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League City Texas Form 1041: What You Should Know

Texas Franchise Tax Report Information and Instructions For a taxable entity filing as a trust for federal tax purposes, enter the amount from Form 1041 line 1. • If the LLC is registered at an office that is not a Texas taxpayer's primary place of business, or the LLC is required by the Secretary of State to be registered with Texas, the Secretary of State may require additional information from the company at the time of its initial registration with the Secretary of State. • If such information is not received until after the LLC has filed and paid the LLC return, the tax shall be calculated as if no fees have accrued to Texas. If fees have accrued to Texas, they shall be refunded. For a tax years after December 31, 2018: A trust for federal tax purposes may include an entity, other than a corporation, that is a member of the trust that may be, for federal tax purposes, an entity treated as a partnership for state income tax purposes. For information see section 1232.50, Taxable Tax Beneficiaries. If your corporation or other member of the same corporation is included in the trust's federal income tax return as an entity treated as a partnership and not as an individual entity for state tax purposes, your corporation or member of the same corporation will determine in its entirety its federal income tax liability, including taxes for this year and later years, by obtaining its state-tax information, including the Texas tax return. In the absence of the information listed, your corporation or member will make its federal income tax liability equal to the amount of federal tax due. If the federal return of the entity treated as a partnership is completed within 10 days of receiving the state-return information, the corporation or member treated as a partnership generally will be assessed an amount at the rate of the maximum possible Texas rate for purposes of computing the tax due. If the federal return of the entity treated as a partnership for state tax purposes is not completed within the 10-day period following receipt of the state-return information, any federal tax or interest due under Texas law will not be assessed. 2021 Texas Franchise Tax Report Information and Instructions For a taxable entity filing as a trust for federal tax purposes, enter the amount from Form 1041 line 1.

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