California S Corporation Tax Everything You Need to Know 2020
What is the California S Corporation Tax?
The California S Corporation Tax is a tax imposed on S corporations operating within the state of California. Unlike traditional corporations, S corporations pass their income, losses, deductions, and credits directly to shareholders, who then report this information on their personal tax returns. However, California requires S corporations to pay a minimum franchise tax, which is currently set at eight hundred dollars annually. This tax is applicable regardless of whether the corporation is profitable or not.
Steps to Complete the California S Corporation Tax
Completing the California S Corporation Tax involves several steps to ensure compliance with state regulations. Here are the essential steps:
- Gather necessary financial documents, including income statements and balance sheets.
- Complete the California Form 100S, which is specifically designed for S corporations.
- Calculate the total income and any applicable deductions to determine the taxable income.
- Report the calculated income on Form 100S and ensure all required schedules are attached.
- Submit the completed form to the California Franchise Tax Board either electronically or by mail.
Filing Deadlines / Important Dates
It is crucial to be aware of the filing deadlines for the California S Corporation Tax to avoid penalties. Typically, the tax return is due on the fifteenth day of the third month following the end of the corporation's fiscal year. For corporations operating on a calendar year, this means the deadline is March 15. Extensions may be available, but they do not extend the payment deadline for any taxes owed.
Required Documents
To file the California S Corporation Tax, specific documents must be prepared and submitted. These include:
- California Form 100S, which serves as the primary tax return.
- Schedule B, which outlines the income and deductions of the corporation.
- Schedule K-1 for each shareholder, detailing their share of income, deductions, and credits.
- Any additional schedules required based on the corporation's activities and income sources.
Penalties for Non-Compliance
Failure to comply with the California S Corporation Tax requirements can result in significant penalties. These may include:
- Late filing penalties, which can be a percentage of the unpaid tax amount.
- Interest on any unpaid taxes, accruing from the original due date until payment is made.
- Potential loss of S corporation status if required filings are not maintained.
Digital vs. Paper Version
When filing the California S Corporation Tax, businesses have the option to submit their forms digitally or via paper. The digital submission process is often quicker and may provide immediate confirmation of receipt. Additionally, electronic filing can reduce the risk of errors that may occur when manually completing paper forms. However, some businesses may prefer the traditional paper method for record-keeping purposes.
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