Download Texas 05 164 Template

How to Use Texas 05 164

Filing the Texas 05 164 form is a crucial step for businesses to request an extension for their franchise tax. This process allows businesses additional time to gather necessary information and prepare their tax documents accurately. Following the instructions carefully ensures that the extension request is processed efficiently and correctly. Here's a step-by-step guide to help complete the form:

1. Begin by entering the "Annual Franchise Tax Report year" as "2014" and the "Due date" as "05/15/2014" in the designated spaces.
2. Fill in the "Taxpayer name" with the legal name of your business.
3. Enter your "Secretary of State file number" or "Comptroller file number," depending on which one is applicable to your business.
4. Provide your mailing address, including "City," "State," "Country," and "ZIP Code Plus 4."
5. If your mailing address has changed, blacken the circle indicating this change.
6. Blacken the circle if you are filing a "combined report." Remember, if this is a combined group extension, Form 05-165 must also be completed and submitted.
7. In the "Extension payment" section, fill in the amount of franchise tax you are paying with this extension request. Make sure to include both dollars and cents.
8. Print or type the name of the person completing the form and provide their "Area code and phone number."
9. Sign and date the form to certify that the information provided is true and correct to the best of your knowledge and belief.
10. Mail the original form to: Texas Comptroller of Public Accounts, P.O. Box 149348, Austin, TX 78714-9348.

After submitting the 05 164 form, it's important to ensure that all other related documentation is prepared and ready for submission before the extended due date. Keeping a copy of the 05 164 form for your records is also recommended. If there are any questions or additional information needed, contacting the Texas Comptroller's office directly or visiting their official website can provide valuable guidance and support throughout the process.

What is the 05-164 form used for in Texas?

The 05-164 form, also known as the Texas Franchise Tax Extension Request, is a document utilized by businesses operating in Texas to request an extension of time to file their franchise tax report. This form applies to entities that are unable to meet the original due date, allowing them an extended period to gather necessary information and prepare their franchise tax submission accurately. The form requires specific details such as the taxpayer number, report year, and due date, along with the taxpayer's name and contact information. If the extension pertains to a combined report for a group of entities, an additional Form 05-165 must also be submitted.

How can I submit the Texas 05-164 form?

Submission of the Texas 05-164 form is directed to the Comptroller of Public Accounts. Entities must complete the form with accurate details and mail the original document to the specified address: Texas Comptroller of Public Accounts, P.O. Box 149348, Austin, TX 78714-9348. It is important to ensure the information provided is true and correct to the best of the taxpayer's knowledge and belief, as affirmed by a declaration on the form.

Is there an electronic payment requirement associated with the Texas Franchise Tax?

Yes, there is an electronic payment requirement for taxpayers who paid $10,000 or more in franchise taxes during the preceding fiscal year, which runs from September 1 through August 31. These taxpayers are mandated to pay their franchise tax electronically. This requirement underscores the importance of familiarizing oneself with the electronic payment systems endorsed by the Texas Comptroller's office and adhering to the electronic filing protocols for tax submission.

What should I do if I need to request a second extension for filing the franchise tax?

If you find yourself in a situation requiring a second extension for filing the Texas franchise tax, it is important to note that you should not submit an Affiliate List Form (05-165) when requesting this further extension. The primary step in requesting a second extension involves ensuring compliance with the specific guidelines set forth for such circumstances, which may require direct communication with the Texas Comptroller’s office or checking their official website for detailed instructions.

Where can I find instructions for completing the Texas 05-164 form and related forms?

Instructions for completing the Texas 05-164 form and any related documents are available online at the Texas Comptroller's official website. Taxpayers and their representatives can access comprehensive guidance, including due dates, information on required attachments, and other pertinent details for franchise tax filing by visiting www.window.state.tx.us/taxinfo/taxforms/05-forms.html. This resource is invaluable for ensuring accurate and compliant tax filings.

When filling out the Texas 05 164 form for the Franchise Tax Extension Request, individuals often make several mistakes:

1. Not updating the mailing address if it has changed: It's critical to blacken the circle indicating an address change to ensure the Texas Comptroller's office has the correct contact information for correspondence.

2. Forgetting to blacken the circle for a combined report when applicable: If the extension request is for a combined group, this circle must be blackened, and Form 05-165 must also be submitted, which is often overlooked.

3. Incorrectly calculating the extension payment: The amount entered in the extension payment field must be accurate, taking into account dollars and cents. Mistakes here can result in underpayment or overpayment issues.

4. Failing to include the Secretary of State file number or Comptroller file number: This information is essential for identifying the taxpayer's account, and neglecting to include it can delay processing.

5. Not adhering to electronic payment requirements: Taxpayers who paid $10,000 or more during the preceding fiscal year are required to pay electronically, but some fail to comply, either due to oversight or misunderstanding of the requirement.

It is crucial for individuals to review their forms carefully and ensure that all necessary information is accurately provided to avoid delays and possible penalties.

