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Tax Question: Non-Resident Withholding Tax, Franchise Tax…

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Tax Question: Non-Resident Withholding...

Tax Question: Non-Resident Withholding Tax, Franchise Tax Board, CA
HISTORY:
1. The property is in California
2. The owner resides in outside of California
3. Metro Property Management collects monthly rent on behalf of the property owner.
4. Metro withholds 7% of the monthly gross rent for Non-Resident Withholding Tax.
5. On a quarterly basis, Metro reported the “total income” and “tax withheld” using Form 592, to the CA Franchise Tax Board.
6. In one quarter Metro reported too much income and tax withheld to the Franchise Tax Board.
7. However, at yearend, the correct income and tax withheld was reported to the property owner. Using the Form “Resident and Nonresident Withholding Tax Statement,” Form 592-B.
QUESTIONS:
1. I’m worried that the quarterly reports sent to the Franchise Tax Board would not match the total amounts reported to the owner.
2. Is it necessary to correct the error?
3. What forms should be used?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Tax Question: Non-Resident Withholding Tax, Franchise Tax Board, CA
HISTORY:
1. The property is in California
2. The owner resides in outside of California
3. Metro Property Management collects monthly rent on behalf of the property owner.
4. Metro withholds 7% of the monthly gross rent for Non-Resident Withholding Tax.
5. On a quarterly basis, Metro reported the “total income” and “tax withheld” using Form 592, to the CA Franchise Tax Board.
6. In one quarter Metro reported too much income and tax withheld to the Franchise Tax Board.
7. However, at yearend, the correct income and tax withheld was reported to the property owner. Using the Form “Resident and Nonresident Withholding Tax Statement,” Form 592-B.
QUESTIONS:
1. I’m worried that the quarterly reports sent to the Franchise Tax Board would not match the total amounts reported to the owner.
2. Is it necessary to correct the error?
3. What forms should be used?

Submitted: 8 months ago.Category: Tax
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11/13/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 8 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,759
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** answered your first question. I am not sure why your didn't receive that response. I'm resending the info to you under separate cover.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 8 months ago

You will need to amend the Form 592. SEE BELOW:

If an error is discovered after Form 592 has been filed, an amended Form 592 must be filed to correct the error. Amended forms can only be filed by the withholding agent. To amend a Form 592 previously filed on the correct taxable year form, but reporting incorrect information:

• Complete a new Form 592 with the correct information. Use the same year form as the original form, and include all original payees. Do not use negative numbers when completing Form 592.

• Check the “Amended” box at the top of the form.

• Attach a letter to Form 592 explaining what changes were made and why.

REFERENCE SOURCE:

https://www.ftb.ca.gov/forms/2015/15_592.pdf

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