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Recent Franchise Tax questions

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?

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Robin D.

Vocational, Technical or Trade School

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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.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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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?

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Barbara

Enrolled Agent, Paralegal

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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.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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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.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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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.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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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.

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Can you confirm if there is state tax or NY for

Hello, can you confirm if there is state tax for FL or NY for a single member LLC with federal S corp taxation operating there?Thanks!

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I am a sole proprietor in the state of California and

Hello,I am a sole proprietor in the state of California and have already filed my 2015 federal and state returns. During 2015, I 1099's a contractor and sent him the 1099 form back in February, however I failed to send the IRS and State a copy of the 1099 form. Now that I have passed the April 15th deadline, how do I correct the issue? What forms do I need to use, (1099, 1096? 951?), to report it to the IRS and State and where do I mail them too or can I file them on line? I have been looking for a company to handle this for me and you are the first I found with online help. Also, if you are able to handle the paperwork for me or guide me, what would the charges be. Thank you for any help you are able to provide in advance.Gabriel SavanLaguna Niguel

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,784 satisfied customers
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