- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Case: The taxpayer is a Virginia resident for the 2024 tax year. He has W-2 income and stock income reported on Form 1099-B, both sourced from Virginia. Additionally, he owns two single-member LLCs (SMLLCs): one registered in Florida and the other in California. Both SMLLCs had a net operating loss in 2024.
Question: For the single-member LLC registered in California, what are the income tax filing requirements? Is the taxpayer only required to file Form 568 (Limited Liability Company Return of Income) and Form 540NR (Nonresident Income Tax Return)? Any input would be appreciated!
Best Answer Click here
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You have to file the F 568; hopefully the $800 minimum tax has already been paid?
Also, there's a LLC fee, depending on gross receipts (not on net income or loss).
As for the CA 540 NR... there shouldn't be any tax if the CA source income is negative. I would file the CA return anyway. You document the loss & establish a zero tax liability (which can come in handy sometimes..)
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you so much — what you shared was very helpful to me!
