Tax News November 2021

• Real Estate Withholding When a Trust is on Title

  Report the correct name and identification number on the Real Estate Withholding Statement (Form 593) when title is held in the name of a trust.

• Should I submit Form 592?

  Should I submit Resident and Nonresident Withholding Statement (Form 592) or Pass-Through Entity Annual Withholding Return (592-PTE)?

• CalSavers

  FTB is working with the CalSavers Retirement Savings Board to issue penalty imposition notices starting January 2022 as mandated by AB 102.

• Franchise Tax Board Legislative Stakeholder Meeting Dates

  FTB’s Legislative and Conformity Proposal (LP) meetings are fast approaching. The meetings will be held virtually through WebEx on the same day, November 17.

• Reminder - Exempt Organizations and Corporations

  Exempt organizations that follow a calendar year-end should plan to file Form 199 or FTB 199N by November 15 to avoid late fees and penalties.

• Reminder - Main Street Small Business Tax Credit II

  To claim the credit, taxpayers must obtain a tentative credit reservation between November 1, and November 30, 2021.

• Notice of Public Disclosure of Tax Delinquency

  FTB Updates the Top 500 Delinquent Taxpayers List for State Income Taxes.

• Ask the Advocate

  Tax practitioners remain high-value targets for cybercriminals. We say thank you and goodbye to Terri Isedeh.

• Legislative Update

  The following bills impacting FTB were chaptered in first year of the 2021-2022 session of the California State Legislature.

• Event Calendar

  As part of education and outreach to our tax professional community, we participate in many different presentations and fairs. We provide a calendar that shows the events we attend (virtually), as well as other events happening with us, such as interested party and board meetings.

Have a topic or tax question you’d like us to address? We want to hear from you! Submit your ideas to us: taxnews@ftb.ca.gov