What Texas Form 05-167 (2011) Is For
Texas Form 05-167 (2011) helps you meet franchise tax obligations by reporting ownership details for taxable entities registered in Texas each year. You file it with the Franchise Tax Report or No Tax Due Report to support public information accuracy and total revenue review.
The Texas Ownership Information Report identifies beneficial owners, common owner relationships, and registered agent data, utilizing your Texas taxpayer number to ensure accuracy across state agencies. This information aligns with the beneficial ownership information standards under the Corporate Transparency Act, as administered by the Financial Crimes Enforcement Network.
When You’d Use Texas Form 05-167 (2011)
You use Texas Form 05-167 when filing annual franchise tax reports with the Texas Comptroller for taxable entities required to report ownership details. It accompanies the Franchise Tax Report or No Tax Due Report and supports accurate public information based on total revenue thresholds set by Texas rules.
You update the Texas ownership information report when ownership details change, including the addition or removal of beneficial owners or common owners within taxable entities. You may file an amended Public Information Report to keep records aligned with Corporate Transparency Act standards and Financial Crimes Enforcement Network requirements for compliance.
Key Rules or Details for 2011
For tax year 2011, you followed Texas Franchise Tax rules requiring ownership reporting under the Texas Tax Code using Texas Form 05-167. Total revenue thresholds determined whether you filed a Long Form Report or EZ Computation Report based on Texas Administrative Code guidance requirements for 2011 filings.
You reported ownership details, including full legal name, Texas taxpayer number, registered agent, and beneficial owners, to support the Public Information Report for compliance purposes. These rules aligned with the Texas Business Organizations Code and beneficial ownership information standards monitored by the Financial Crimes Enforcement Network.
Step-by-Step (High Level)
- Step 1: Confirm your entity owes Texas Franchise Tax and determine whether you must file a Franchise Tax Report or a No Tax Due Report.
- Step 2: Gather ownership details, including beneficial owners, common ownership relationships, Texas taxpayer number, registered agent information, and documents that support the accuracy of the public information.
- Step 3: Complete Texas Form 05-167 carefully, ensuring that ownership details match those in the Public Information Report to avoid conflicts during the Comptroller review.
- Step 4: Submit the Texas ownership information report through the approved filing systems by the deadline, ensuring that total revenue figures align with the tax reports.
- Step 5: Retain copies to support amended filings, identity theft prevention, and reviews involving beneficial ownership information or inquiries under the Corporate Transparency Act.
- Step 6: Monitor confirmations from the Texas Comptroller and the Financial Crimes Enforcement Network for follow-up requests related to beneficial ownership information reports.
Common Mistakes and How to Avoid Them
Filing delays occur when you submit ownership forms containing correctable errors. Correcting these mistakes enhances accuracy and enables the Texas Comptroller to process reports promptly.
- Outdated Ownership Information: This error occurs when ownership details on Texas Form 05-167 differ from those in the records of the beneficial owners. You must update the Texas ownership information report.
- Incorrect Identification Numbers: This error occurs when the Texas taxpayer number or EIN does not match the record in the Comptroller's database. You must verify numbers against state records.
- Registered Agent Mismatch: This error occurs when the Public Information Report lists a registered agent who is not on file with the state. You must confirm agent details before filing.
- Late Report Submission: This mistake occurs when required reports are filed after the statutory deadline. You must submit reports by the filing date.
What Happens After You File
After you file, the Texas Comptroller reviews ownership details across tax reports to verify compliance and accuracy for taxable entities statewide under the Texas Franchise Tax. Accepted filings update the public information records used by the Texas Secretary of State for reference and enforcement.
You receive confirmation through Texas Comptroller eSystems, which you should retain with the Public Information Report and ownership details for audit support and verification. If discrepancies appear, you must provide corrections using an amended Public Information Report to avoid delays and protect beneficial ownership information under Corporate Transparency Act reporting standards.
FAQs
What is Texas Form 05-167 used for?
You use Texas Form 05-167 to report ownership details required for Texas Franchise Tax administration. The report supports public information records for taxable entities.
Who must file the Texas ownership information report?
You must file if your business is a taxable entity subject to Texas Franchise Tax reporting.
This includes a limited partnership, corporation, or entity filing a No Tax Due Report.
When do you file Form 05-167?
You file it with annual franchise tax reports according to deadlines set by the Texas Comptroller.
Deadlines align with total revenue reporting and other franchise tax filing requirements.
What information does the form require?
You report ownership details, beneficial owners, Texas taxpayer number, and registered agent information. Accuracy supports beneficial ownership, information consistency, and Corporate Transparency Act review standards.
Can you correct errors after filing?
You may submit an amended report if ownership details change or errors appear.
Timely updates help align records with Financial Crimes Enforcement Network requirements.
