽

[@LomaRisper]

You're welcome 😊

[@marioalfonsoberrios9267]

If it is my first year, is it done online or is the form printed and sent by mail?

[@LomaRisper]

You can register for an online eSystems account online and file online. It's way easier than the paper method. Hope this helps you. 😊

[@amberaminaxo]

If we had zero income for the year, do we still need to file income tax? or is the franchise tax all we need to file? thank you

[@LomaRisper]

Hi, Amber. If you have a single member LLC amd have zero income and zero expenses, the IRS does not require you to file it on your (personal) income tax return...you still have to file your other income with the IRS. Texas changed the rules for filing Franchise taxes. This video covers instructions for tax returns due in 2023 or earlier years. I will be posting a new video to cover the new rules that affect 2024 and going forward.

[@amberaminaxo]

@@LomaRisperThanks so much!

[@amberaminaxo]

@@LomaRisperThank you Loma - I just sent you an email!

[@user-zz9tr9kg2k]

its been 1 year since I registered my LLC in Texas now its time to file a franchise no tax due report but when I click file and pay franchise tax it shows a message on top of the page "No period obligations found for taxpayer" so what should i do now?

[@LomaRisper]

What's your LLC name?

[@user-zz9tr9kg2k]

THEBRANDSINN LLC @@LomaRisper

[@user-zz9tr9kg2k]

THEBRANDSINN LLC@@LomaRisper

[@LomaRisper]

So sorry I missed your reply. I looked up your company (registered Jan 2023). So your next filing would be this year May 15th, but it looks like you'll want to communicate with the Comptroller directly because the public records show you need to request a tax clearance letter. If you have another account (sales tax) that is behind on filing taxes, you'll need to catch that up, pay whatever is due (or request a waiver using the form in this video description), and then request a tax clearance letter. You'll also have to file that letter with the Secretary of State to get your company back ACTIVE. They charge a small fee to file it. Hope that helps. 🙏🏼

[@cjimenez564]

Thanks Loma! quick question what can i do if i filed with wrong or missing information?

[@LomaRisper]

Hi, Carlos. All you have to do is print the paper application, fill it out with the correct information, write AMENDED at the top of EACH page, and mail it in.

[@JamesDean-ye5ss]

Awesome Video 😊

[@LomaRisper]

Thanks, James! 😊

[@Kslip21]

Wish i found this sooner 😢

[@LomaRisper]

If you got hit with the late filing penalty, click on the link in the description to get it refunded.👍

[@frank7739]

Thank you 😊

[@LomaRisper]

Glad you found it helpful ☺️

[@trevorwilkin4185]

Thank you

[@LomaRisper]

I'm glad it helped 😃

[@Narcissisticbehaviors]

How do you cancel or terminate the llc? I keep getting an error

[@LomaRisper]

Hi. Assuming you have a for-profit business, here are my thoughts. Make sure you don't have any outstanding tax return filings due. All tax filings have to be up to date and all taxes due must be paid before clicking on "Request Certificate for Termination". Once you've received the Certificate from the Comptroller, you would set up an account with TX SOS Direct to file a Certificate of Termination online, and pay their $40 fee. Hope this helps. 🙂

[@noblegladiator]

Which option should I choose? 1- Request Tax Clearance Letter to Reinstate 2- Request Certificate of Account Status to Terminate Existence or Registration 3- Request Certificate to Reinstate and Terminate Existence or Registration Thanks

[@LomaRisper]

Hello 👋 . If you wish to cancel or terminate your LLC, choose option #2. You will need to make sure all your sales and franchise tax returns have been filed and pay any taxes due before you get that letter. Then, you'll file online with TX SOS Direct to dissolve your business and pay the $40 fee. Also, make sure on your next IRS federal income tax return to enter the closing date of your business, so the IRS doesn't expect any more tax returns for that business. Hope that answers your question. 🙂

[@ladhajailewis-middleton6556]

Hi, I’m stuck on the second to last page. I’m receiving an error message that I must complete/fill out that I’m owned by an entity or corporation. Until I put something there it will not let me continue.

[@LomaRisper]

Did you make sure the Owned by section is blank? Also, did you click the Declaration Statement checkbox?

