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State of California Franchise Tax Board

Changes to 2009 Forms

Updates to the Publication 1067 on 08/27/2010 –– Guidelines for Filing a Group Form 540NR

We replaced text on the Publication 1067 on Page 1, What’s New -Installment Sales Paragraph

Previous Version

For taxable years beginning on or after January 1, 2009, buyers are required to withhold on each installment sale payment if the sale of California real property is structured as an installment sale.

Revised Version

For installment sales occurring on or after January 1, 2009, buyers are required to withhold on each installment sale payment if the sale of California real property is structured as an installment sale.

Reason for the changes

AB 3078 was chaptered on 9/28/08 and amended R&TC Section 18662(i)(1) regarding installment sales. This revision will make the installment sales paragraph in agreement with the language in AB 3078.

Impact

There is no tax impact. This revision will allow buyers to withhold for installment sales occurring beginning on or after January 1, 2009, instead of for taxable years beginning on or after January 1, 2009.

Back to Tax Form Changes for 2009

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