Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I failed to file a "Franchise Tax Report in Texas and

I failed to file...

I failed to file a "Franchise Tax Report in Texas and received a Texas Notice of Forfeiture of Right to Transact Business". I went online to try and resolve this but it is extremely confusing as to what I need to do. My company is an LLC and I am a Pharmaceutical Consultant.

Accountant's Assistant: Can you tell me what state the LLC is registered in?

Sorry, Texas

Accountant's Assistant: Has anything been filed or reported?

Last year I filed a franchise report, but not this year. I file the No Tax Due Report

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Not that I know of.

Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 8 months ago
Here are the documents I received.
Customer reply replied 8 months ago
The actually forfeiture document is on page 3 of the scan.
Customer reply replied 8 months ago
I have until 22Jan2018 to reinstate.
Answered in 8 minutes by:
12/16/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,666
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

You need to file two forms as soon as possible. One reports income and the other reports owners.

Here's the link: http://www.michaelplaks.com/business-setup/texas-franchise-tax-reports

Since you missed the deadline, the State of Texas will assess you a $50 late filing penalty. Most of the time, these penalties are waived upon request, but you will have to ask.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,666
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Barbara and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 8 months ago
Okay. I will look and see if I can figure it out. Thanks:)

You need to fill out Form 05-163 and 05-102.

Just click on those forms in the link I sent you. It takes you right to the form.

Ask Your Own Tax Question

Thank you for the positive rating of my answer. It is very much appreciated.

Please do not hesitate to contact me if you have any other questions.

Happy Holidays to you and your family!

Ask Your Own Tax Question
Customer reply replied 8 months ago
THanks

My pleasure.

Ask Your Own Tax Question
Customer reply replied 8 months ago
I have done both of these now. So when these are processed, this take my account out of forfeiture?

Yes.

Just to be sure, I would call to verify it one day next week.

Ask Your Own Tax Question
Customer reply replied 8 months ago
Thanks:)

You're welcome.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,666
6,666 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I have many Texas Franchise Tax question, I started my
I have many Texas Franchise Tax question, I started my business April, 2017 filed IRS taxes this year, but did not file Texas state Tax, I was sent a Franchise Tax Bill, I do not qualify to pay this t… read more
Barbara
Barbara
Enrolled Agent
6,666 satisfied customers
IRS tax question: taxes, can you have an LLC based on 2
IRS tax question:For Texas taxes, can you have an LLC based on 2 different businesses (NAICS codes)? If so how? Also, how do series LLCs operate with real estate in Texas and CO? Please provide exampl… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I abandoned an LLC and stopped operating. I missed a notice
I abandoned an LLC and stopped operating. I missed a notice from the state comptroler that there was going to be a hearing. The hearing happened and a letter was produced that said my LLC no longer ex… read more
taxmanrog
taxmanrog
Master\u0027s Degree
1,055 satisfied customers
Just curious if I can register a new LLC in the state of TX
Just curious if I can register a new LLC in the state of TX if my previous LLC was forfeited … read more
Barbara
Barbara
Enrolled Agent
6,666 satisfied customers
A tax payer formed an LLC in the state of Texas. Can the tax
a tax payer formed an LLC in the state of Texas. Can the tax payer file a schedule C for the federal tax return and retain the LLC status in the state of texas… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
I have an LLC in TX, but live in CA for the time being. I am
Hi. I have an LLC in TX, but live in CA for the time being. I am trying to figure out how much I will be taxed by CA? … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I am working with a client with a company that are no longer
I am working with a client with a company that are no longer considered registered (i.e., "active") entities (LLC partnership) in the State of Texas (due to failure to pay franchise tax). We would hav… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
Bank account was frozen and money removed from the account
The State of Texas has frozen a bank account of mine and removed some of the money from the account. I was, but not am a citizen of the State of Texas and I never received any notice from the state. I… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I have filed taxes for LLC, which is IT services category.
Hello, I have filed taxes for LLC, which is IT services category. We are not into any Franchise. but I got a letter 'Texas Notice of Intent to Forfeit Right to Transact Business-Estimated Franchise Ta… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Here's the situation: My LLC is registered in Colorado.
Here's the situation: My LLC is registered in Colorado. It is 100% online, and does not have any tangible goods being sold. I live in California. I work from my home. I would like to hire an employee … read more
Barbara
Barbara
Enrolled Agent
6,666 satisfied customers
My name is ***** *****. Had a quick question about Franchise
Customer: Hi, My name is ***** *****. Had a quick question about Franchise tax filings in Texas … read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
We have received a 05-211 Notice on KANRI, LLC 17528624525
We have received a 05-211 Notice on KANRI, LLC *********** dated 07/24/2015. I am ready to mail in the No Tax Due and Franchise Information Reports, but I don't know the amount of fee to include. Plea… read more
Barbara
Barbara
Enrolled Agent
6,666 satisfied customers
, I created an LLC in California in 2010. In 2011, I filed
Hi, I created an LLC in California in 2010. In 2011, I filed for cancellation, but it was rejected due to an incorrect box checked on the form. For the past few months, I've been receiving notices of … read more
abci168
abci168
Principal
27 satisfied customers
We had an in house accountant for our companies. He did not
We had an in house accountant for our companies. He did not file the Texas Franchise Tax NoTax Due Report. We received a Texas Notice of Forfeiture of Right to Transact Buisness on the Companies. He h… read more
Barbara
Barbara
Enrolled Agent
6,666 satisfied customers
I took over 2 person LLC and now there is only me in LLC.
I took over 2 person LLC and now there is only me in LLC. I want to know if I should change it to single member LLC , C Corp, or S Corp since it is just me now. What forms would I fill out to take the… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
How do I resolve an issue of double State income taxes taken
How do I resolve an issue of double State income taxes taken in Pa in which I was taxed at the time I received a severance of $ 290,000 then again on the same income which was deferred over 5 years?… read more
cpaute
cpaute
CPA
Master's Degree
14 satisfied customers
I have a scottrae transaction report, dont know how to read
I have a scottrae transaction report, don't know how to read it therefore canot report it on my tax return. there is no 1099 just a printout… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I started an LLC a year ago and have not filed taxes but received
I started an LLC a year ago and have not filed taxes but received a bill for around $800 that I believe that I paid. I have never used the LLC for anything so I didn't think about tax issues. How do I… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x