What Texas Form 05-167 (2015) Is For
Texas Form 05-167 (2015) requires you to file a Texas Ownership Information Report with franchise tax filings for registered taxable entities each year in Texas. This ownership information report discloses ownership details that the Texas Comptroller uses to confirm compliance under Texas law and validate reported total revenue.
The report links your records to the Secretary of State, lists a registered agent, and identifies structures like a limited partnership for public records statewide. Accurate ownership details help verify beneficial owners, track a common owner or combined group, and reduce the risk of identity theft during electronic filing processes and online submissions.
When You’d Use Texas Form 05-167 (2015)
You use Texas Form 05-167 when filing franchise tax reports for the 2015 tax year with the Texas Comptroller for registered taxable entities statewide. You typically submit the ownership information report alongside a No Tax Due Report, EZ Computation Report, or Long Form Report for annual compliance.
You must file when ownership details change, or when confirmation is required for taxable entities registered with the Texas Secretary of State during the 2015 reporting period. This includes combined group members, common owner situations, and updates affecting Beneficial Ownership Information Reports tied to Texas Ownership Information Report records.
Key Rules or Details for 2015
For 2015, Texas Form 05-167 required reporting total revenue, NAICS Codes, and ownership details for taxable entities filing a Texas Ownership Information Report on an annual basis. Each taxable entity was required to have a Texas taxpayer number, accurate principal office data, and a registered agent matching Secretary of State records.
You must follow the Texas Tax Code and Texas Administrative Code rules governing public information submissions and beneficial ownership information alignment during 2015 filings, which apply statewide. Failure to comply, including submitting mismatched ownership information, may prompt review or action by the Office of the Texas Attorney General.
Step-by-Step (High Level)
- Step 1: Log into your Texas Comptroller eSystems using your Comptroller File Number and your login credentials in a secure browser session.
- Step 2: Open the Texas Franchise Tax filing system from the main menu and select Texas Form 05-167 next.
- Step 3: Enter company information, including your full legal name and registered agent details.
- Step 4: Complete the Texas Ownership Information Report by listing ownership details for taxable entities, including beneficial owners and percentages.
- Step 5: Verify the accuracy of the residential address and date of birth entries before proceeding.
- Step 6: Review the payment information and confirm that the filing practices match your records before submission.
- Step 7: Submit the ownership information report electronically and save the confirmation for your files.
Common Mistakes and How to Avoid Them
You encounter filing delays when ownership information reports contain errors during submission. Identifying each mistake and its correction steps improves accuracy and approval outcomes during state franchise tax processing. This section explains present filing mistakes and the precise actions you must take to avoid them.
- Outdated Ownership Details: This error occurs when you list ownership details that do not match the records of the Secretary of State. You must confirm current ownership before filing.
- Incorrect Identification Numbers: This mistake occurs when you enter an incorrect Comptroller File Number or Texas taxpayer number. You must verify identification numbers before submission.
- Missing Beneficial Ownership Information: This mistake occurs when required Beneficial Ownership Information is omitted. You must review reporting requirements and include all the necessary ownership information.
What Happens After You File
After you file Texas Form 05-167, the Texas Comptroller reviews the ownership information report to verify accuracy, details, and compliance for taxable entities statewide. Accepted filings update the Secretary of State and Comptroller databases, confirming Registered Agent records, beneficial owners, common owner relationships, and group data linked to your report.
If issues arise, the Texas Comptroller requests corrections or supporting documents, including Beneficial Ownership Information Reports, to resolve discrepancies involving dates or total revenue. After resolution, you should retain confirmation, along with tax reports and business website records, to support consumer protection standards.
FAQs
What entities must file Texas Form 05-167?
You must file if you are a domestic or foreign taxable entity registered with the Texas Secretary of State and required to submit an ownership information report.
Does a veteran-owned LLC follow different rules?
You follow the same Texas Franchise Tax rules, regardless of veteran-owned LLC status, limited partnership structure, or registered agent designation.
Is Beneficial Ownership Information required?
You must ensure ownership details align with Beneficial Ownership Information Reports when applicable, including beneficial owners, common owner relationships, and combined group disclosures.
How does this differ from FinCEN reporting?
You file Texas Form 05-167 with the Texas Comptroller, while FinCEN separately collects Beneficial Owner/Company Applicant data under federal requirements.
Can software or artificial intelligence assist with preparing filings?
You may use tools to organize total revenue and transaction dates, but you remain responsible for accuracy and compliance during submission through official systems.
