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Hello!
I have a potential client that has a single member LLC and is a resident of California. In my research I believe I'll need to file the federal schedule C, California 540, and California 568. Is this correct? My understanding that the CA 540 will determine what state tax they need to pay and the CA 568 reports the business income, deductions, and the annual tax and applicable fee?
Thank you.
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Youre correct.
Be sure to check the box for the CA LLC return on Update > Select and Download new Products
If the LLC uses Sch C or Sch E on the 1040, be sure to check the LLC box near the top of the entry worksheet, then the 568 will automatically pull the figures over.
The 568 will compute the fees that are due.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Thank you Lisa, I appreciate your time responding to my question.