Screen TXGen - Texas Franchise Tax Return (1120)

General Information

Use this screen to complete the Texas Franchise Tax Report. If information transferred from UltraTax/1120 does not require additional data or coding, UltraTax/1120-TX displays the information on the form only, and not in the input screen.
Year of return
UltraTax/1120-TX is designed so that any client processed using UltraTax/1120 has the appropriate Texas tax returns required for filing. To accommodate this, UltraTax/1120-TX contains two separate sets of the Texas Corporation Franchise Tax Report.
When processing a Texas Franchise Tax Report for an annual report, UltraTax CS selects the correct set of Texas forms, depending on whether the client has a calendar or fiscal year-end.
  • Calendar-year-end clients (December 31,
    2023
    ) are required to file the
    2024
    Texas Corporation Franchise Tax Report.
  • Fiscal-year-end clients (years ending January through November of
    2023
    ) are required to file the
    2025
    Texas Franchise Tax Report.
The initial release of the Texas application provides a nonsubmittable set of the
2024
Texas forms. These forms allow the preparation and review of a draft of the Texas return for fiscal-year-end clients without waiting for the State of Texas to release its
2024
Texas Corporation Franchise Tax Report.
After the State of Texas releases its
2024
forms in January of
2024
, Thomson Reuters releases an update that allows printing and submission of returns for those clients previously processed with taxable years ending January 5,
2023
through November 30,
2023
.
Use this field to preserve the margin method elected on the original return.
If you mark this field, the date the entity became subject to the tax must also be entered in the
Privilege period (Force): From
field.
If you enter
X
, the forced amount displays on Form 05-158-B, line 25, Gross receipts everywhere. Otherwise, if you enter
X
, the amount from Form 05-158-B, line 24, Gross receipts in Texas, displays on line 25. Otherwise, the amount from Form 05-158-A, line 10, Total revenue, displays on Form 05-158-B, line 25.
To find the taxpayer number, use the taxable entity search available from the state https://mycpa.cpa.state.tx.us/coa/Index.html. If affiliates do not have their own comptroller number or federal number, leave the field blank.
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