I would like to discuss taxation
partners with you over the phone. You answered my questions in October but I will need assistance with estimated
payments and other filing
requirements.Quick Summary: California state partnership
has been created in 2014 by three foreign partners.#1 Partner own 42.50% interest
in CA partnership through single member LLC
created in US
. He applied and received TIN for his personal tax
.#2 Partner does not have TIN and want his income
to be allocated (special allocation) to other partner #1 with TIN. His ownership interest is 15%.#3 Partner is foreign entity and does not have US tax id
. Ownership interest 42.5%Foreign partnership had approximately $61,000 income in 2015. What are filing requirements:1. What forms
we need to file to pay estimates for partner #1 (US and CA)?
2. Can partner #2 do special allocation and have partner #1 pay taxes?
3. Can Partner #3 pay estimates without TIN? If yes how. If not, what do you suggest to avoid penalties (US and CA)
4. What are filing requirement of CA Partnership? Do we need to pay CA tax for partnership before 01/15/2016?
5. Do we need to file 8813 for partnership. If yes, do we use 39.6 rate
? How do we allocated tax credit
to partner #1 when he files 1040NR?