Monday, March 22, 2010

Out-Of-State Property Owners Tax Being Enforced

BOMA San Francisco Members:

If you manage property on behalf of out of state property owners, the California Franchise Tax Board (FTB) wants to make you aware that, unless certain exceptions apply, you are withholding and sending to the FTB seven percent of all payments that exceed $1,500 in a calendar year. (California Revenue and Taxation Code Section 18662). Although this requirement has been on the books for many years, the FTB has recently announced it will begin tighter enforcement. Although you are highly encouraged to consult your accountant, here is some information from the FTB on Withholding and California Source Income. Click here for a story from the San Diego U-T on this issue.

Thank you to BOMA California for forwarding this information.

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