[@LomaRisper]

If you still need help, email me a screenshot of the page with the error message - [e-mail] and I'll see if I can figure out the problem. 🙂

[@LomaRisper]

Did you answer NO to the 3 questions at the beginning of the filing process?

[@danyamarie5562]

I got this same error. It’s because TX was auto populated in the state part. Remove TX in both sections it will work.

[@ladhajailewis-middleton6556]

Thank you both 😊

[@chuckybags]

Is the accounting year begin date Jan 1 even if I just got my Llc during that year in the middle or end of year, or is it the actual date I got my Llc?

[@LomaRisper]

Jan 1 to Dec 31 is correct. 👍

[@chuckybags]

Thank you

[@Fetch.PetSalon]

Thank you so much! In the Total Revenue question it was $0 because it was under $1.8M or it was $0 revenue? We had revenue for under $10,000 not sure if I should type $0 or the revenue amount.

[@LomaRisper]

In this video, I only covered if the actual income was Zero. That's usually the case for someone who registered their business name but hadn't actually started doing business yet. I'm currently working on the video for how to calculate the income to report when there was income during the tax year. I'll share the Link to the video with you as soon as I upload it. 🙂

[@LomaRisper]

Hello 👋 I just finished my other video on how to calculate the income to report on your Texas Franchise Tax return when you have income to report: kzbin.info/www/bejne/amnNdImsrdF0mck

[@IndieBassJA26]

Question! For a couple of years I didn't file my no tax due report, and my franchise is currently not in compliance with the comptroller. Would this be a different process to get reinstated? I called an audit office here in Houston and was told I needed to come in and have the forms 05-163 and 05-102 filled out and submitted. My revenue was $0.00 for those 2 years.

[@LomaRisper]

When you log into your account, do you see the option to file it now?

[@IndieBassJA26]

@@LomaRisper I logged into webfile and was able to file the No Tax Due information report for both 2021, and 2022. I did it today, and payed the late fee. However, when I click into the tax clearance letter, I'm getting an error saying "If you owe the current year final return, select the File Final button to submit your return. After filing, if you only owe the final and no balance is due, return to the menu and request your certificate."

[@IndieBassJA26]

It's also saying to file the annual franchise tax report and applicable information report for 2021, 2022 and 2023, before re-submitting request for clearance. I appreciate any advice. Do you do consultation calls?

[@LomaRisper]

Hi, Jon. That's awesome you were able to file the late tax returns. You probably just have to wait for the Comptroller to process it and update their system. I hold a monthly Zoom call for my Group Mentoring Texas Entrepreneurs members who also get access to a private community I answer questions in. You can check it out at www.lomarisper.com/groupmentoringtaxesbusiness

[@IndieBassJA26]

@@LomaRisper awesome, I'll check it out!! Thank you for all you do!

[@karlabarbosa-uu1fx]

Question / Hi i havent file for 2 years and i need to do so i can reinstall my LLC im following your vids. To do it my self since i paid a tax person to do my LLC and personal taxes and recently found out by IRS my forms were never sent to them,so im trying to at least start with my franchise taxes since i havent been able to find someone who can help me redo them anyways my question is when i type the accounting year beginning and ending it gives me a error and says the accounting year end date cannot be after January 4th of the report year being filed im filing for 2021 and typing start year 01/01/2021 and end year 12/31/2021 can you please point out what im doing wrong ?

[@LomaRisper]

Hi, Karla. I'm sorry to hear that you're having to deal with all of that. To answer your question on the date error you received, when the Comptroller refers to a Franchise tax return year as 2022 for example, they are looking for income from 1/1/2021 - 12/31/21. If you're seeing a 2021 Franchise Tax Return that needs to be filed in your account, then it would be referring to income from 1/1/20 - 12/31/20. If you need more guidance on this or the other issues you mentioned, you can reach out to me at [e-mail] and we can go over some of the steps you can take. Hopes this helps. 😊

[@karlabarbosa-uu1fx]

@@LomaRisper so for tax year 2021 i would be report the income made on 2020 right? It was confusing to me when the error popped up and also i sent you a message thru your webpage about my other tax issues, thanks alot you've been super helpful 😊

[@LomaRisper]

Yes, that's right. I received your message and just sent you an email. 👍

[@LomaRisper]

@karlabarbosa-uu1fx Hi, Karla. I just wanted to follow up with you. Did you receive the link I emailed to you after our Zoom call yesterday?

