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Recent Franchise Tax questions

A limited liability company organized in New York that only

a limited liability company organized in New York that only has New York source income has four owners that are individuals that are California residents. The federal return is a partnership (i.e., form 1065) return. Does that LLC need to file a California LLC return?

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Lev

Retired

Bachelor's Degree Equivalent

24,434 satisfied customers
ONLY ONLY ONLY…THANK YOU California Personal Tax Return for

Emc011075 ONLY ONLY ONLY…THANK YOUCalifornia Personal Tax Return for year 2015…a check was written to the Franchise Tax Board for $2,500 in April 2015. The Franchise tax Board wrote back a check of $1,000 because of an error…I paid too much.I Received a refund check from the Franchise Board in 2016 for $1,000 and also Form 1099-G.While doing the Personal 1040 Federal tax return for 2016 1040 I reported the $1,000 as income line 10-Taxable Refunds. I itemized on Schedule A for 2015 and will itemize again in 2016. The tax software automatically transferred the $2,500 paid to the Franchise Tax Board in 2015 to Schedule A Line 5 Income Taxes for 2016 as a deduction.QUESTIONI'm reporting the $1,000 on 1040 line 10 as Tax Refund Income in 2016. Do I need to manually reduce (Override) by $1,000 on Schedule A line 5 Income Tax Deduction of $2,500 down to $1,000 since I received a refund in that amount and therefore the deduction should be eliminated?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,236 satisfied customers
I have a term capital loss from stocks that has carried over

Hi. I have a long term capital loss from stocks that has carried over for over ten years. I am thinking of selling my house which will give me a long term capital gain around the same amount. Will my long term capital loss from my stocks offset my long term capital gain from the sale of my house (so I wouldn't pay taxes on my real estate gain)?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 satisfied customers
Where do I mail a check I owe to Calif FTB for my minimal

Where do I mail a check I owe to Calif FTB for my minimal $800 S-corporation fee?? Who do I make check out to? (No. I do not want to pay on line.)

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,924 satisfied customers
I'm starting a company and looking to incorporate. In the

I'm starting a company and looking to incorporate. In the case that I don't do produce much income or no income at all, do I still need to pay high taxes? I'm in the state of California.

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Mark Taylor

Certified Public Accountant

Masters

3,302 satisfied customers
NC S-Corp Tax Law NC Department of Revenue has set up to

NC S-Corp Tax LawNC Department of Revenue has set up to except corporate tax return electronically. Prior to 2016 tax year, for S-corporations, the base Franchise fee was $35 and Annual Report Fee was $ 25.1) What is the base franchise fee for the 2016 tax year (2017 filing period)?Thanks,

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rakhi.v

Financial / Legal Advisor

Bachelor's Degree

4,152 satisfied customers
I believe you may have given me false information yesterday

Hi, I believe you may have given me false information yesterday about what part of my property tax bill is deductible. Please see here: https://taxmusings.wordpress.com/2010/04/15/why-your-california-property-tax-bill-is-not-completely-deductible/Is there some way you can confirm your reasoning?Thanks,Regan

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,924 satisfied customers
It is about an S Corp that was improperly dissolved (i.e.

JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: It is about an S Corp that was improperly dissolved (i.e. final return filed but paperwork not submitted to the Secretary of State). The Franchise Tax Board is asking for their minimum tax ($800) plus penalties and interests. I would like to know what could happen if those taxes are not paid.JA: When we are ready I'll take you to the appropriate web page.Customer: I assume there is a cost to answer my questions, what range are we talking about?JA: Is there anything else important you think the Accountant should know?Customer: There are no assets of the dissolved corporation or its previous shareholders in California.

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Mark D

Master's Degree

1,042 satisfied customers
My question concerns the California Franchise Tax board and

My question concerns the California Franchise Tax board and some sort of clerical error they made. My husband & I file jointly using. our respective social security numbers, and the State had no record for my correct SSN. Therefore my husband corresponded with them in writing, giving them my correct information for tax records; they responded back with an acknowledgment that they had corrected the error. Yesterday I received a notice from my employer intending to garnish my wages next week because of taxes owed; this is somehow incorrect because we're up to date on our taxes so I can only assume this is due to the State's misinformation about my account. My husband tried repeatedly to contact the State yesterday but "due to high volume" they were unable to take the call. I guess what I'd like to know is 1) is there any "fast-track" contact with the State where we can get this resolved speedily (or is there a better time to call them than another) and 2) is this going to affect my credit rating if I don't resolve it beyond a certain time point (in other words do I have a couple of days wiggle room; my wages are supposed to be garnished on 1/13/17 and I certainly want to resolve this before then.) This is terribly frustrating that the State is wielding the sword over my head but also is being so inaccessible. Thank you for any insights or advice you can give me.

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Barbara

Enrolled Agent, Paralegal

6,114 satisfied customers
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