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I'm the JA: The Accountant will know how to help. Please

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i'm the JA: The Accountant will...
i'm the
JA: The Accountant will know how to help. Please tell me more so we can help you best.
Customer: I'm the president of small S corp. Our business dress is in California but we do business in Rhode Island
JA: Anything else I can tell the Accountant before I connect you two?
Customer: Our corperation is registered in Delaware . our new tax person says we don't need to file K1 in California. is she right. we did in the past
JA: The mechanics have tons of experience dealing with ABS (as well as brakes in general.) Do you happen to have the code?
Customer: no
JA: No worries. You and the mechanic can figure that out together. I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 1 year ago.Category: Tax
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Answered in 42 minutes by:
4/5/2016
Tax Professional: Jonathan Tierney, Certified Public Accountant (CPA) replied 1 year ago
Jonathan Tierney
Jonathan Tierney, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 322
Experience: Tax Accountant at Praxair, Inc.
Verified
Hi, my name is ***** ***** I can help. A S corporation that does business in California must file Form 100S, California S Corporation Franchise or Income Tax Return to pay its tax as well as provide its shareholders' with California K-1s that report each shareholders' share of the corporation's income. However, the S corporation can withhold and pay the shareholders' tax itself, though that is only done for California nonresidents. Are you a resident of California and does the corporation have income or loss for the year?
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Customer reply replied 1 year ago
All members of the corp. are California residents we have income from property in Rhode Island
Customer reply replied 1 year ago
Our Corp. is registered in Delaware
Tax Professional: Jonathan Tierney, Certified Public Accountant (CPA) replied 1 year ago
So the corporation does not do any business in California and has no CA-source income?
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Customer reply replied 1 year ago
Yes that's right
Tax Professional: Jonathan Tierney, Certified Public Accountant (CPA) replied 1 year ago
Okay, then yes she is correct the corporation does not need to issue California K-1 since the business is really out-of-state, though the shareholders happen to live in-state. As residents of California, each of you is taxed on your income earned everywhere regardless of whether or not you get a K-1, though California should give your a credit for taxes paid to Rhode Island.
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Jonathan Tierney
Jonathan Tierney
Jonathan Tierney, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 322
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Experience: Tax Accountant at Praxair, Inc.

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