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We are in the process of setting up a s corp in california.

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we are trying to understand...
We are in the process of setting up a s corp in california. we are trying to understand the filings and the cost of each. To set up the corporation it looks like the cost is $100, is there any more fees like a handling fee or any of fees?
Also, there is mention about filing a initial report within 90 days and another fee for this as well, do you know what are the fees for this? Could you summarize the fees for the S -corp set up for California?
Submitted: 2 months ago.Category: Finance
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5/25/2018
Financial Professional: Tax.appeal.168, Accountant replied 2 months ago
Tax.appeal.168
Tax.appeal.168, Accountant
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Financial Professional: Tax.appeal.168, Accountant replied 2 months ago

In brief, the fees are as follows:

1) Secretary of State filing fee of $100;

2) Annual report fee of $25

3) Annual Franchise fee of a minimum of $800

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Filing Guidelines

  • S corporations that are incorporated in California, or registered to do business in California with the Secretary of State, or doing business in California, or receive California source income, must file Form 100S, California S Corporation Franchise or Income Tax Return. Furthermore, every corporation that is incorporated, registered or doing business in California must pay the $800 minimum franchise tax.
  • The return due date is the 15th day of the 3rd month after the close of the taxable year.
  • The S corporation must provide each shareholder with a California Schedule K-1 that states the shareholder’s pro rata share of the S corporation’s items of income, deductions, and credits.
  • An S corporation is taxed on its net income at a rate of 1.5 percent for California purposes. See tax rates table for complete list of tax rates. S corporations are not subject to income tax for federal income tax purposes.
  • S corporations doing business or deriving income from in and out of California will use Schedule R to determine the income subject to tax in California.

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Financial Professional: Tax.appeal.168, Accountant replied 2 months ago

For more general information relating to an S-Corp in California, refer to the following link.

https://www.ftb.ca.gov/businesses/Structures/S-Corporations.shtml

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