California FTB Issues Tips to Avoid Errors on Real Estate Withholding Statement Income Tax Form

The California Franchise Tax Board May 26 issued tips to ensure proper submission of Form 593, Real Estate Withholding Statement, and payments, for corporate income, individual income, and trust income tax purposes. The tips are for taxpayers to avoid common errors that could result in the assessment of penalties and interest, and include: 1) submitting the form for the tax year the sales transaction took place; 2) reviewing the form thoroughly to ensure there are no errors; 3) not submitting incorrect or obsolete forms; 4) completing the Perjury Statement by a seller when applicable; and 5) ensuring all applicable parts ...