Following are commonly used IRS and FTB tax reporting forms used by businesses, employees, and independent contractors:

 

IRS Form 1065 (Partnership Tax Return)

IRS Form 1065 (U.S. Return of Partnership Income) is an annual information return used to report
a partnership's income, deductions, gains, and losses to the IRS. It is a pass through entity filing,
meaning the partnership generally pays no tax, but reports financial data to determine each
partner's share of profits and losses. It is required for general partnerships, limited partnerships,
and limited liability companies. Its purpose is to summarize business performance and prepare
Schedule K-1s, which pass through income and losses to partners. Tax returns are due on the 15th
day of the 3rd month after the tax year ends. A Schedule K-1 is sent to each partner to reflect their
share of income, deductions, and credits. Schedule D is used to report capital gains.

 

IRS Form W-2: Wage and Tax Statement

IRS Form W-2 is a form required to be prepared by employers once each year. The IRS requires employers to report wage and salary information for employees on Form W-2. The form also reports the amount of federal, state, and other taxes withheld. Employers are required to provide employees with the form no later than January 31 of each year so employees have it in time to file their personal tax returns.

 

IRS Form W-9: Request for Taxpayer ID Number and Certification

IRS Form W-9 is the form used to provide the taxpayer's Tax ID Number (TIN) to someone who is required to file an information form with the IRS to report income paid. The form must be completed by self-employed independent contractors.

 

IRS Form 1099-Misc/ Miscellaneous Income

This I RS form is used to report rents, royalties, and other income of $600 or more from a single person or entity each year. Self-employment income is now reported on IRS Form 1099-NEC.

 

IRS Form W-4, Employee's Withholding Certificate

This form is completed by employees to establish how much federal income tax an employer should withhold from each paycheck. It is completed at the start of employment and should be updated when appropriate.

 

IRS Form 1099-NEC

This form replaced the 1099-MISC, Miscellaneous for reporting self-employment income of $600 or more each year. The form is used by independent contractors.

 

IRS Form 542 for Independent Contractors

IRS Form 542 must be filed by California employers each calendar year who make payments of $600 or more to an independent contractor or makes an agreement to pay an independent contractor more than $600. The form must be filed within twenty days of the payment or the agreement.

 

IRS Form 941

IRS Form 941 is a tax form that businesses file quarterly to report income taxes, Social Security taxes and Medicare taxes they withhold from employee paychecks. Form 941 also from employee paychecks. Form 941 also reports employer Social Security taxes and Medicare taxes. Filing deadlines are the last day of January, April, July, and October.

 

IRS Form K-1 (Partnership Tax Form)

Schedule K-1 is an IRS tax form used to report a partner's, shareholder's, or beneficiary's share of income, losses, deductions, and credits from a pass-through entity which include partnerships, S corporations, estates, and trusts. It is used to report this information on personal income tax returns (Form 1040) rather than the entity paying corporate taxes. Individuals use the information on the K-1 to file their individual Form 1040. While a 1099 form reports various types of non-employment income such as dividends or interest, a K-1 is specific to reporting income from direct ownership in a business entity.

 

W-9 Form - Form 1099

A W-9 Form is also known as a Request for Taxpayer Identification Number and Certification Form. It is an IRS (Internal Revenue Service) form used primarily by independent contractors to confirm a taxpayer's name, address, and taxpayer identification number or TIN. This includes a person or a business entity that receives income from the party requesting the W-9 Form. It does not include employees who are on payroll.

Most importantly, failing or refusing to provide a W-9 Form can result in a penalty being assessed by the IRS and can also result in backup withholding of 24% of the amount of income paid and received.

IRS Form 1099 is required to be issued once the minimum income threshold of $600 is reached in a calendar year but is customarily requested when work commences. Any amount under $600 must still be reported by the recipient as income but does not require the issuance of a Form 1099 by the payer.

W-9 Forms are on the IRS website and are also commonly provided by most employers and most accountants.

 

CA Form 100 (California Corporation Income Tax Returns)

California Form 100 is the California Corporation Franchise or Income Tax Return used by
corporations to report income, deductions, and credits to the Franchise Tax Board (FTB). It applies
to corporations registered or doing business in California. The form is generally due by the 15th
day of the 4th month after the close of the taxable year. S Corporations must use Form 100S. Late
filing or failure to report correct information can result in penalties and interest. Most corporations
are subject to a minimum franchise tax, even if inactive or not doing business.

 

CA Form 540 (Individual Tax Return)

Tax Form 540 is the California Resident Income Tax Return, used by California residents to report annual income, calculate state taxes, and determine refunds or amounts owed to the Franchise Tax Board (FTB). It is the state equivalent of the federal Form 1040.

Individuals who live in California for the entire year and meet specific income thresholds must file. It is generally due by April 15 for the prior calendar year.

 

CA Form 199 (Homeowner Association Tax Returns)

CA Form 199, the California Exempt Organization Annual Information Return, is an annual filing required by the California Franchise Tax Board (FTB) for the most tax-exempt organizations and non-profits including homeowner associations. It reports financial activities, ensuring compliance with California tax laws. The form is generally required if gross recipients are over $250,000. It is due on the 15th day of the 5th month after the close of the fiscal year. A $10 fee is usually required, though some exceptions apply. A penalty of $5 per month (up to $40) may be assessed for late filing.

 

CA Form 568 (Limited Liability Company Tax Returns)

California Tax Form 568, the Limited Liability Company (LLC) Return of Income, is an annual tax
return filed with the Franchise Tax Board (FTB) for LLCs registered, doing business, or having
source income in California. It is used to report income, pay the annual $800 tax, and calculate the
annual LLC fee based on total income. The tax return is required for LLCs registered in California,
even if inactive or dormant. Form 568 is due by the 15th day of the 4th month after the close of the
taxable year.