What Texas Form 05-167 (2012) Is for
You use Texas Form 05-167 (2012) to file an ownership information report required under Texas Franchise Tax Forms for certain taxable entities with nexus in Texas. The form supports your Public Information Report and Texas franchise tax report by confirming ownership details used in tax reports before filing your tax return.
You file it when filing requirements apply to a limited partnership, including tiered partnership report situations involving total revenue and annualized total revenue. The Texas Comptroller of Public Accounts reviews information with the Secretary of State to enforce Texas Tax Code rules and assess estimated payments, fines, penalties, and interest.
When You’d Use Texas Form 05-167 (2012)
You use Texas Form 05-167 when ownership disclosure is required with Texas Franchise Tax Forms during the annual preparation of tax reports for certain taxable entities. This applies when preparing a yearly report for a limited partnership or professional association with nexus in Texas, as required by the Texas Tax Code filing requirements.
It also accompanies the Public Information Report and Franchise Tax Report when you file a Texas franchise tax report with your tax return each year. You submit it alongside Form 05-102 or Form 05-163 for a Tiered Partnership Report, aligned with May 15 deadlines and Secretary of State record reviews.
Key Rules or Details for 2012
For tax year 2012, you used Form 05-167 to meet ownership information report filing requirements for taxable entities under the statewide Texas Franchise Tax Forms rules. The form supported Texas franchise tax report calculations using total revenue and annualized total revenue reported with your Franchise Tax Report and related tax reports.
You still filed disclosures when required, even below thresholds, and followed Texas Tax Code rules affecting limited partnerships, professional associations, and tiered partnership report classifications. Accurate reporting of nexus in Texas helped you avoid fines, penalties, and interest; estimated tax penalty exposure; and Secretary of State review issues.
Step-by-Step (High Level)
- Step 1: Confirm your reporting entity name and Texas SOS file numbers with the Secretary of State.
- Step 2: Identify the ownership interests required for the ownership information report under Texas Franchise Tax Forms.
- Step 3: Decide whether you report a combined group or a tiered partnership report.
- Step 4: Complete Form 05-167 using current ownership records.
- Step 5: Attach it to your Public Information Report and Franchise Tax Report filing.
- Step 6: Match entries to Form 05-102, Form 05-163, or Form 05-164 when required.
- Step 7: Review total revenue and annualized total revenue used for the Texas franchise tax report.
- Step 8: File the tax return by May 15, track estimated payments, and retain confirmation for Texas Tax Code notices.
Common Mistakes and How to Avoid Them
Taxpayers often encounter processing delays because specific, repeated filing mistakes appear in Texas franchise tax submissions. Identifying these errors early allows you to correct filings and meet Texas Franchise Tax Forms requirements without interruption. Precise corrections improve tax report acceptance and reduce follow-up requests.
- Outdated Ownership Information: This error occurs when the ownership information report does not match the current records of the Secretary of State. You must confirm ownership details before filing.
- Missing Required Attachment: This error occurs when Form 05-167 is excluded from the Franchise Tax Report. You must attach it whenever disclosure is required.
- Incorrect Texas SOS File Numbers: This error occurs when tax reports list invalid or mismatched Social Security Administration SSA file numbers. You must verify all Secretary of State file numbers.
- Entity Misclassification: This error occurs when the limited partnership or professional association status is incorrectly reported. You must classify entities under Texas Tax Code rules.
- Revenue Mismatch: This error occurs when total revenue and annualized total revenue differ across filings. You must reconcile figures before submission.
What Happens After You File
After you file, the Texas Comptroller of Public Accounts reviews your ownership information report for consistency with the Franchise Tax Report and other Texas Franchise Tax Forms submitted. During review, staff may compare tax reports against Secretary of State records, estimated payments, and total revenue data tied to your Texas franchise tax report.
If filings align with filing requirements under the Texas Tax Code, you can request clearance while monitoring notices related to tax return processing after May 15. When discrepancies arise, respond promptly, using a power of attorney if necessary, to resolve issues and minimize fines, penalties, and interest.
FAQs
Do all business entities file Form 05-167?
You file Form 05-167 only if your taxable entities meet the ownership disclosure filing requirements under Texas Franchise Tax Forms. This requirement applies regardless of nexus in Texas or business corporation tax classification under the Texas Tax Code.
Is Form 05-167 required with a No Tax Due Report?
Yes, you may still file the ownership information report with the Franchise Tax Report, even if total revenue falls below the applicable thresholds.
Where do you file Form 05-167?
You submit the form to the Texas Comptroller of Public Accounts, who reviews tax reports against the Secretary of State records and Texas franchise tax report data.
Does Form 05-167 replace the Public Information Report?
No, it supplements the Public Information Report and supports accurate ownership reporting for limited partnerships, professional associations, and Tiered Partnership Report filings.
Can a power of attorney submit Form 05-167?
Yes, you may authorize a power of attorney to file the tax return and respond to notices involving estimated payments, May 15 deadlines, or fines, penalties, and interest.
