In a response to the COVID-19 pandemic, the Texas Comptroller has extended the due date for 2020 franchise tax reports and payments to July 15, 2020. This automatic extension, which requires no additional forms, applies to all franchise taxpayers. This aligns the state’s deadline with the IRS deadline for most taxpayers whose returns were formerly due April 15, 2020. For additional details, including options for those taxpayers who may need an extension beyond July 15, please see the state’s announcement at https://comptroller.texas.gov/taxes/franchise/filing-extensions.php.
In lieu of an in depth analysis, partnerships may utilize one of three ‘snapshot’ methods to comply with tax capital reporting requirements.