CA FTB 592-V 2017 free printable template

2017 Instructions for Form 592-V Payment Voucher for Resident and Nonresident Withholding General Information Use Form 592-V, Payment Voucher for Resident and Nonresident Withholding, to remit withholding

How to fill out CA FTB 592-V

How to fill out CA FTB 592-V

1. Obtain a copy of CA FTB 592-V form from the California Franchise Tax Board website.
2. Fill in the payer's information, including name, address, and Social Security Number or Employer Identification Number.
3. Enter the recipient's information, including name, address, and Social Security Number or Employer Identification Number.
4. Complete the payment amount section by specifying the amount due.
5. Sign and date the form to certify the information is correct.
6. Submit the form along with the payment to the California Franchise Tax Board by the specified deadline.

Who needs CA FTB 592-V?

1. Individuals or entities that have withheld California state income tax from payments made to non-residents.
2. Payers who must report and remit withholding amounts for the California State Franchise Tax Board.
3. Those involved in real estate transactions or other specified payments subject to withholding.

Instructions and Help about CA FTB 592-V

The following information is provided for educational purposes only and in no way constitutes legal, tax, or financial advice. For legal, tax, or financial advice specific to your business needs, we encourage you to consult with a licensed attorney and×or CPA in your State. The following information is copyright protected. No part of this lesson may be redistributed, copied, modified or adapted without prior written consent of the author. California has a number of ongoing requirements for your LLC to remain in compliance with the State. The first of these is the Statement of Information which we discussed in a prior lesson. Remember your first Statement of Information is due within 90 days of the approval of your LLC. Then, you'll need to file it again every two years. It will be due by the anniversary date of the approval of your LLC. If you have not watched this lesson yet, please do so now. The next requirement is the Annual LLC Franchise Tax of $800. California charges an $800 Annual LLC Franchise Tax on LCS. This tax is due by all LCS regardless of income or the business activity. This is a “prepay tax”, meaning that it pays for the current year. Your first $800 payment for the LLC Franchise Tax is due by 15th day of the 4th month after your LLC is filed. The month your LLC is filed counts as Month 1, regardless if you file on the 1st of the month, the last of the month, or any day of the month, really. This means that if you were to file your LLC on March 22nd, then you must pay the $800 fee no later than June 15th (in this example, March is Month 1, April is Month 2, May is Month 3, and June is Month 4×. Then, every year after your first payment $800 LLC Franchise Tax will be due by April 15th. You pay the $800 LLC Franchise Tax using Form 3522 called the LLC Tax Voucher. We've included this form below in the download section, so that you can see it and get familiar with it. Failure to file before the deadline will result in the State charging late fees and penalties, and they will eventually dissolve your LLC if you do not pay the $800 Annual LLC Franchise Tax. This is not a popular requirement for California, but it is mandatory, and it is the cost of doing business in the State. There's no way to get around this tax. If you want to form an LLC in California, you have to pay this $800 tax within 4 months after you file your LLC and then again by April 15th of each year. Next is Form 3536, the Estimated Fee for LCS. In addition to filing and paying the $800 Annual LLC Franchise Tax, you'll also have to file a return called Form 3536, Estimated Fee for LCS, and pay an additional fee only if your LLC will make $250,000 or more during the tax year. The more you make, the higher the fee. For example, again if you're under $250,000 you don't have to pay this additional fee, but if you're between $250,000 — $500,000, the fee is $900. Between $500,000 and a million it’s ×2,500, etcetera as you can look at the table there. Again, the fees above...

People Also Ask about

Who needs to file Form 592?

File Form 592 to report withholding on domestic nonresident individuals. Items of income that are subject to withholding are payments to independent contractors, recipients of rents, endorsement income, royalties, etc.

What is Form 592-V payment?

Use Form 592-V, Payment Voucher for Resident or Nonresident Withholding, to remit withholding payments reported on Form 592. Compute the amount of resident and nonresident withholding tax to be withheld by applying a rate of 7% or a reduced amount as authorized in writing by the FTB.

What is CA Form 592 tax rate?

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.

What is the difference between 592 Q and 592-V?

FTB Form 592-Q is largely based off of the FTB Form 592-V, with the primary difference being that FTB Form 592-V is used as a voucher for payments with respect to nonresident withholding, whereas FTB Form 592-Q is used as a voucher for domestic PTE withholding.

Who must file CA Form 592?

A pass-through entity should use Form 592 if: It is reporting withholding from payments made to domestic nonresident independent contractors or domestic nonresident recipients of rents, endorsement income, or royalties.

How do I pay my California nonresident withholding?

Send Form 592-V with a check or money order when you submit the nonresident or backup withholding amount on California source payments to us. Send us a timely Form 592-F, either electronically or by mail. List all payees withheld upon during the filing period. FTB credits the withholding to the payees' accounts.

Is CA Form 592 required?

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.

For pdfFiller’s FAQs

What is CA FTB 592-V?

CA FTB 592-V is a form used by the California Franchise Tax Board (FTB) to report California income tax withheld on certain payments made to nonresidents, including individuals and entities.

Who is required to file CA FTB 592-V?

Payors who make reportable payments to nonresidents, such as rents, royalties, and certain other types of income, are required to file CA FTB 592-V.

How to fill out CA FTB 592-V?

To fill out CA FTB 592-V, you need to provide the name, address, and taxpayer identification number (TIN) of both the payor and the payee, as well as the total income paid and the amount of California tax withheld.

What is the purpose of CA FTB 592-V?

The purpose of CA FTB 592-V is to report and remit withheld California income tax for nonresidents to ensure compliance with California tax laws.

What information must be reported on CA FTB 592-V?

The information that must be reported on CA FTB 592-V includes the payor's and payee's identifying information, the total amount paid to the nonresident, the amount of tax withheld, and any other required details as specified by the form.