Business Tax Preparation in Los Angeles
MangoBooks prepares federal and California business tax returns for S corporations, partnerships, LLCs and C corporations in Los Angeles. S corporation and partnership returns come with a Schedule K-1 for every owner, and we can prepare the owners' personal returns at the same time.
Our clients are small companies and their owners. When we also keep the books or run payroll, the year-end figures come from records we already keep.
What's Included
- S corporations: federal Form 1120-S and California Form 100S, with a federal Schedule K-1 and a California Schedule K-1 (100S) for each shareholder.
- Partnerships and multi-member LLCs: federal Form 1065, with a Schedule K-1 for each partner, and California Form 565 for partnerships or Form 568 for LLCs.
- C corporations: federal Form 1120 and California Form 100.
- Schedule L, the balance sheet on the return, reconciled to the company's books when the return requires it.
- Calculation of California entity payments: the $800 minimum franchise tax or LLC annual tax, the LLC fee, and corporate estimated payments.
- Extensions when needed: federal Form 7004 and California's automatic extension.
- Electronic filing, with a copy of the filed returns and each owner's K-1s.
Who This Is For
- Small businesses organized as S corporations, partnerships, LLCs or C corporations. See Small Businesses and Their Owners.
- Owners who want the company return and their personal return prepared together.
- Owners of rental properties held in an LLC or partnership. See Rental Property Owners.
How It Works
- Consultation. We talk by phone or video about the entity, its owners, its books and any changes during the year.
- Engagement letter. We send a written engagement letter that sets out the returns we will prepare and the fee before work begins.
- Document exchange. You send the year-end books, bank statements and other records electronically.
- Review, e-signature and filing. We review the return and the K-1s with you, you sign the e-file authorizations electronically, and we file the federal and California returns.
What to Bring
- Last year's federal and California business returns.
- Year-end profit and loss statement, balance sheet and general ledger, or access to your bookkeeping records.
- Year-end bank, credit card and loan statements.
- Payroll reports and the year-end wage and contractor forms issued for the year.
- Records of assets bought or sold, and of estimated tax payments made.
- Each owner's contact details and ownership percentage.
The full list is in our New Client Checklist.
Key Dates
For calendar-year entities:
- March 15. Forms 1120-S and 1065 are due, along with California Forms 100S, 565 and, for LLCs taxed as partnerships, 568.
- April 15. Form 1120 and California Form 100 are due. The LLC annual tax of $800 is also due, on form FTB 3522.
- June 15. The estimated LLC fee is due, on form FTB 3536.
- Extensions. Form 7004 generally extends the federal filing date by six months. California allows six months for Form 100S and seven months for Form 100 and for entities that are not corporations. Tax owed is still due on the original due date.
When a due date falls on a Saturday, Sunday or legal holiday, it moves to the next business day.
Fees
Business tax returns (Form 1120-S, 1065 or 1120 with the California return) typically range from $2,000 to $3,500 per year.
Factors affecting fees: the number of owners and K-1s, whether the books are complete and reconciled at year end, the number of states where the business files, and the volume of asset purchases, sales and loans during the year. Fees depend on the scope of work and are set out in a written engagement letter before work begins. See the Fee Guide.
Frequently Asked Questions
When is an S corporation return due?
For a calendar-year S corporation, the federal Form 1120-S and California Form 100S are due March 15. An extension gives six months more to file, to September 15, but California tax owed is still due on the original date.
What California taxes does an S corporation pay?
California taxes S corporation income at 1.5 percent, with an $800 minimum franchise tax. The minimum tax is waived for a new S corporation's first taxable year, but first-year income is still taxed at 1.5 percent.
Does an LLC owe the $800 tax if it had no income?
Yes. Every LLC doing business or organized in California pays the $800 annual tax each year until it is cancelled, even if it is not conducting business. An LLC with total income from California sources of $250,000 or more also pays an LLC fee.
Can you prepare the owners' personal returns too?
Yes. We prepare the owners' federal and California returns in the same engagement when they ask, so the K-1 figures and the personal return are prepared together. See Individual Tax Preparation.
Do the books need to be current before the return is prepared?
Yes. When a return includes a balance sheet (Schedule L), it should agree with the company's books and records. If the books are behind, we bring them current first through catch-up bookkeeping.
Schedule a Consultation
Call (213) 255-4665 or send us a short message about your situation.
Please do not include Social Security numbers, bank account numbers or tax documents in the form.