Types of Entity/Business Returns
S-Corps, Partnerships, and CA SMLLCs
S-Corporations
- S-Corp Federal Form 1120S and California Form 100s
- S-Corp must have already made an S-Corp Election
- Entities can be LLCs or C-Corporations with an S-Corp Election
- One or more shareholders
Partnerships
- Partnerships Federal Form 1065 and California Form 565/568
- Partnerships are multi-member (more than one partner)
- Partnerships include LLCs, GPs, LPs, or LLPs
California Single Member LLCs (SMLLCs)
- California Form 568 truncated for Single Member LLCs
- Single Member LLCs only have one member/partner
- Disregarded entity for Federal income tax purposes
- Only a California tax return
Annual Gross Receipts
Under $250,000 for Partnerships and S-Corps
Any amount for SMLLCs
Total Entity Assets (Cash, A/R, Property, etc.)
Under $750,000 for Partnerships with Real Estate
Under $250,000 for all other Partnerships and S-Corps
Any amount for SMLLCs
Depreciation
Up to a total of 10 fixed and intangibles assets (computers, building, land, loan costs, etc)
What items on an income tax return does TOM prepare?
Income and Expense provided by you
Depreciation of 10 fixed/intangible assets
Qualified Business Income reporting
California Pass-through Entity Elective Tax
Extensions
Estimated tax vouchers based on Prior Year Safe Habor (provided only with completed returns)
Amended returns are an additional fee
Some examples, you can always email us to ask
- Entities with foreign partners or foreign reporting
- Entities with income from outside of CA (apportionment)
- Special allocations other than by ownership percentage
- Warrants and Employee Stock Options
- Transfers or admittance of partners/shareholders
- Credits such as R&D and tips (other than PTE)
- 1031 Exchanges
- Change of Accounting (3115) with a Cost Seg
(do the cost seg in the same year you purchase the property)
- Bookkeeping or fixing of your financials
- Other reporting such as 1099s, W-2, BOE-100, Sales Tax, Property Tax, Business License (TOM only prepares income tax returns)