How COGS applies to Texas Franchise Tax
Texas Comptroller Issues New Guidance on Franchise Tax COGS The Texas Comptroller recently released new guidance clarifying several Texas franchise tax Cost of Goods Sold (COGS) issues that frequently trip up taxpayers. The guidance comes in the form of updated Frequently Asked Questions (FAQs) and addresses a range of practical concerns businesses face when calculating […]
When Oil & Gas Equipment Isn’t a Manufacturing Exemption in Texas Sales Tax
Southwest Royalties, Inc. v. Hegar — When Oil & Gas Equipment Isn’t a “Manufacturing” Exemption In Southwest Royalties, Inc. v. Hegar, the Texas Supreme Court resolved a high-stakes tax dispute with major implications for the oil and gas industry and state revenues. Background:Southwest Royalties, an oil and gas exploration and production company, paid sales taxes […]
How Does Sales Tax apply to Data Processing in Texas Rule 3.330
Data processing can be painted with a wide brush when we look at different service offerings of a business. Let’s take a look at the purpose of Texas Rule 3.330 and its exceptions. 1. Legal Authority and Purpose Rule 3.330 is promulgated by the Texas Comptroller of Public Accounts under authority granted by: Purpose The […]