Do I have to file sales tax or franchise tax reports?
If you are a sole proprietor or for profit business, there may be reporting requirements by your state to file quarterly sales tax reports or an annual franchise tax report. We can help you determine if you are required to file these reports to avoid penalties and late filing fees.
What has to be filed when you close a business?
When a business owner terminates a business, some states have reporting requirements that result in a final sales tax and/or franchise tax report being filed along with other specific documents in order to finalize your business closure.
The filings people forget
Federal returns get attention because everyone knows the April deadline. State sales tax and franchise tax reports are the ones that quietly generate late fees, and closing a business is worse: owners assume that stopping trade ends the obligation, when the final reports are exactly what stops the clock. If you are not sure which of these apply to you, that is the question to ask us first, and it is a short conversation.
Ask us to check. call us at (713) 988-3513 now or request a consultation.