As I am sure you are aware, California has fallen on tough times. In an effort to generate some badly needed cash the California Legislature has enacted a new provision specifically targeting LLCs.

 Limited Liability Companies (LLCs):
California LLCs as of May 2009 should have paid the state an $800 Estimated Tax which was due April 15, 2009 and applies to the 2009 tax year. Also due this past April 15 was the Annual LLC Fee based on your 2008 income.

New: In addition, there is a newly enacted provision that requires the LLC to pay by June 15, 2009, the Annual LLC Fee that would have been due on April 15, 2010. This fee has been accelerated by ten months and is based on your 2009 income. Since it is a little difficult to predict where your company will end up for the year in the middle of June, a safe harbor provision was added to the law. You will not be penalized if you pay at least the same amount that you paid for your 2008 year on April 15, 2009.

Tags: Form 3536

This entry was posted on Friday, May 15th, 2009 at 2:34 pm and is filed under Accounting Tips. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.