California FTB Releases Limited Liability Company Tax Booklet Providing 2020 Instructions for Form 568

The California Franchise Tax Board June 1 released a revised limited liability company tax booklet providing 2020 Instructions for Form 568, Limited Liability Company Return of Income. The booklet includes: 1) specific instructions for Form 568; 2) Schedule IW, LLC Income Worksheet instructions; 3) instructions for Schedule K (568) and Schedule K-1 (568); 4) Schedule K federal/state line references; and 5) a list of principal business activities and their associated code for purposes of Form 568. The booklet also includes information on certain individual income and corporate income tax credits and programs, IRC Section 338 election, and like-kind exchanges. [Cal. ...