Watch Out for California?s Late-Filing Penalty for LLCs Investing in LLCs

Many LLCs that are not connected to California other than via investment interests in LLCs that are conducting business in California are unknowingly not complying with California's filing requirements, especially if the California apportioned net income is small or a loss.

Source: http://feedproxy.google.com/~r/AICPA_TaxAdvisor/~3/hs9SwUCoFu4/Tax_Clinic_08.aspx

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