A Qualified Subchapter S Subsidiary (QSub) is an S Corporation, or a corporation that is eligible to be an S Corporation, that is 100% owned by another S Corporation. A QSub is elected by filing a Form 8869 with the IRS.

Does a QSub file a tax return?

This schedule notifies the FTB that the QSub's items of income, deduction, and credit will be included in the parent's return and the QSub will not file a separate California franchise or income tax return.

What is the minimum tax for QSub in California?

Specifically, a QSub is a disregarded entity, meaning that for tax purposes it is considered the same entity as its parent S Corporation. As a result, if the QSub falls under California's jurisdiction, the parent S Corporation would be subject to the minimum franchise tax of $800 or 1.5% of annual income.

Does a QSub need its own EIN?

Employer Identification Number (EIN) A QSub is not required to have or use an EIN for Federal tax purposes. If the QSub does not have an EIN, enter N/A on line 8.

Who cannot be an owner of an S corp?

S corporations cannot be owned by corporations, LLCs, partnerships or many trusts. This is not the case for LLCs.

Can an LLC have a QSub?

After the change of ownership has occurred, the existing LLC can then transfer the assets that the members want to protect up to the parent LLC. The new LLC then files a QSUB Election to have the existing LLC treated as a Qualified Subchapter S Subsidiary, (hereinafter QSUB ).

How to set up a QSub?

A parent S corporation uses Form 8869 to elect to treat one or more of its eligible subsidiaries as a qualified subchapter S subsidiary (QSub). The QSub election results in a deemed liquidation of the subsidiary into the parent.

What is the difference between QSub and S Corp?

Qualified Subchapter S Subsidiaries These subsidiaries are commonly called QSubs. The election by the parent S corporation to treat its subsidiary for federal purposes as a QSub is most cases binding for California. A QSub is not treated as a separate entity, but as division of the parent S corporation.

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2009 Schedule Qs -- Qualified Subchapter S Subsidiary (qsub) Information Worksheet. 2009 California

Get 2009 Schedule Qs -- Qualified Subchapter S Subsidiary (qsub) Information Worksheet. 2009 California

Q: Does a QSub file a tax return?

This schedule notifies the FTB that the QSub&#039;s items of income, deduction, and credit will be included in the parent&#039;s return and the QSub will not file a separate California franchise or income tax return.

Alifornia corporation number (c) (d) (e) (f) Federal employer Effective date of Date of QSub Amount of identification federal QSub annual tax QSub annual number election payment tax paid (MM/DD/YY) (MM/DD/YY) General Information Specific Instructions For taxable years beginning on or after January 1, 1997, California law has conformed to the federal treatment of Qualified Subchapter S Subsidiaries (QSub), with certain exceptions. The QSub is subject to an annual tax of $800 which is paid.

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