FTB annual fee for 1st year in business

[YKubis]

Hello,

It is my understanding that the FTB doesn't require taxpayer to pay the annual fee of $800 for the initial return of a corporation. I have 2 new S and C Corporations, and for both the system showed that they need to pay the annual fee plus late fee. How can I fix that?

Thanks

[abctax55 · Accepted solution]

Lacerte (PTO's big sister) has a box to check for "initial year".   Look for that in PTO.

[YKubis]

Thanks

[abctax55]

YVW

I also suggest you subscribe to Spidell (aka Caltax.com).  It's 'the' go-to for all things CA Tax).  You do have to register now (due to excessive spam a few years ago).