The California Form 592 F is an essential document used by partnerships and limited liability companies (LLCs) to report the annual withholding tax for foreign partners or members. This form allows these entities to allocate income and related withholding amounts accurately, ensuring compliance with California tax regulations. Understanding how to complete and file this form is crucial for any business with foreign stakeholders.
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The California Form 592-F is a crucial document for partnerships and limited liability companies (LLCs) that have foreign partners or members. This form is used to report the total withholding tax for the taxable year, ensuring that income and related withholding are accurately allocated to foreign stakeholders. One of the key aspects of Form 592-F is its role in streamlining the filing process; it replaces the need for withholding agents to submit individual Form 592-B for each partner or member while still requiring copies to be provided to those individuals. The form also includes sections for detailing the total tax withheld, including backup withholding, and allows for the allocation of any prior payments or credits. Additionally, it must be filed by a specified deadline, typically on or before the 15th day of the fourth month following the end of the taxable year. Understanding the nuances of this form is essential for compliance with California tax regulations, particularly for those dealing with nonresident partners. The implications of failing to file correctly can result in penalties, making it vital for withholding agents to be diligent in their reporting duties.
TAXABLE YEAR
CALIFORNIA FORM
2011 Foreign Partner or Member Annual Return
592-F
I Amended I Federal Extension
Taxable year: Beginning month __________________ day ________ year ________, and ending month __________________ day ________ year ________.
Part I Withholding Agent
Business name
SSN or ITIN FEIN CA Corp no. SOS file no.
First name
Initial Last name
Address (suite, room, PO Box, or PMB no.)
City (if you have a foreign address, see instructions)
State ZIP Code
Total Number of Foreign Partners or Members Included
Part II Tax Withheld
Total tax withheld from Schedule of Payees, excluding backup withholding
I
(Side 2 and any additional pages)
2 Total backup withholding (Side 2 and any additional pages) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I 2
3 Add line and line 2. This is the total amount of tax withheld. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I 3
4 Amount withheld by another entity and being allocated to partners or members . . . . . . . . . . . . . . . . . . . . I 4
5 Prior payments of foreign partners’ or members’ withholding for taxable year shown above . . . . . . . . . . . I 5
6 Amount credited from prior year’s withholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I 6
7 Total payments. Add line 4, line 5, and line 6.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .I 7
8 Balance due. If line 3 is more than line 7, subtract line 7 from line 3. Remit the withholding payment using Electronic Funds Transfer (EFT), or the Supplemental Payment Voucher from Form 592-A, along with Form 592-F. Make a check or money order for the full amount payable to the “Franchise Tax Board.”
Write the tax ID number and “2011 Form 592-A” on the check or money order and mail to: . . . . . . . . . . . I 8
WITHHOLDING SERVICES AND COMPLIANCE
FRANCHISE TAX BOARD
PO BOX 942867
SACRAMENTO CA 94267-065
,
.
00
, , . 00
9
Overpayment. If line 7 is greater than line 3, subtract line 3 from line 7 (complete lines 10 and 11)
I 9
0
Credit to next year. Enter the amount from line 9 that you want applied to the 2012 Form 592-F
I0
Refund. Subtract line 10 from line 9
I
Part III Perjury Statement
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than withholding agent) is based on all information of which preparer has any knowledge.
( )
Withholding agent’s name ______________________________________________ Withholding agent’s daytime phone number ______________________
Withholding agent’s signature ______________________________________________________________ Date ____________________________________
Preparer’s name __________________________________________________________________________________________________________________
Preparer’s signature ______________________________________________________________________ Date ____________________________________
Preparer’s address ________________________________________________________________________________________________________________
Preparer’s PTIN/SSN __________________________________________________ Preparer’s daytime phone number _____________________________
For Privacy Notice, get form FTB 1131.
8081113
Form 592-F C3 2010 Side
Withholding Agent’s (Payer’s) Name: _______________________ Withholding Agent’s (Payer’s) ID No.: _________________
Schedule of Payees
PRINT CLEARLY
SSN or ITIN
FEIN CA Corp no.
SOS file no.
Initial
Last name
If backup withholding, check
the box (see instructions)
State
ZIP Code
Total Income
Amount of Tax Withheld
Total Income and Withholding for This Page Only
Notice to Withholding Agents: We require the total amounts below to be calculated and submitted separately for each page.
Total Income Page
Total California Tax Withheld Excluding
Total Backup Withholding
Backup Withholding
Side 2 Form 592-F C3 2010
8082113
Instructions for Form 592-F
Foreign Partner or Member Annual Return
What’s New
For taxable years beginning on or after January 1, 2011, the maximum personal income tax rate is 9.3%. In addition, non-California partnerships are subject to withholding requirements on a sale of California real property at a rate of 3 1/3% (.0333) of sales price or 9.3% of gain. The alternative withholding rate for the gain on sale of California real property by S corporations is 10.8% and 12.8% for financial S corporations.
