CA Form 568, Limited Liability Company Return of Income (2022)

What Is CA 568 Form

Also referred to as ‘Limited Liability Company Return of Income,’ the CA Tax Form 568 is utilized in California for Limited Liability Companies (LLCs). Its purpose is to report income, deductions, credits, and taxes owed by the LLC to the California Franchise Tax Board (FTB). The document ensures compliance with state regulations and aids in the accurate assessment of income tax liability for LLCs operating in The Golden State.

Who Needs to File CA Form 568

This doc should be filed by:

• LLCs doing business in The Golden State;
• LLCs registered in California, even if not actively conducting business;
• LLCs with income, deductions, or credits subject to CA law, regardless of where the LLC is based.

How to Fill Out California Form 568

Completing the form requires time, effort, and attention to detail. Here are step-by-step CA form 568 instructions:

1. Find the pre-formatted template in the PDFLiner’s extensive gallery of free templates.
2. Open it in our digital editor.
3. Begin filling out the file online via our file management platform.
4. Specify the LLC's legal name, EIN, California SOS file number, and the fiscal year.
5. Describe the LLC's legal form, initial and final tax year, and federal tax classification.
6. Report all sources of income, including gross receipts and other income.
7. Deduct allowable expenses, including operating costs, salaries, and other business-related expenses.
8. Calculate the LLC's taxable income.
9. Determine the LLC's tax and fees based on the taxable income and the appropriate tax rate.
10. If applicable, claim any available tax credits.
11. Summarize the total tax and fees owed by the LLC.
12. Report payments made towards the tax liability.
13. Calculate the balance due or overpayment if any.
14. Ensure the file is signed and dated.
15. Include any required attachments such as Schedule B or Schedule K-1.

Consult the FTB's instructions for specific guidance, and seek professional assistance for complex circumstances.

CA Form 568 Due Date

The form is typically due on the 15th day of the 4th month after the closure of the LLC's tax year. For calendar-year LLCs, this means it's due by April 15th. However, it's essential to verify the due date each year, as it may vary based on the circumstances or changes in state legislative framework.

How to Amend California Form 568

To amend the doc, file the revised form with the changes highlighted. Attach an explanation of the modifications made. If the changes affect federal tax liability, provide a copy of the corresponding IRS Form 1065. Ensure it's filed correctly, as errors can lead to penalties. If you require more time for amendments, consider filing a CA Form 568 extension to avoid potential late filing penalties.

Where to Mail CA Form 568

Send the document to the California Franchise Tax Board. The exact mailing address may vary based on your LLC's location and filing situation. Verify the correct address in the latest FTB instructions or on their website to ensure your submission reaches the appropriate department and is processed accurately.