Because this is the end of the year, I have been asked more than once about California franchise taxes. In California there is a minimum tax of $800 for each tax year. So LLC's and corporations formed in December of 2014 that are on a calendar year basis, will owe the minimum tax for 2014 and against for 2015.
My question is whether a newly formed LLC can elect to be taxed on a fiscal year basis, so that they can have the minimum tax apply to a
12-month fiscan year rather than a one-month calendar year.Thanks.