Businesses in Texas will get some extra time to file their Texas Franchise Tax Reports for report year 2021. This is the report that covers calendar year 2020 and fiscal years that ended within 2020. The Texas Comptroller of Public Accounts has automatically extending the due date to June 15, 2021 to be consistent with the Internal Revenue Service announcement last week related to the winter storm in February 2021.
One interesting point in the announcement on their website is that it applies to all taxpayers, so even businesses that aren’t physically in Texas should qualify for this extension of time. Note that the extension is automatic and there is no additional forms to file.
One word of caution: this extension is very similar to the extension in 2020. The main thing to remember is that EFT Taxpayers will still need to file and pay (if necessary) on their second extension, which is due on or before August 16, 2021. (Don’t forget to initiate the payment one business day before the deadline if you’re using TexNET.)
You can read the full announcement here: https://comptroller.texas.gov/taxes/franchise/ and see a screen shot below:
