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Reported by Anthony Renaud:
LLC fees: New due date and penalties for underestimation
Calif. Revenue and Taxation Code § 17942
Amended by AB 1452; and SB 28
Effective January 1, 2009
If a limited liability company is subject to the minimum franchise tax of $800 imposed by §17941, it must also pay annually a fee equal to:
- $900 if its total income is $250,000 or more, but less than $500,000;
- $2,500 if its total income is $500,000 or more, but less than $1,000,000;
- $6,000 if its total income is $1,000,000 or more, but less than 5,000,000; or
- $11,790 if its total income is $5,000,000 or more.
This fee is to be estimated and paid on or before the 15th day of the sixth month for taxable years, beginning on or after January 1, 2009.
Any underpayment of the fee will result in a penalty of 10% of the amount of the underpayment added to the fee. An underpayment is any amount equal to the difference of the applicable fee imposed by this section and the amount estimated and paid.
Any fee paid for the current taxable year that is equal to or greater than the fee paid by a LLC in the previous taxable year will not be subject to the underpayment penalty.