General Information
At the end of the taxable year, partnerships and limited liability companies (LLCs) complete Form 592-F, Foreign Partner or Member Annual Return, to report the total withholding for the year and to allocate the income and related withholding to the foreign partners or members. When filing Form 592-F with the Franchise Tax Board (FTB), the withholding agent is no longer required to submit to the FTB Form 592-B, Resident and Nonresident Withholding Tax Statement, for each partner or member. However, withholding agents must continue to provide the partners or members with copies of Form 592-B.
•For California withholding purposes, nonresident includes all of the following:
•Individuals who are not residents of California.
•Corporations not qualified through the California Secretary of State to do business in California or having no permanent place of business in California.
•Partnerships or LLCs with no permanent place of business in California.
•Any trust without a resident grantor, beneficiary, or trustee, or estates where the decedent was not a California resident.
•Foreign refers to non-U.S.
Withholding on foreign partners or members is remitted to the FTB using Form 592-A, Payment Voucher for Foreign Partner or Member Withholding. For more information on the withholding requirements or to send withholding payments during the year, get Form 592-A.
Round Cents To Dollars – Round cents to the nearest whole dollar. For example, round
$50.50 up to $51 or round $25.49 down to $25.
Backup Withholding – Beginning on or after January 1, 2010, with certain limited exceptions, payers that are required to withhold and remit backup withholding to the Internal Revenue Service (IRS) are also required to withhold and remit to the FTB. The California backup withholding rate is 7% of the payment. For California purposes, dividends, interests, and any financial institutions release of loan funds made in the normal course of business are exempt from backup withholding. For more information, go to ftb.ca.gov and search for backup withholding.
Submitting Payments – Use the Supplemental Payment Voucher from Form 592-A if you have a final withholding payment to remit with Form 592-F.
A Purpose
Use Form 592-F to report the total withholding for the year on foreign partners or members under California Revenue and Taxation Code (R&TC) Section 18666. Form 592-F is used by pass-through entities to flow-through withholding credit to their foreign partners or members. Caution: Real Estate Withholding should not be reported on this form.
Do not use Form 592-F if:
•You are reporting withholding on domestic nonresident partners or members. Use Form 592, Resident and Nonresident Withholding Statement.
•You are the buyer or escrow person withholding on the sale of real estate. Use Form 593, Real Estate Withholding Tax Statement, to report real estate withholding.
B When and Where to File
For withholding on foreign partners or members, file Form 592-F, on or before the 15th day of the 4th month following the close of the partnership’s or LLC’s taxable year.
If all the partners or members are foreign, Form 592-F must be filed on or before the 15th day of the 6th month after the close of the partnership’s or LLC’s taxable year. The withholding agent retains this form for a minimum of four years and must provide it to the FTB upon request.
Mail Form 592-F, the Supplemental Payment Voucher from Form 592-A, and payment to:
FRANCHISE TAX BOARD PO BOX 942867 SACRAMENTO CA 94267-0651
0-Day Notiication – California follows federal law, which requires that withholding agents notify foreign payees within 10 days of any tax withheld. For California withholding purposes, withholding agents should make a similar notification to nonresident payees. No particular form is required for this notification, and it is commonly done on the statement accompanying the distribution or payment. However, the withholding agent may choose to report the tax withheld to the payee on a Form 592-B.
C Amending Form 592-F
Amended forms can only be filed by the withholding agent. To amend Form 592-F:
•Complete a new Form 592-F with the correct information.
•Check the “Amended” box at the top of the revised form.
•Include a letter explaining what changes were made and why.
•Send the amended Form 592-F and letter to the address on the form.
D Federal Extension
Check the “Federal Extension” box at the top of the form if you filed for an extension to file federal Form 8804, Annual Return for Partnership Withholding Tax.
Caution: An extension to file is not an extension to pay. The final withholding payment is due on or before the original due date for Form 592-F regardless of an extension to file.
EElectronic Filing Requirements
Form 592-F information must be filed with the FTB electronically, using FTB’s Secure Web Internet File Transfer (SWIFT), instead of paper when the number of payees on Form 592-F is 250 or more. However, withholding agents must continue to provide payees with paper copies of Form 592-B. To submit your Form 592-F for electronic filing, submit your file using the SWIFT process as outlined in FTB Pub. 923, SWIFT Guide for Resident, Nonresident, and Real Estate Withholding.
For the required file format and record layout for electronic filing, get FTB Pub. 1023S, Resident and Nonresident Withholding Electronic Submission Requirements. If you are the preparer for more than one withholding agent, provide a separate electronic file for each withholding agent.
For electronic filing submit your payment using EFT or Form 592-A.
F Interest and Penalties
Interest on late payments is computed from the due date of the withholding to the date paid. Failure to withhold may result in the withholding agent being personally liable for the amount of tax that should have been withheld and for interest and penalties.
A penalty will be assessed for failure to file complete, correct, and timely information returns (Form 592-F schedule of payees) to the FTB. The penalty is calculated per payee:
•$15 if filed 1 to 30 days after the due date.
•$30 if filed 31 days to 6 months after the due date.
•$50 if filed more than 6 months after the due date.
Specific Instructions
Taxable Year
•Enter the beginning and ending dates for the partnership’s or LLC’s taxable year.