When dealing with the complexities of franchise taxation in Texas, particularly in relation to filing a Texas 05 164 Form - Franchise Tax Extension Request, businesses often find themselves navigating an intricate web of additional documents. These documents, crucial for complying with state tax laws, serve to aid in the thorough and accurate reporting, payment, and sometimes the requesting of extensions or adjustments to their franchise tax obligations.

• Form 05-165 - Texas Franchise Tax Affiliate Schedule: This document is vital for groups filing a combined report under the Texas Franchise Tax. It lists each affiliate that is part of the combined group, ensuring proper calculation and distribution of the taxable income and responsibility across the group.
• Form 05-102 - Public Information Report (PIR): Required annually from most entities, this form provides the Texas Comptroller with updated information about the entity’s management, such as officers or directors, and the registered agent and office. It’s necessary for maintaining an entity's active status in the state's records.
• Form 05-158-A - Texas Franchise Tax Report (Long Form): This comprehensive report is for entities with revenues exceeding the no-tax-due threshold. It includes detailed financial information and computations necessary to determine the franchise tax owed.
• Form 05-158-B - Schedule B-EZ Computation Report: For smaller entities that fall beneath the no-tax-due threshold or qualify for the EZ computation rate, this simplified report calculates the franchise tax owed using a more straightforward approach.
• Form 05-175 - Texas Franchise Tax Annualized Revenue Report: This form is for entities eligible to annualize their revenue for franchise tax purposes. It allows businesses with fluctuating income throughout the year to potentially reduce their taxable amount by averaging their revenue.

Understanding and utilizing these forms, in conjunction with the Texas 05 164 Form, can often alleviate some of the complexity and confusion faced during the franchise tax filing process. For taxpayers, it's crucial to ensure that every document submitted is accurate and complete to comply with Texas tax laws fully. Businesses are encouraged to seek appropriate guidance or professional assistance to navigate these requirements successfully.

The Texas 05 164 form, a Texas Franchise Tax Extension Request, shares similarities with the IRS Form 4868, which is the Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. Both forms serve the purpose of granting taxpayers extra time to file their tax returns. The Texas 05 164 form specifically pertains to the franchise tax, which is imposed on entities doing business in Texas, while the IRS Form 4868 applies to individuals seeking an extension on their federal income tax return. Essentially, both forms are requests for more time to compile and submit tax documents, reducing the rush and potential errors during tax season.

The Texas Form 05-165, Affiliated Group Schedule for Franchise Tax Report, is closely related to the Texas 05 164 form in function and context. When businesses file for an extension using form 05-164 and are part of a combined group, they must also complete and submit Form 05-165. This requirement highlights the interconnectedness of these documents, with Form 05-165 providing detailed information about each entity within a combined group that's necessary for accurate tax calculation and reporting. This structural dependency ensures comprehensive documentation of all entities under the umbrella of a combined report.

Similar to the Texas 05 164 Form, the IRS Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, allows businesses more time to file their tax returns. While the Texas form is specific to the state's franchise tax, Form 7004 is applicable for several types of federal returns, including corporate income taxes and partnership returns. Both documents underscore the importance of granting businesses flexibility in managing their financial reporting responsibilities, recognizing that compiling comprehensive financial information can take time.

The Texas Comptroller's EFT Payment Instruction Booklet aligns with the Texas 05 164 form in terms of the mandate for certain taxpayers to pay electronically. The booklet provides detailed guidelines on electronic payment procedures, mirroring the note in the 05 164 form that specifies the requirement for electronic fund transfer (EFT) payments for franchise tax payers who paid $10,000 or more during the preceding fiscal year. Both documents emphasize the shift towards electronic transactions, aiming to streamline tax payments and make the process more efficient for both the taxpayers and the state.

The Texas 05-102, Public Information Report, shares a purpose with the Texas 05 164 form in the broader context of franchise tax compliance. While the 05 164 form deals with the extension of time to file the tax report, the 05-102 form collects information about the officers, directors, and registered agents of entities doing business in Texas. These documents, when filed together, provide a comprehensive snapshot of a business’s operational and financial standing for regulatory and tax purposes, reinforcing the state's framework for corporate transparency and accountability.

The IRS Form 1120, U.S. Corporation Income Tax Return, is another document similar to the Texas 05 164 form in its role in tax administration. While the 1120 form is for reporting a corporation's income, gains, losses, deductions, and credits to the federal government, the Texas 05 164 form focuses on the state-level franchise tax obligations. Both serve critical roles in ensuring entities accurately report their earnings and taxes due, although at different government levels and for different taxes.

Documenting an extension request for filing a sales tax return, the Texas Form 01-114, Sales and Use Tax Return, parallels the Texas 05 164 form in its fundamental purpose of tax reporting and compliance. While the 05 164 form specifically addresses the franchise tax, Form 01-114 focuses on sales and use tax obligations for sellers of goods and services. Each form plays a critical role in the tax infrastructure, ensuring that businesses provide timely and accurate tax reports, thus facilitating the appropriate collection of taxes that fund state programs and services.

