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FTB offers tips for completing Form 568

Here's a handy checklist to help you avoid some of the return preparation errors we routinely find in Form 568, Limited Liability Company (LLC) Return of Income.

Entity and return information, page 1

• Are both Accounting Period Beginning and Accounting Period Ending dates included at the top of the return?
• Are you using the correct form year? If the form year is not available, use the current year form and cross off the form year and indicate the year of filing. Use the proper fee schedule.
• Is the 12-digit Secretary of State identification number included? This should be the same number as that organized/registered through the California Secretary of State's office (SOS).
• Did you use the correct format when writing the 12-diget SOS identification number?

Here's the old format:
101996268018

10 = Record Type Identifier (internal)
CCYYJJJ = Cenury, Year and Julian the record was entered into the system.
ZZZ = Computer assigned sequential number for unique identification.

Here's the new format:
199626810018
CCYYJJJ
= Cenury, Year and Julian the record was entered into the system.
1 = Record Type Identifier (internal)
ZZZZ = Computer assigned sequential number for unique identification.

• Is the LLC's full legal name included (no abbreviations)? Is punctuation exact? The name should be the same name as organized/registered through the SOS.
• Is the LLC's current address included?
• Is the principal business code, Line C at the top of the return correct?

• Is this a final return? If so, check the applicable box on Line I at the top of the return.
• Have all questions been carefully answered on page 1 Form 568?
• Is the total income on Line 1 equal to or greater than Schedule B line 1C?
• Is the corporation's payment information accurate? Line 6: Amount paid with form FTB 3537 and 2000 form FTB 3522; Line 7: Overpayment from prior year; Line 8: 2000 Nonresident Withholding Credit.
• If filing as a single member, has the appropriate information above the signature line been completed?

Other Information, page 2 and subsequent

• Is the Schedule T filled out correctly and has the information been brought over to Side 1, Line 4?
• Is the phone number listed?

Small
Business
Fairs

February 9, 2001
Los Angeles Small Business Fair
4800 Freshmen Drive
Culver City, CA
Phone (310) 342-1063
Fax (310) 342-1063
E-mail: lataxday@boe.ca.gov

March 2, 2001
San Diego
Point Loma Nazarene University
3900 Lomaland Drive
San Diego, CA
Phone (760) 744-6284, Ext. 410
Fax (760) 744-8057
E-mail: sdtaxday@boe.ca.gov

March 9, 2001
Long Beach/South Bay Small Business Tax Day
Long Beach Convention & Entertainment Center
100 South Pine Avenue
Long Beach, CA
Phone (310) 516-4330
Fax (310) 516-4139
E-mail: lbtaxday@boe.ca.gov

May 11, 2001
Bay Area Small Business Fair
Oakland State Building
1515 Clay Street
Oakland, CA
Phone (510) 622-4055
Fax (510) 622-4157
E-mail: basmbus@boe.ca.gov

A small business fair brings your government, at all levels together in one location to provide a full free day of counseling in areas that businesses need most.

These conferences benefit everyone: established businesses, those just getting started, individuals anticipating going into business, and those who participate in the accounting/taxation industry. Call the telephone numbers provided for information about a fair near you.

January/February 2001

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