Texas
CPA gross margins should improve due to additional work in assisting
Texas businesses with planning for and compliance with the 2008
version of the Texas franchise tax.
Michael
B Seay from Martens & Associates presented an informative
summary of the key points in the new formula for computing Texas
franchise tax, commonly known as the Texas Margin Tax, on Wednesday,
June 14 in the Austin
Chapter training room. Mr. Seay pointed out that there may
be a constitutional challenge to some parts of the new law and
he expects revisions in the next legislative session. The new
rules will affect many previously exempt entities and will cause
some previously separate entities to have to combine their operating
results in order to compute Texas franchise tax.
The only
thing for sure is that the tax is so complicated that CPAs will
have additional work for a long time to come.
Thanks to
Michael for the excellent presentation and to Washington Mutual
for the tasty lunch.
There will
be more courses on the new margins tax scheduled as the year
progresses, so be sure to check the calendar
often. |