[@MultiplyingTalents338]

Thank you!

[@LomaRisper]

😊

[@tanveee3335]

I wrongly file "final no tax due report" Please guide how I will reversal this report or guide some other way

[@LomaRisper]

Hi, M.Ibrahim. No worries. If you need to make changes after you filed online, you will need to print the blank paper version of the form 05-163, No Tax Due Report - click here to get the form: comptroller.texas.gov/taxes/franchise/forms/2023-franchise.php Fill it out with the correct information and write "AMENDED" at the TOP of the paper tax return. Then mail it to the Comptroller. The form should show the address to mail it to. Hope that helps. I have more videos on this subject to come so be sure to SUBSCRIBE :)

[@LomaRisper]

Here's my video on how to calculate the income to report on your Texas Franchise Tax return: kzbin.info/www/bejne/amnNdImsrdF0mck

[@ayukobale321]

Thanks!

[@LomaRisper]

You're very welcome 😁. Make sure you watch my video on how to file when you have income to file on your Franchise Tax return. It will still be on the same No Tax Due Report. kzbin.info/www/bejne/amnNdImsrdF0mck

[@angelatrucking7639]

Hi Loma i got Error - The Accounting Year End Date cannot be after January 4th of the report year being filed.when i put the Accounting Year Begin/ End Date from the 01/01/2022 - 12/31/2022. Please help me , thanks

[@angelatrucking7639]

i have 2 year to file Annual 2022 May 16, 2022 Annual 2023 May 17, 2023

[@LomaRisper]

For 2022, your accounting period would be 1/1/21 - 12/31/21. For 2023, your accounting period would be 1/1/22 - 12/31/22.

[@angelatrucking7639]

@@LomaRisper What is i have to put on the Principal Office: My name or My Company name ? Thanks

[@LomaRisper]

You'll enter an address there. I explain those address boxes starting at the 12:30 mark in the video.

[@angelatrucking7639]

@@LomaRisper Can i change the address to SOS online or i have to file form 401 by mail or by fax? Thanks

[@angelatrucking7639]

Thanks Loma I can not file my NAICS, i don't know how to file so i miss file tax last year, so what can i do, please help me , thanks

[@LomaRisper]

Did you have any income last year under the business that you filed on your IRS income tax return?

[@angelatrucking7639]

@@LomaRisper No Income,

[@angelatrucking7639]

where i can pay penalty to REQUESTING TAX CERTIFICATES AND TAX CLEARANCE LETTERS. so i have to pay the penalty first right?

[@LomaRisper]

You normally would pay the penalty after you finish filing your late tax return. If you see the year you are trying to file available on the page after choosing the No Tax Due Report, then go ahead and file and then pay the penalty. If you don't see the option to file the year you're needing to file, you may need to call the Comptroller to see if they can add it to your account so you can file it online. If you're company status with the Texas Secretary of State has been Forfeited, once you catch up on your filings and pay the penalty, you can request a Tax Clearance Letter, etc... Hope this helps. :) Check out my monthly Zoom calls if you're looking for further guidance on this or other tax or business subjects: www.lomarisper.com/groupmentoringtaxesbusiness

[@LomaRisper]

To look up your NAICS Code for your business type, click here (there's no real right or wrong code, it's based on your description of your business, so pick what you're most comfortable with): www.naics.com/search/

[@user-tb9jh6pz2j]

,00000000 income….lol

[@LomaRisper]

Lol. Here's the video for when you have $$$ to report (but under the $1,230,000 threshold) 🤗 kzbin.info/www/bejne/amnNdImsrdF0mck

[@ambitionoliver5928]

Thank you

[@LomaRisper]

Happy to be of service 😊 Let me know if there's anything else you wanna see a video on.

[@ambitionoliver5928]

@@LomaRisper I will thanks