What Texas Form 05-167 (2014) Is For
You use Texas Form 05-167 (2014) to file an ownership information report for taxable entities subject to Texas franchise tax rates and filing requirements. The form supports your tax return by disclosing ownership details that the Texas State Comptroller requires under Texas Form 05-141 and other franchise reporting rules statewide.
You file Texas Form 05-167 when reporting a limited partnership, a professional association, or an affiliated group with ownership changes affecting the beginning date or total revenue. You submit the ownership information report by May 15, verify Registered Agent records, and sign using airSlate SignNow, Adobe Reader, or an electronic signature tool.
When You’d Use Texas Form 05-167 (2014)
You use Texas Form 05-167 when your tax return requires an ownership information report for taxable entities under Texas franchise tax rates and filing requirements. You must file it if the total revenue thresholds are met, including limited partnerships or professional associations reporting the cost of goods sold under Texas Form 05-167.
You also file when ownership changes affect an affiliated group, beginning date, or Registered Agent records maintained by the Secretary of State for compliance reviews. You submit Texas Form 05-167 by May 15 using airSlate SignNow, Adobe Reader, or electronic signature tools to avoid delays with the Texas State Comptroller processing.
Key Rules or Details for 2014
For tax year 2014, Texas Form 05-167 followed franchise tax rates and filing requirements set by the Texas State Comptroller for taxable entities reporting. You had to report an accurate beginning date, total revenue, and ownership information for taxable entities on the tax return by the May 15 deadline.
Ownership data had to match income statements, cost of goods sold, E-Z computation figures, and affiliated group records reviewed during compliance checks for filing accuracy. Errors delay processing with the Secretary of State or prompt questions from the Texas State Comptroller about Registered Agent information during the 2014 review period.
Step-by-Step (High Level)
- Step 1: Confirm your entity type, such as a limited partnership or professional association. Check the Texas Franchise Tax filing requirements for 2014.
- Step 2: Gather ownership details for the ownership information report, including the names of controlling interests and their corresponding Social Security numbers or taxpayer identification numbers.
- Step 3: Verify your registered agent and state records, as well as the reporting entity taxpayer number associated with your tax return.
- Step 4: Complete Texas Form 05-167, entering the beginning date, transaction dates, and total revenue figures that are consistent with the income statements.
- Step 5: Review E-Z Computation, Cost of Goods Sold, sales tax data, and affiliated group relationships to confirm economic nexus and marketplace facilitator status.
- Step 6: Sign and submit using an electronic signature through airSlate SignNow or Adobe Reader, then retain a copy for Texas State Comptroller correspondence.
Common Mistakes and How to Avoid Them
Taxpayers often submit Texas Form 05-167 with avoidable errors that interrupt the review and verification process. Identifying each mistake and the required correction improves filing accuracy and reduces approval timelines. Addressing these issues before submission supports compliance with Texas State Comptroller filing requirements.
- Mismatched Ownership Information: This mistake occurs when ownership information figures differ from the total revenue reported on the tax return. You must reconcile ownership data with income statements before filing.
- Incorrect Entity Records: This mistake occurs when the records for a limited partnership or professional association conflict with the Secretary of State’s filings. You must confirm entity status and registered agent details before submission.
- Missing Required Signature: This mistake occurs when Texas Form 05-167 is missing an electronic signature. You must sign using Adobe Reader or SignNow.
What Happens After You File
After you file, the Texas State Comptroller reviews the ownership information report for accuracy and consistency. The Texas State Comptroller also confirms totals and filing requirements. Accepted submissions update records maintained by the Secretary of State and support franchise tax calculations, payment information processing, and confirmation of registered agent and date details.
During review, discrepancies between Form 05 167, Texas Form 05 141, income statements, Cost of Goods Sold, or E-Z Computation prompt clarification requests from you. Once resolved, you remain compliant for the tax return, maintain standing with the Texas State Comptroller, and access records through Adobe Reader or airSlate SignNow.
FAQs
What is Texas Form 05-167 used for?
You use Texas Form 05-167 to submit an ownership information report supporting your franchise tax return for taxable entities reporting total revenue.
Who must file Texas Form 05-167?
You must file if your limited partnership, professional association, or affiliated group meets the filing requirements set by the Texas State Comptroller.
Is Texas Form 05-167 the same as the Public Information Report?
No, you file it separately to report ownership details, beginning date, and registered agent data required beyond Texas Form 05 141.
Can you file Texas Form 05-167 electronically?
Yes, you may submit it using airSlate SignNow, Adobe Reader, or another approved electronic signature tool, provided you include accurate payment information.
What happens if you submit incorrect ownership information?
You must correct discrepancies identified by the Texas State Comptroller to keep your tax return aligned with franchise tax rates and records. You should review income statements, sales tax data, and Bank Nexus Questionnaire responses before resubmission to confirm economic nexus for marketplace facilitators where applicable.
