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Changes to 2008 Forms

Updates to the 100W Booklet on 02/12/2014 –– Corporation Tax Booklet Water's-Edge Filers

We replaced text on Page 5, Column 1.

Previous Version

Note: new text added.

Revised Version

Small Business Stock
Corporations that issue stock intended to be qualified small business stock pursuant to R&TC Section 18152.5 are required to attach form FTB 3565, Small Business Stock Questionnaire, to Form 100W.

Reason for the changes

AB 1412 (Stats.2013, ch. 546), signed by the Governor on October 4, 2013, retroactively allows the Qualified Small Business Stock (QSBS) deferral and 50 percent gain exclusion for tax years 2008 through 2012.

Impact

No tax impact.

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Updates to the 100W Booklet on 01/15/2013 –– Corporation Tax Booklet Water's-Edge Filers

We replaced text on:

  1. Page 5, Column 1
  2. Page 51, Column 2, under California Tax Forms and Publications

Previous Version

  1. Small Business Stock
    For taxable years beginning on or after January 1, 1996, corporations that issue stock intended to be qualified small business stock pursuant to R&TC Section 18152.5 are required to attach form FTB 3565, Small Business Stock Questionnaire, to Form 100W.
  2. FTB 3565, Small Business Stock Questionnaire

Revised Version

  1. Note: text deleted.
  2. Note: text deleted.

Reason for the changes

The Court of Appeal’s held in Cutler v. Franchise Tax Board (2012) 208 Cal. App. 4th 1247, that the qualified small business stock exclusion and deferral statutes under California Revenue and Taxation Code (R&TC) Sections 18152.5 and 18038.5 are unconstitutional. These sections are now invalid and unenforceable.

Impact

No tax impact.

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Updates to the instructions on the 100W Booklet on 09/08/2010 –– Corporation Tax Booklet Water’s-Edge Filers

We replaced text on the 100W Booklet’s instructions on Page 3, Column 3, Installment Sales paragraph.

Previous Version

For taxable years beginning on or after January 1, 2009, buyers will be required to withhold on each installment sale payment if the sale of California real property is structured as an installment sale.

Revised Version

For installment sales occurring on or after January 1, 2009, buyers will be required to withhold on each installment sale payment if the sale of California real property is structured as an installment sale.

Reason for the changes

AB 3078 was chaptered on September 28, 2008 and revised the law regarding installment sale. We are revising the 2008 installment sale paragraph to correct the effective date to be "For installment sales occurring on or after January 1, 2009," instead of "For taxable years beginning on or after January 1, 2009."

Impact

There is no tax impact. This revision will allow buyers to withhold for installment sales occurring beginning on or after January 1, 2009, instead of for taxable years beginning on or after January 1, 2009.


Updates to the 100W Booklet on 02/10/2009 – – Corporation Franchise or Income Tax Return – Water’s-Edge Filers Instructions

We replaced text on:

  • 100W Booklet, page 19, Side 1, Schedule Q Questions, under Question B
  • Form 100W, Side 1, Schedule Q Questions, under Question B

Previous Version
R1: A new Question B5 is added.

Revised Version
R1: 5. Is form FTB 3544 attached to the return?..................  Yes  No

Previous Version
R2: (continued on Side 2)

Revised Version
R2: We moved (continued on Side 2) at the bottom of Question B4 to next to the title Schedule Q Questions.

Reason for the changes
For taxable years beginning on or after July 1, 2008, corporations are allowed to assign credits among members of a combined reporting group. This new law requires FTB to create a new credit form FTB 3544 for 2008 taxable year to track the assigned credits. This new form FTB 3544 is required to be attached to the original tax return.

We revised the 2008 Form 100W to add a new Question B 5 on the front of the form, to determine if corporations attached form FTB 3544 to the tax return.

Impact
This revision does not have any impact on tax liability.


Updates to 2008 Form 100W Booklet, Corporation Franchise or Income Tax Return – Water’s-Edge Filers Instructions

The revised Internet version is available for download as of 01/28/2009.

Revision Details: The current Form 100W’s instructions indicate that corporations that meet certain requirement must remit all of their payments through EFT rather than by paper checks. These instructions are not clearly stating that the first payment of $20,000 or total tax liability of $80,000 does not need to be submitted electronically. We revised the instructions to clarify that once the corporation meets the EFT threshold requirements, all subsequent payments regardless of amount, tax type, or taxable year must be remitted electronically to avoid a 10% non-compliance EFT penalty.

  • This update is located on page 6, column 1, last paragraph.

Previously read:

Electronic Funds Transfer (EFT) Corporations that meet certain requirements must remit all of their payments through EFT rather than by paper checks to avoid the 10% non-compliance EFT penalty. Corporations that remit an estimated tax payment or extension payment in excess of $20,000 or that have a total tax liability in excess of $80,000 must remit all of their payments through EFT.

Revised to:

Electronic Funds Transfer (EFT) Corporations that remit an estimated tax payment or extension payment in excess of $20,000 or that have a total tax liability in excess of $80,000 must remit all of their payments through EFT. Once a corporation meets the threshold, all subsequent payments regardless of amount, tax type, or taxable year must be remitted electronically to avoid a 10% non-compliance EFT penalty.

This revision does not impact tax liability.

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