•Make sure the year in the upper left corner of the form matches the ending date of the taxable year.
Form 592-F Instructions 2010 Page
Foreign Address – Enter the information in the following order: City, Province/Region, Postal Code, and Country. Follow the country’s practice for entering the postal code. Do not abbreviate the country’s name.
Private Mail Box (PMB) – Include the PMB in the address field. Write “PMB” first, then the box number. Example: 111 Main Street PMB 123.
If completing Form 592-F by hand, enter all the information requested using black or blue ink.
Enter the business or individual withholding agent’s name, ID number, and address. If your entity is a partnership, LLC, estate,
or trust that was withheld upon by another entity because you are a foreign (non-U.S.) partner or member of that entity and you are flowing through the withholding credit to your partners, members, or beneficiaries, enter your entity’s name, ID number, and address in the business name area.
If you are filing Form 592-F only to flow- through withholding credits to your partners, members, or beneficiaries, enter your information in Part I.
Do not enter the name or ID number of the entity which originally withheld payments from you.
Enter the total number of foreign partners or members included on all Schedule of Payees from Side 2 (including all additional Schedule of Payees you attached).
Line – Enter the total withholding, excluding backup withholding, from the Schedule
of Payees listed on Side 2 (including any additional Schedule of Payees you attached).
Line 2 – Enter the total backup withholding from the Schedule of Payees listed on Side 2 (including any additional Schedule of Payees you attached).
Line 3 – Add line 1 and line 2. This is the total amount of tax withheld.
Line 4 – Enter the amount withheld by another entity and being allocated to your foreign partners or members. If any of the amount withheld by the other entity is to be used against the tax owed by your entity, do not include that amount in line 4. Attach a note to Form 592-F explaining how much of the credit will be used to offset your tax due.
Line 5 – Enter prior payments for the taxable year shown above from Forms 592-A.
Line 6 – Enter the amount of foreign partner or member credit carried over from the prior withholding year.
Line 8 – If line 3 is more than line 7, subtract line 7 from line 3. If the result is less than zero, enter -0-. Remit the withholding payment using Electronic Funds Transfer (EFT), or the Supplemental Payment Voucher
from Form 592-A, along with Form 592-F. Important: Include but do not attach a check or money order to the Supplemental Payment Voucher from Form 592-A for the full amount payable to the “Franchise Tax Board.” Using black or blue ink, write the tax ID number and “2011 Form 592-A” on the check or money order.
Line 9 – If line 7 is greater than line 3, subtract line 3 from line 7 (complete lines 10 and 11).
Line 0 – Enter the amount of your overpayment on line 9 that you want to credit to the 2012 Form 592-F.
Complete the withholding agent’s and preparer’s information.
Schedule of Payees Instructions
Enter all the requested information for each payee you report as having received California source income to ensure each payee’s withholding payment is applied timely and properly.
You must use the Schedule of Payees on Side 2 of Form 592-F to report additional payees – If you withheld tax on multiple payees for the period, use and attach additional Schedule of Payees from Side 2 of Form 592-F, as necessary. Do not use your own version
of the Schedule of Payees to report additional payees. We can only accept and process additional payees reported on the Schedule of Payees from Side 2 of Form 592-F. Be sure to include the withholding agent’s or payer’s name and ID number at the top of each additional page.
Business or Individual Name, Tax ID Number, and Address – Enter the business or individual name, tax identification number, and address for the partner or member. For foreign addresses, see Specific Instructions.
Backup Withholding – If the payee is subject to backup withholding, check this box. If you are a foreign flow-through entity reporting backup withholding, attach the withholding statement that enables you to determine the specific payment to each recipient as required by the IRS.
Total Income – Enter the total income subject to withholding.
Amount of Tax Withheld – Enter the amount of tax withheld. Determine the California source taxable income allocable for the partner or member, then multiply by the applicable tax rate:
Income amount X Maximum tax rate for the partner or member.
Tax Rates
9.3% Non-corporate maximum tax rate
8.84% Corporate maximum tax rate
10.84% Bank and financial institution maximum tax rate
Additional Information
For additional information or to speak to a representative regarding this form, call the Withholding Services and Compliance automated telephone service at: 888.792.4900 or 916.845.4900.
OR write to:
You can download, view, and print California tax forms and publications at ftb.ca.gov.
OR to get forms by mail write to:
TAX FORMS REQUEST UNIT FRANCHISE TAX BOARD PO BOX 307
RANCHO CORDOVA CA 95741-0307
For all other questions unrelated to withholding or to access the TTY/TDD number, see the information below.
Internet and Telephone Assistance
Website:
ftb.ca.gov
Telephone:
800.852.5711 from within the
United States
916.845.6500 from outside the
TTY/TDD:
800.822.6268 for persons with
hearing or speech impairments
Asistencia Por Internet y Teléfono
Sitio web:
Teléfono:
800.852.5711 dentro de los
Estados unidos
916.845.6500 fuera de los
Estados Unidos
800.822.6268 personas con
discapacidades auditivas y del
habla
Page 2 Form 592-F Instructions 2010
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