What it is
The annual return the entity itself files — Form 1065, 1120 or 1120-S federally, with the California return alongside it, and the K-1s that flow out to the owners.
Who needs it
- Any multi-member LLC, partnership or corporation, whether or not it made money
- A single-member LLC, which files the California 568 even when it files no federal entity return
- An entity with foreign owners, or with ownership in a foreign company
- A business that has not filed for one or more prior years
What we do
- Prepare and file the federal and California returns
- Issue K-1s to the owners in time for their personal returns
- Handle the international forms where they apply — Form 5471 in particular
- File extensions where more time genuinely helps, rather than as a habit
What to bring
- Year-end books, or the bank statements if the books are not done
- Last year's return, if we did not prepare it
- Details of any foreign ownership, in either direction
- Asset purchases made during the year
What happens next
Partnership and S corporation returns, including multi-member LLCs, must be filed by March 15, a month before personal ones, so the earlier we see the books the fewer extensions anyone needs.
