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Form 1120-S (Schedule K-1) Lakewood Colorado: What You Should Know

California's tax, and the state and local tax, under the IRS Form 1120-S Tax planning with S corporations California Franchise Tax Board (Caste) (2) Cal Franchise Tax Board (CAF TB) California Franchise Tax Board, Office of Franchise Operations (CASTRO) Caste California Franchise Tax Board Federal Tax Treatment of S Corporations as C-Corporations The US federal tax treatment of S corporations was recently clarified in the Tax Cuts & Jobs Act (TCA), enacted December 2, 2017. The TCA also extends most rules under the Internal Revenue Code relating to S corporations, including those on the S corporation income tax basis. However, there are  still some legal issues to be resolved with an entity that meets certain requirements, most notably: (1) its business is primarily engaged in making sales to or in disposing of property rather than in producing or distributing income; and (2) the S corporation meets the tests for qualifying as a C corporation. For more information, see: S Corporation Tax Basics California Franchise Tax Board (Caste) (see footnote #1) US Tax Code for S Corporations The federal and California tax treatment of California corporations was clarified in the Tax Cuts & Jobs Act (TCA). The TCA also extends most rules under the Internal Revenue Code relating to C corporations, including those on the C corporation income tax basis. Section 897 of the TCA also contains several rules relating to the qualification of C corporations. For more information, see: US Tax Code for S Corporations U.S. Tax Code Under U.S. tax law, a C corporation, other than a C corporation that qualifies as an estate or trust under the estate or trust laws of the United States, is not required to issue shareholder reports. However, both U.S. federal income tax and California corporate income tax reporting are included in the annual shareholder report for the corporation to the IRS. U.S. federal tax law defines “substantial business activity (SBA)” as providing some type of substantial contribution to the financial well-being of the corporation, that is, more than a de minimis amount.

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