For taxable years beginning on or after January 1, 2009, the California LLC gross receipts fee must be estimated and paid by the 15th day of the 6th month of the current taxable year. LLCs will use new form FTB 3536, Estimated Fee for LLCs, to remit the estimated fee. A new penalty in the [...]

Guest post by Cecily Jackson, Esq.
In Garnett v. Commissioner, the U.S. Tax Court reversed a longstanding IRS practice of applying the Limited Partner (LP) passive loss deduction limitation to owners of Limited Liability Partnerships (LLPs) and Limited Liability Companies (LLCs). The Tax Court ruled that LLP and LLC owners that are legally permitted to actively [...]