Join the 9 million people who found a smarter way to get Expert help

Recent Franchise Tax questions

I live in California, and I'm selling a condo for $650,000,

Hello, I live in California, and I'm selling a condo for $650,000, which I lived in for two of the last five years. The last 2 1/2 years I have rented the condo. I will have capital gains of about $300,000. does the state of California require me to withhold California State tax of 3 1/3% of the sale price or the capital gain?

Read more

Dr. Fiona Chen

President

Ph.D.

264 satisfied customers
If i pay the notice of estimate assessment for my foreign

If i pay the notice of estimate assessment for my foreign franchise tax and corp income tax, do i still have to file my tax for that tax year?

Read more

Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
On a sale of California real estate, $11K in franchise tax

On a sale of California real estate, $11K in franchise tax was deducted from the proceeds. Can this $11K in taxes be deducted as a selling cost on the 4797 - or should it be included as an income tax deduction on Schedule A?

Read more

Robin D.

Vocational, Technical or Trade School

20,936 satisfied customers
I am a sub s company that was registered to do business in

I am a sub s company that was registered to do business in California. A final tax return was filed and clearly markedsurrender, however a certificate of surrender was not filed with the secretary of state.No further business was conductedin the state since the final return was filed. Now the state is claiming all past tax returns must be filed with filing feesand penalties due. What cure remedies do I have.

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
I have a client who left CA in April 2012 and is being

I have a client who left CA in April 2012 and is being assessed taxes plus interest,collection fees and ;penalties on a 1099 income.. He was out of state when many of the payments were received in his new home in Texas. The added costs are almost as great as the original tax.. CA FTB is threatening to file a lien or levy. My client did not realize he had any tax liability to CA. The Payer is from Calif. Do I simply take the amount he was paid when in CA and file a CA return pay tax based on that? No CA return was filed, as client only had this small CA income. How much CA 1099 income must he make to be subject to CA tax.? Any ideas or tips?

Read more

Barbara

Enrolled Agent, Paralegal

4,992 satisfied customers
We are a C Corporation set up in Houston on 23.2.2015 and

For Stephan - We are a C Corporation set up in Houston on 23.2.2015 and out first year ended on 31.12.2015. We had sales of usd 700,000/- during the first year. I understand that we are liable to franchise tax and we have received letter from Texas Comptroller's office with our file number, web access details and request to file our return by 15.5.2016. Again as I understand that we are below the threshold limit of 1.11million , so we are liable to file a nil liability return. I have given all these details to my tax consultant and asked him to file the return through the web site - however he is not responding at all .Is my understanding correct ?When I logged into the web site - it seems a straight forward process to file a no liability return - is it a simple process - can I go ahead and file the return myself.

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
I received a trust distribution last year, and I filed

Hello, I received a trust distribution last year, and I filed my California State Return, and paid my taxes a few months ago. Then last week, the accountant for the trust sent me a 592-B Form along with a letter stating that the amount on the form could be claimed as a credit on my California Return. It also stated that I could claim the credit by calling the Franchise Tax Board after June 30, 2016. So my question is this, should I file an amended State Return claiming this credit? Isn't that what the FTB is going to tell me if I wait until after June 30th and call them? Just not sure what to do or how I should go about claiming this credit. Any help you can offer would be appreciated.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
We (married couple filing jointly) are selling a house in California

We (married couple filing jointly) are selling a house in California that's going through escrow and about to close in a few days.W did a "partial" 1031 exchange in 2000 to acquire the house I am now selling.I have the stack of title docs. in front of me and need someone to walk me through the California form 593-C,California Witholding form 593.,and title company "questionaire' form,to make sure we've got it right.We aren't doing another exchange,just going to pay the capital gains this time.I have a "worksheet' from a previous accountant that has the complete breakdown of the 1031 exchange from the year 2000 exchange.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,234 satisfied customers
The company that I mentioned (in Delaware with IP on it) has

The company that I mentioned (in Delaware with IP on it) has no bank account. It only holds that IP. Do I have to submit annual tax return mentioning that trademark and copyrights? If yes, does it mean that IRS knows about TM&copyrights and may impute tax. Please keep in mind that new copyrights shall be added to the company's ownership time after time (via assignment from another company). I assume they worth something if they are earning money already online.

Read more

37,826 satisfied customers
View more tax questions
In The News