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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28082
Experience:  Taxes, Immigration, Labor Relations
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I am doing the tax return California S corp. There is a

Customer Question

I am doing the tax return for a California S corp. There is a California Corn no required on first page. There is a seven digit number at the top of the Articles of incorporation fol a General Stock Corporation. Below it isFiled
Secretary of State
State of California
June 30, 2015 June 30 is the incorporation date.There is no statement this is the "CA Corp No.l" but what else can it be.Just wanted to confirm this sounds right.
Submitted: 9 months ago.
Category: Tax
Expert:  Lev replied 9 months ago.

An entity that has elected to be taxable as an S corporation for federal tax purposes is also treated as an S corporation for California tax purposes.

There is no need for separate election on the state level.

Expert:  Lev replied 8 months ago.

An S corporation is a corporation formed under state civil law or any business entity (such as a partnership or LLC that elects to be taxable as a corporation for tax purposes) that elects under federal law to be taxed under Subchapter S. An entity that has elected to be taxable as an S corporation for federal tax purposes is also treated as an S corporation for California tax purposes. An S corporation generally offers liability protection to its owners (shareholders) and is a conduit where the profits or losses of the S corporation flow through to the shareholders, partners, or members. Liability of the owners for debts and obligations of the business depends on what type of entity the S corporation is under state civil law, e.g. corporation, partnership, or LLC.

When a corporation elects federal S corporation status it automatically becomes an S corporation for California. The corporation can elect to remain a California C corporation, by timely filing Form 3560 (S Corporation Election or Termination/Revocation).

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