Texas revises policy - Taxpayers can change their margin tax deduction method on an amended return

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On June 12, 2012, in a significant and complete reversal of prior policy, the Texas Comptroller of Public Accounts announced that it will allow taxpayers to file amended long form franchise tax reports changing their election to deduct cost of goods sold or compensation at any time within the statute of limitations. [News Release, Comptroller of Public Accounts, 6/12/12] 

Previously, the Comptroller provided by rule that taxpayers could not file amended reports to change or make their election after the due date of the report.



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