What are the requirements for filing taxes for a new business?

In Texas, the requirements for filing taxes for a new business depend on its business formation type. Businesses formed as a Sole Proprietorship, Limited Liability Company (LLC), General Partnership, or Corporation must register with the Texas Comptroller of Public Accounts. Once registered, the business must obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). This number is used to identify the business for purposes of tax payments and filings. A business must also register for any applicable franchise and excise taxes and report any and all taxable sales. In Texas, businesses are required to file and pay taxes related to federal income tax, Texas state tax, payroll tax, and local taxes. Businesses are also liable to pay any other taxes imposed by municipal and county governments. The IRS requires businesses to file a quarterly tax return with the total taxes that must be paid for the period. It is important for businesses to remain up-to-date with all tax filings and payments or face penalties and fees. Businesses should consult a tax professional for assistance in understanding the business’s tax obligations.

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What are the requirements for filing taxes for a new business?

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