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If i openned my cor in oct 2017 do I have to pay state tax.

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If i openned my...

If i openned my cor in oct 2017 do I have to pay state tax

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I openned the an s cor in oct 2017 am i subject to the state tax the 800.00 for ca

Accountant's Assistant: Is there anything else important you think the Accountant should know?

The cor was openned to put the properties are they supposed to be included in the bylaws or i have to do do something else

Submitted: 3 months ago.Category: Tax
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Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
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3/28/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,656
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. …. My name’s Lane,

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a moment while I type up my response.

….

Then if you have further questions we can go from there.

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Customer reply replied 3 months ago
when the cor is openned and you want to pu the properties inside the cor is there a page that shows this info
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

Is your company an LLC?

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Customer reply replied 3 months ago
no ian s cor
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

For tax years beginning on or after January 1, 2016, partnerships, LLCs treated as partnerships, and Single Member Limited Liability Companies (SMLLC) owned by pass-through entities (S corporations, partnerships, and LLCs treated as partnerships), the return due date is the 15th day of the third month after the close of the tax year.

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Customer reply replied 3 months ago
no is an s cor
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

Generally, California law follows federal law in computing the S corporation's income. However, the major difference is that for California purposes, an S corporation's income is taxable at the corporate level and the pass-through of its income to the shareholders is also taxable on their returns.

California law is also different in the following areas:

  • The S corporation is allowed tax credits and net operating losses.
  • The computation of tax on built-in gains and excess passive income.
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

The annual California tax for S corporations is the greater of 1.5% of the corporation's net income or $800.

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Customer reply replied 3 months ago
if the cor was openned in oct 2017 is there annual tax due for this year in 2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

Did you pay the initial filing fee up front?

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Customer reply replied 3 months ago
no to whom were they supposed to be paid
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

Secretary of state ... If you did you're exempt for the first year.

...

See this example from CA FTB

...

Beta Corporation incorporates on February 21, 2000, and pays only the Secretary of State filing fee. Beta selects a calendar year end and when it files its first return for the short income year of February 21 to December 31, it shows that the corporation operated at a $3,000 loss. Because Beta is a new corporation, it is not subject to the minimum franchise tax for its first tax return.

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Customer reply replied 3 months ago
what initial fee are talking about
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

But if you are profitable in that first year it's a different story.

...

See this:

Johnson Corporation incorporates on January 11, 2000, and pays only the Secretary of State filing fee. Johnson selects a calendar year end and for the year ending December 31, 2000, it shows $20,000 of income. When the corporation files its return, it owes $300 of tax ($20,000 X 1.5%).

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago
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Customer reply replied 3 months ago
please cancel service not interest anymore seems you want me to callyou for 52 and i am not intereted
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

Please understand that this automated offer comes from the site NOT me

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

We expert users are users just as you (except with credentials verified). And I receive NONE of what you paid them until you rate me positively.

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Would appreciate your asking questions until you've been satisfied, so that they will compensate me for my time and expertise

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

When you incorporate with the secretary of state you pay a filing fee.

...

if that fee was paid (and you wouldn't HAVE a corporation electing S-Corp federal taxation unless you had) the first year minimum tax is waived when the 1.5% of business income would be less than that

...

Just don't know any other way to say this.

...

Lane

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

Still with me?

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

OK, well, I've given you a thorough and accurate answer

...

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars on your screen, and then clicking “submit")

That’s the only way JustAnswer.com will credit me for the work.

...

I hope you’ll rate me based on accuracy and thoroughness.

But again, let me know if you need more here,

Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986

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