GREAT NEWS: Tax Refund for California Solo LLC owners!
LP/LLC treated as disregarded for federal tax purposes (meaning single member LLC) is not subject to its annual limited partnership fee (minimum tax of $800) and income tax return filing.
The California Franchise Tax Board (FTB) in its FTB Legal Ruling 2019-02 reverses its long standing position and announces that for those entities (single member LLC) treated as disregarded for federal tax purposes is NOT subject to its annual limited partnership fee (minimum tax of $800) and income tax return filing. This means the limited partnership can file for refunds for its previously paid annual fees and no income tax return is required going forward!
If you're interested in learning more, feel free to contact me. I'm happy to help!
Thanks for the information. My wife created a single-member LLC las year. How does she apply for a refund of the $800 tax she had to pay?
Thanks @softball63!
In terms of applying for a refund, you can visit the following link, which will provide you with all the details you need:
https://www.ftb.ca.gov/tax-pros/law/ftb-notices/2019-06.pdf .
If you need additional help, feel free to reach to DM.