Transcript
If you have an LLC in Texas, you have to watch this video to understand how to file your annual returns with the Texas Comprollers Office. All right, so if you watch this channel, you saw that I made a video about a year ago that walks you through everything you need to know to submit this free online filing. However, I just got an email from the Texas Controller that they updated the dashboard. There's a new website, new forms, everything. So, watch this video as I walk you through how to file your web file return. All right, so I got this email a couple days ago. See what's new with web file. They updated it to make it faster and more convenient. Dashboard, modern, streamlined. I get it. So, let's click the button. Let's take a look. All right. So, web file. It looks like the e systems login screen is different. It's a refresh dashboard. It still looks very similar in terms of the drop down for your different LLC accounts. New filter capabilities. Looks interesting. Bonus. The mo I mean, look at this. The the controllers got their social media game on point. Taxpayers come first and they're going to save you money by spending a million dollars on updating the website. Anyway, I don't think that really helps. It gives you more franchise tax options. Not really interesting. So, let's take a look. I'm going to log in with my stuff here. I have it autosaved. Okay. Updated sales and use sharing of their account. That's interesting. Um, we don't file using our client's username and ID. We create our own and we add that profile to our account or the LLC. So, that's an interesting one. Adding a mobile number. Okay, this one's actually useful. Sometimes I do need it to reset my password. Um, that's it. So, that's where we're at. So, let's pick a entity that I think does need a return beginning in 2024. If you have no revenue, that's fine. So, let's file a PIR for this. Uh, you can also see this is going to be the most common. Uh, you don't have to do no tax due. So, it's really just the PI annual form. You are probably not going to need this common owner information. just this PI. I don't know why they bury it in here, but that's the most common. So, annual report. Here we go. This is due May. Uh, address. Everything still looks good. Principal off. This is the address where principal records are kept. It's different from the place of business, which is the operations. I'm going to put the same here. This is my main office. I'm going to update this one because it shouldn't be there. So, I am a managing member here. It just depends on what your LLC operating agreement says. Uh director, yes or no. That's just an additional uh classification and it just depends. It's going to primarily be for corporations if you're a director. Um, this is a new field, term expiration date, because a lot of these were filed and it was very open-ended. So, what I would recommend is you look at your operating agreement if you are a director, if you look at the corporation uh bylaws, corporate bylaws, when does that expire or is it open-ended? Um, typically I would just put the end of the year. If you did check yes, put 1231 or the end of your fiscal or calendar year. That's going to make a lot more sense. Now, that's that's another one. Um, you don't have to add another. You You're required to list every member or officer on the LLC. Um, owned entities. This is a new field. If you have a 100% solely owned subsidiary, corporate uh LLC, state of formation, super interesting, but I'm not quite sure of the authority to command this information. So, let's see what happens if we get more guidance and then owned by. So this is interesting too that we're going up and down the food chain. So this first one, this owned entity is below. What's below you that you 100% own? Owned by corporation is going above the filing entity. Does does a single LLC own the below entity? Super interesting. Again, no requirement that you have this. This could be owned by individuals much like mine. But if you don't want to share your information, I I'm not clear of the legal requirement precedent for you to share that. So let's just update the sweet number here. Declaration I declare this one is still the same. It's true and correct. Again, this is best of your knowledge. If there's a minor technical or something that's not true, I don't think that's going to be an issue. Air on the side of giving them less information versus filling out information that could be wrong. you're going to get in more trouble for putting something that is incorrect statement versus not filling out information. So, it's going to give you a little summary of the franchise tax return. Again, lots of new fields on here, primarily the owned entities and owner, uh, as well as that business office. Do not send a paper form. And that's it. So, you just want this confirmation that you have filed successfully. Wow, they got e systems over here. Logging your IP as well as an a direct date stamp. So, I'm going to save this uh in my records. All right. And that's it. So, now you can return to the systems menu. You can see all of these other rules. You can register for sales tax, state payments. So, they did actually add a lot of additional things. Offhighway cigar. You used to have to submit a different PDF for this, but now they've put all these applications online. So, that's awesome. Hope that was useful, guys. I know people complain. They literally complain that I go too fast and people complain that I go too slow. This is just how I talk. If you have questions, drop them in the comment. I respond to every comment. Thanks for watching and we'll see you next time.