California Wants their Money Now!

LLC’s can no longer wait to pay their fees with their tax returns.

For taxable years beginning on or after January 1, 2009, LLCs are required to estimate and pay their LLC fee (another work for tax, but politicians hate that word) by the 15th day of the 6th month after the beginning of the taxable year. The fee must be paid with the new Form 3536, Estimated Fee for LLCs.

So, what does this mean for you? Most CPAs will provide you the estimated tax voucher when you file your 2008 tax return. However, what about those of you on extension? Make sure you get the voucher with the extension. You are not relieved in paying your estimated tax because you are on extension.

Always consult your tax advisor when paying tax dollars, especially to the “Governator.” We’re here to help.