California Form 592-B - Resident And Nonresident Withholding Tax Statement - 2015 Page 3
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4B Helpful Hints
E Penalties
If the trust has applied for a FEIN, but it has not
been received, enter "applied for" in the space
• Get taxpayer identification numbers (TINs)
The withholding agent must furnish complete
for the trust’s FEIN and attach a copy of the
from all payees.
and correct copies of Form(s) 592-B to the
federal application behind Form 592-B. After
• Complete all applicable fields.
payee by the due date.
the FEIN is received, amend Form 592-B to
• Complete all forms timely to avoid penalties.
If the withholding agent fails to provide
submit the assigned FEIN.
complete, correct, and timely Form(s) 592-B to
If the payees are married/RDP, enter only
C Who Must Complete
the payee, the penalty per Form 592-B is:
the name and SSN or ITIN of the primary
Form 592-B must be completed by any person
• $50 for each payee statement not provided
spouse/RDP. However, if the payees intend
or entity who:
by the due date.
to file separate California tax returns, the
• $100 or 10% of the amount required to be
withholding agent should split the withholding
• Has withheld on payments to residents or
reported (whichever is greater), if the failure
and complete a separate Form 592-B for each
nonresidents.
is due to intentional disregard of the require-
spouse/RDP.
• Has withheld backup withholding on
ment.
payments to residents or nonresidents.
Part III – Type of Income
• Was withheld upon and must pass-through
Specific Instructions
the withholding credit to their pass-through
Subject to Withholding
entity owners.
Check the box(es) for the type of income
Record Keeping
Instructions for Withholding
subject to withholding.
The withholding agent retains the proof of
Agent
withholding for a minimum of four years and
Part IV – Tax Withheld
must provide it to the FTB upon request.
Year – The year in the upper left corner of
Line 1
Form 592-B should represent the calendar year
D When To Complete
Enter the total income subject to withholding.
in which the withholding took place.
Line 2
Form 592-B must be provided to each
For foreign partners in a partnership, or foreign
Enter the total California tax withheld
payee by:
members in an LLC, make sure the year in the
(excluding backup withholding). The amount
upper left corner of Form 592-B is the year that
• January 31st following the close of the
of tax to be withheld is computed by applying
the partnership’s or LLC’s taxable year ended.
calendar year for residents or nonresidents.
a rate of 7% on items of income subject to
For example, if the partnership’s or LLC’s
• February 15th following the close of the
withholding. For foreign partners, the rate is
taxable year ended December 31, 2011, use
calendar year for brokers as stated in
8.84% for corporations, 10.84% for banks and
the 2011 Form 592-B.
Internal Revenue Code (IRC) Section 6045.
financial institutions, and 12.3% for all others.
Private Mail Box (PMB) – Include the PMB
Form 592-B must be provided to each foreign
For pass-through entities, the amount
in the address field. Write “PMB” first, then
(non-U.S.) partner or member by:
withheld is allocated to partners, members,
the box number. Example: 111 Main Street
• The 15th day of the 4th month following the
S corporation shareholders, or beneficiaries,
PMB 123.
close of the partnership's or LLC's taxable
whether they are residents or nonresidents of
Foreign Address – Enter the information in
year.
California, in proportion to their ownership or
the following order: City, Country, Province/
• The 15th day of the 6th month following the
beneficial interest.
Region, and Postal Code. Follow the country’s
close of the partnership's or LLC's taxable
Line 3
practice for entering the postal code. Do not
year, if all the partners in the partnership or
Enter the total backup withholding.
abbreviate the country’s name.
members in the LLC are foreign.
10-Day Notification – When making a
Instructions for Payee
Part I – Withholding Agent
payment of withholding tax to the IRS under
This withholding of tax does not relieve you of
IRC Section 1446, a partnership must notify
Enter the withholding agent’s name,
the requirement to file a California tax return
all foreign partners of their allocable shares
identification number, address, and telephone
within three months and fifteen days (two
of any IRC Section 1446 tax paid to the IRS
number.
months and fifteen days for a corporation)
by the partnership. The partners use this
after the close of your taxable year.
Part II – Payee
information to adjust the amount of estimated
tax that they must otherwise pay to the IRS.
You may be assessed a penalty if:
Enter the payee's name, identification number,
The notification to the foreign partners must
• You do not file a California tax return.
and address.
be provided within 10 days of the installment
• You file your tax return late.
If the payee is a grantor trust, enter the
due date, or, if paid later, the date the
• The amount of withholding does not satisfy
grantor’s individual name and SSN or ITIN.
installment payment is made. See Treas. Regs.
your tax liability.
Do not enter the name of the trust or trustee
Section 1.1446-3(d)(1)(i) for information that
How To Correct An Error
information. (For tax purposes, grantor trusts
must be included in the notification and for
are transparent. The individual grantor must
exceptions to the notification requirement. For
If a payee notices an error, the payee
report the income and claim the withholding on
should contact the withholding agent. Only
California withholding purposes, withholding
the individual’s California tax return.)
withholding agents can complete an amended
agents should make a similar notification. No
particular form is required for this notification,
Form 592-B. Upon completion, the withholding
If the payee is a non-grantor trust, enter the
and it is commonly done on the statement
agent should provide a copy of the amended
name of the trust and the trust’s FEIN. Do not
Form 592-B to the payee.
accompanying the distribution or payment.
enter trustee information.
However, the withholding agent may choose
to report the tax withheld to the payee on a
Form 592-B.
Form 592-B Instructions 2014 Page 3
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