A homebuilder is a contractor who improves residential real estate and incorporates tangible personal property into the property being improved. The tax responsibilities of a homebuilder depend on the type of contract used in the project. Contracts may be categorized as lump-sum or separated contracts, each with different tax implications. Lump-Sum Contracts A lump-sum contract […]

In July 2023, the legislature passed Senate Bill 3, which increased the no tax due threshold and eliminated reporting requirements for certain entities. In response, the Comptroller’s office has changed the way some entities have to report for franchise tax purposes. No Tax Due threshold has increased to 2.47 million for reports due on or […]

Data Processing Services: Taxable Entering, storing, manipulating, and retrieving a customer’s data is taxable. Below is a list of some taxable data processing services: Data Storage Internet Services such as creating a web page and providing server space. Editing, entering, and manipulating client’s data Totalisator services Compiling and producing records Data conversion services Scanning documents […]