The name must contain the word "corporation," "company," "incorporated," "limited" or an abbreviation of one of these terms. Where to file your taxes for Form 1120-S ; A foreign country or U.S. possession.Formation of Business Entities and Nonprofit Corporations Under the Texas Business Organizations Code: Online filing available through SOSDirect. As employers, state agencies and institutions of higher education must deduct federal income tax (FIT) from the wages of a state officer or employee. Complete Form W4 so that your employer can withhold the correct federal income tax from your pay. Consider completing a new Form W-4 each year. Franchise tax reports are due on May 15 each year. If May 15 falls on a Saturday, Sunday or legal holiday, the next business day becomes the due date. Wage withholding lets you make your child support payments through your regular paycheck.