Those organizations exempt under section 23701r of the R&TC and homeowners associations exempt under section 23701t of the R&TC with taxable income greater than $100 are required to file Form 100.
The filing of Form 100 is due early or on the 15th day of the 4th month after each close of your organization’s tax year. When the due date is on a weekend or legal holiday, you must file the form on the next business day.
Procedure for completing Form 100
From the TaxAct online filing, you must log in with your username and password, click on the “State” tab and look for “California“. Click again on the menu, seek the option “Get Form“, and choose “CA Form 100″.
Fill in each space with the corresponding information; the page will indicate the required information. It is important to be careful not to confuse the information added.
In the tools on the top bar, you will find the “cross” and check marks to select the options in the list boxes; you should use them when necessary. When you are done, check the form several times to avoid any mistakes and verify that you have not skipped any steps.
Now it is time to add the current date to record when the form was filled in and add the electronic signature that is usually legally linked when registering on the platform.
If you have not done so, you will find the option “Sign” and “add new signature” many options appear where you can write, draw or upload an image with the handwritten signature. When you save it, you only have to go to “add electronic signature” and place it in the indicated place.
At this point, you only have to do a last review and click “ready” to proceed to download the copy and save it in the cloud. You can print it or share it directly with the editor.
What is Form 100 for?
Form 100 is the one indicated for the estimated corporation tax; it is a document used by different financial corporations in California to calculate the estimated tax of the organization and to be able to send it to the Franchise Tax Board.
The purpose is to comply with the corporate income tax payments; when talking about “estimated tax”, it is the amount that the corporation is expected to owe for the following fiscal year. The form must be completed by:
- Financial corporations
- Regulated investment companies
- Limited liability companies and limited partnerships that are taxed as S corporations
- S corporations
- Exempt ownership communities with nonexempt function income
- Exempt organizations with unrelated business taxable income
- Certain partnerships
- Real estate investment trusts
When is Form 100 due?
Payment of estimated tax is due in four instalments, on the 15th day of the 4th, 6th, 9th and 12th month of each year. It is advisable to schedule payments in advance to avoid penalties for late payments.