The Texas Notice of Change of Address (TX Comptroller Form AP-224) has a complementary relationship with the Texas 05 164 form, particularly in the section where taxpayers indicate a change of address. By updating mailing addresses, businesses ensure that all correspondence and tax documents from the Texas Comptroller’s Office, including those related to franchise tax extension requests, are accurately delivered. This coordination of information helps maintain seamless communication between taxpayers and the state, supporting efficient tax administration and compliance.

When filling out the Texas 05 164 form for a Franchise Tax Extension Request, it's important to follow the proper guidelines to ensure the process is completed correctly. Below are five things you should do and five things you shouldn't do when handling this form.

Things You Should Do:

1. Double-check the Taxpayer number and ensure it matches your business information to avoid processing delays.
2. Correctly note the Report year and Due date to align with your fiscal responsibilities.
3. If the mailing address has changed, make sure to darken the circle indicating this change for accurate correspondence.
4. Complete Form 05-165 as well if this extension request is for a combined group, to comply with state requirements.
5. Verify that the extension payment is accurate, down to the dollars and cents, to avoid miscalculation errors.

Things You Shouldn't Do:

1. Don't forget to sign and date the form, as an unsigned form may be considered invalid.
2. Avoid using pencil or any non-permanent writing instrument to ensure all information remains legible and unaltered.
3. Do not leave the Secretary of State file number or Comptroller file number blank; one of them is essential for processing.
4. Resist the temptation to submit Form 05-165 for a second extension if you are a mandatory Electronic Fund Transfer (EFT) payer, unless specifically instructed.
5. Don’t overlook the need to electronically pay your franchise tax if you paid $10,000 or more during the preceding fiscal year, as it is a state requirement.

Understanding the Texas 05-164 form, which is tied to the franchise tax extension request, is crucial for any business operating within the state. However, there are several misconceptions about this form that can lead to confusion. Here are six common misunderstandings and the reality behind each:

• Misconception 1: The form is only for businesses not ready to file their franchise tax.

This belief underestimates the form's significance. While it's true the Texas 05-164 form is used to request an extension, it's not solely for businesses unprepared by the due date. It also serves as a critical tool for those needing more time for accurate reporting or strategic financial planning.

• Misconception 2: Completing the form grants an automatic six-month extension.

Many assume that simply filing Form 05-164 guarantees an additional six months to file the franchise tax report. However, this is not the case. The extension's length and approval depend on various factors, including promptness and accuracy in submitting both the form and any required preliminary payment.

• Misconception 3: The form is complicated to fill out.

While any tax-related paperwork can seem daunting, the Texas 05-164 form is designed to be straightforward. It requires basic information about the business, such as taxpayer number and mailing address, and a declaration that the information provided is accurate. Understanding the instructions and having your records organized can simplify the process significantly.

• Misconception 4: All businesses must submit Form 05-165 if filing an extension.

This misunderstanding could lead to unnecessary paperwork. In reality, Form 05-165 is required only for combined groups seeking an extension. Individual entities or single-reporting entities are not required to submit Form 05-165 alongside the 05-164 form.

• Misconception 5: Electronic payment isn't mandatory when requesting an extension.

Businesses sometimes overlook the electronic payment requirement. If a business paid $10,000 or more in franchise taxes in the preceding fiscal year, they're obliged to make their extension payment electronically. This rule aims to streamline processing and ensure timely payment.

• Misconception 6: Address changes can be updated on this form.

The option to blacken a circle if the address has changed might confuse some into thinking this is the way to update their address with the Comptroller's office. While it indicates to the reviewing personnel that an address change has occurred since the last filing, businesses should complete a separate process to officially update their address records with the state.

Cutting through these misconceptions can clarify the purpose and process of filing the Texas 05-164 form, making it easier for businesses to comply with state requirements and avoid potential penalties for misunderstanding the rules.

Filling out and using the Texas 05 164 form, which is a Franchise Tax Extension Request, is an important step for businesses operating within the state. To ensure accuracy and compliance, here are six key takeaways to consider:

• The Texas 05 164 form is used to request an extension of time to file the franchise tax report.
• If your business has changed its address or if you are filing a combined report, make sure to indicate these changes by blackening the appropriate circle on the form.
• Businesses that form a combined group must also complete and submit Form 05-165 alongside the Texas 05 164 form.
• For taxpayers who are required to make payments via Electronic Fund Transfer (EFT), seeking a second extension does not require the submission of an Affiliate List Form 05-165.
• Make certain that the taxpayer name, Secretary of State file number or Comptroller file number, and all other personal information are accurately filled out to prevent processing delays.
• It's crucial to verify that all the information provided on the form and its attachments is true and correct to the best of your knowledge and belief before submission.

Remember, the due date for the franchise tax report is May 15, 2014, and if you have any questions or require further information, the Texas Comptroller’s office is readily available for assistance. The form should be mailed to the Texas Comptroller of Public Accounts in Austin, TX, and more guidance, including mandatory EFT payments for taxpayers who paid $10,000 or more during the preceding fiscal year, can be found on the Texas Comptroller's website.