Tax Account Reinstatement

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Many business owners receive notices like this because they failed to file their franchise tax report in timely manner. What happens if you ignore it?

Do not ignore it! The state will turn this arbitrary estimated tax into collections, and your credit will have a major hit. Even if there is no assessed tax, there is still trouble. When the state forfeits your right to do business in Texas, your LLC will not be able to close any real estate transactions, and your bank may freeze your account. You do not want to learn about this on the day of closing, believe me.

Once your LLC is forfeited, you will still have some time to reinstate it, but it will cost you some fees. After that limited grace period, your LLC will be terminated. Imagine the danger of owning a property in the name of a company that no longer legally exist. Also, at that point, someone else will be able to open a new LLC using your old name – potentially causing a lot of trouble. Since you missed the deadline, the State of Texas will assess you a small penalty for late filing.

We can handle this situation for you and reinstate your tax account.

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