Did you receive a letter from the California Franchise Tax Board asking you to file past returns for a company you formed in California years ago but which had no operation? Setting your records straight with the state government might be time consuming and expensive if you don’t have find the right CPA to handle this sticky situation.
All registered California business whether you are an LLC or a Corporation are required to file and pay the $800 minimum Franchise Tax annually. Interest and penalty will accumulate every month for the unpaid tax balance. Luckily, using the new dissolution method provided by California, we were able to help many clients save thousands on the filing service fee and waive the $800 annual tax payment. If you are a domestic California company (originally incorporated / organized in the State of California), had no more than $600 of annual income or expenses during the period after the company was formed, then we will be able to help you save thousands of dollars in clearing your account with the FTB.