Form 1120-S California San Bernardino 2024-2025

Form 1120-S California San Bernardino: What You Should Know

CA.gov (Tax Deductions) If the S corporation  was subject to tax under Section 954(a) or 955 and has filed a separate return, then the tax must be calculated separately for each section 955 tax year. All deductions and exclusions made during the taxable year must be excluded in calculating the state section tax. CA.gov Note: The state tax on section 955 was reduced by 2% for the tax year 2025 due to the new state corporate income tax law adopted April 1, 2023. 2022 (T) Corporation Tax Booklet | FT.ca.gov If the S corporation is not subject to Section 954(a) or 955, it was able to include in its federal income tax return the 800 amount previously required to be paid in the state on a Form 965. CA.gov (Tax Deductions/Exclusions) Note: Tax exempt corporations have the option to use the annual Form 1120-S filing to report income from non-taxable business property or non-taxable income from non-deductible fringe benefits. CA.gov You must report on your federal income tax return the following amounts and amounts on your state tax return: Form 1120-9 Form 2115 Form 2106 Form 2107 Form 2108 Form 2113 Form 2114 Form 2115 (Forms 690-B and 990-B) Form 2116 Form 2107 (Forms 1065-C and 990-C) Form 2115 (Forms 669-R and 990-R) Form 2106 (Forms 639-R and 5498) Form 2106-S (Forms 990-S and 880-S) Form 2114 (Forms 4797 and 1001) Form 2121 (Form 990) Form 2025 (Form 1040) Other Information Important: A California company may be able to exclude the 800 mandatory franchise tax, as long as it did not pay it on a state Form 965 or an IRS Form 1120-S. If the S corporation paid the required tax on time, then it was entitled to a deduction for the extra amounts. CA.

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