Overview of Form 568 (Limited Liability Company Return of Income)
Most LLCs doing business in California must file Form 568 with Form 3522. These businesses are classified as a disregarded entity or partnership. Form 568 details financial activity such as income, property distributions, refunds, withholdings, and use tax.
Filing Requirements for Form 568
LLCs not taxable as a corporation must file Form 568 if conducting business in California, organized in California, or registered with the Secretary of State.
Penalties for Non-Filing
Failure to file Form 568 on time subjects the LLC to a penalty of $18 per member per month for up to 12 months.
To fill out Form 568:
- Line 1 is total income from Schedule IW. Enter total income.
What happens if you don’t file Form 568?
The tax and annual fee are due on the 15th day after the LLC’s year end. Delinquent penalties may be applied for late filing.
How much is the fine for not filing a tax return?
The Australian Taxation Office (ATO) applies penalties for overdue returns or activity statements, typically up to $900 for individuals and small businesses and $4,500 for large businesses.