What Texas Form 05-167 (2019) Is For
Businesses use Texas Form 05-167 (2019) to file ownership information with the Texas Secretary of State. This document is essential for meeting the filing requirements under the Texas Franchise Tax law. It includes details on the company’s ownership, such as ownership information and beneficial ownership details for the Texas Franchise Tax.
A form is required for both domestic and foreign business entities, including limited liability companies and partnerships. Filing Form 05-167 provides the state with ownership details and ensures compliance with tax reporting obligations. This ensures compliance with Texas law and maintains the company’s good standing with the state.
When You’d Use Texas Form 05-167 (2019)
You would use Form 05-167 when submitting your Public Information Report to the Texas Secretary of State. This form is required if your business is subject to the Texas Franchise Tax and meets the state's filing requirements. It is also necessary for companies reporting total revenue above the no-tax-due threshold.
Form 05-167 discloses ownership information, including the names of beneficial owners and their corresponding ownership percentages. It is essential to provide accurate company information to the state. Additionally, it helps businesses comply with the Texas Administrative Code and the Texas Tax Code.
Key Rules or Details for 2019
For the 2019 tax year, businesses must file Form 05-167 if they are subject to the Texas Franchise Tax. The form must be submitted along with other tax reports, such as Form 05-102 for the Public Information Report. Companies must also meet filing deadlines, which vary based on their fiscal year and entity status.
Businesses filing the 2019 Texas Franchise Tax report must provide supporting documents, including Form 05-391 for ownership details. If your business qualifies for the EZ Computation Report, you must still submit the required ownership information. Please ensure that all documents are accurate and submitted promptly to avoid any potential penalties.
Step-by-Step (High Level)
- Step 1 - Prepare Your Documents: Gather all necessary documents, including ownership information, tax forms, and payment details. Be sure to include documents like the No Tax Due Report, Form 05-177, and the Public Information Report. This helps ensure you meet filing requirements and avoid delays.
- Step 2 - Access the BOI E-Filing Website: Go to the official BOI E-Filing website to find Form 05-167. This site allows you to access and complete the form electronically. Ensure that you review the filing practices and confirm the website's security to protect your confidential information.
- Step 3 - Complete the Form: Enter required ownership details, including beneficial ownership information, total revenue, and the principal office address. Include the Federal Employer Identification Number (FEIN) and relevant NAICS codes.
- Step 4 - Review and File: Review all details, including beneficial owners and sensitive data, before submitting. Ensure you’ve entered the correct Social Security number or Texas taxpayer number, if applicable.
- Step 5 - Confirm Filing: After submitting, confirm your filing by checking for a receipt and Texas Comptroller File Number. Please retain this confirmation for your records and future reference.
Common Mistakes and How to Avoid Them
Filing errors often result in delays or rejections. Recognizing these mistakes and correcting them early improves compliance and approval outcomes.
- Incorrect Ownership Information: This error occurs when beneficial ownership details do not align with official records. You must verify that ownership information matches official records before submission.
- Missing Supporting Documents: This mistake occurs when required documents, such as Form 05-102, are not included. You must attach all necessary documents, including the Public Information Report, before submitting.
- Late Filing: This mistake occurs when the filing is submitted after the required deadline. You must ensure your forms are filed on time, adhering to the specific filing deadlines.
- Incorrect Tax Reports: This mistake occurs when the wrong forms, such as Form 05-167, are filed without the other required reports. You must ensure that Form 05-167 is submitted with the appropriate supporting tax reports.
- File Size Exceedance: This mistake occurs when the file size of attachments exceeds the allowable limit. You must verify that the total file size is within the prescribed limits before uploading.
- Improper Filing System Use: This error occurs when forms are submitted through third-party websites rather than the official system. You must use the official BOI E-Filing website to file your forms securely.
What Happens After You File
Once you file Form 05-167, the Texas Secretary of State processes your ownership information. If any issues arise, they may contact you for clarification or further details, including corrections to the reported ownership information.
The Texas business database will update your company after a successful submission. This ensures your business remains in compliance with the Texas Franchise Tax and the Texas Business Organizations Code.
FAQs
What is Form 05-167 used for?
Form 05-167 is used to file ownership information with the Texas Secretary of State. It ensures compliance with the Texas Franchise Tax laws. The form includes key ownership details and beneficial ownership information, necessary for meeting filing requirements.
Who needs to file Form 05-167?
Entities subject to the Texas Franchise Tax must file Form 05-167. This includes businesses reporting total revenue above the threshold at which no tax is due. Both foreign and domestic reporting companies, including limited partnerships, must comply.
What is included in the filing?
Form 05-167 requires information on ownership, beneficial owners, and company details. It must be filed alongside other reports, such as the Public Information Report. Supporting documents, such as Form 05-177, may also be necessary.
Can Form 05-167 be filed electronically?
Yes, you must file Form 05-167 electronically through the Texas Secretary of State’s official filing system. This ensures that the filing process is efficient and secure.
What is the EZ Computation Report?
The EZ Computation Report is a simplified tax report available for small businesses. It requires submitting ownership details, including beneficial ownership information, as part of the filing process.
