California Franchise tax prorated for short year?

socalelm · ‎04-22-2020

My CA LLC which is treated as an S-corp dissolved at the end of February. Will they need to pay the entire $800 CA franchise tax when filing the final year return, which only covers 2 months?

George4Tacks · ‎04-22-2020

YES.

Here's wishing you many Happy Returns

abctax55 · ‎04-22-2020

Actually, I'd say 'no', depending on which one of the questions is being answered (the header q, or the q in the body)

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"

Rick19744 · ‎04-29-2020

See the attached links which addresses your question on short period Calif franchise tax:

https://www.ftb.ca.gov/forms/misc/1060.html

https://www.ftb.ca.gov/file/business/types/corporations/s-corporations.html

California Franchise tax prorated for short year?

©1997-2024 Intuit, Inc. All rights reserved.

Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

By accessing and using this page you agree to the Terms and Conditions.