California Franchise Tax for Passthrough Entities with Nonresident Members (Completed)

Date: Wednesday, March 27, 2019
Instructor: Michael Bannasch
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours California Tax for CTEC

With California as the largest state economy in the U.S., it is very common for companies to end up doing business there. When those companies are passthrough entities, matters can get tricky for the company and its owners. They need to be sure tax is paid in – at the right time and in the right way, and the rules to do so can vary based on what type of passthrough entity is involved, what types of owners (e.g. corporate vs. individual, foreign vs. domestic) are involved, and what elections have been made by the passthrough. This course will walk you through the many things to navigate to ensure your compliance with California franchise tax for passthrough entities.

Who Should Attend
CPAs in public practice or in industry who advise on or are responsible for California franchise tax compliance for passthrough entities.

Topics Covered

  • Imposition of entity-level taxes on passthrough entities
  • Apportionment calculations for passthrough entities
  • Nonresident member withholding
  • LLC nonconsenting nonresident member tax
  • Composite income tax returns for nonresident members
  • The impact of the Swart Enterprises case to avoid filing in California

Learning Objectives

  • Timely handle necessary California tax remittances for passthrough entities
  • Recognize available elections to simplify tax filings and minimize cash flow difficulties
  • Communicate with nonresident members about why taxes are being paid in certain ways

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A basic understanding of California tax.

Advance Preparation
None

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