Effective January 1st 2003, all property sales in the State of
California are subject to a 3 1/3 withholding Tax for all transactions
closing after December 31,2002. In Addition new regulations and forms go
The Franchise Tax Board has released Form 597 along with the
Here is a recap of the new forms:
597: Used to transmit funds withheld.
593-C:Certification of exemption from withholding by individual
593-I:Installment sales and buyer agrees to withhold on each
payment made by seller.
593-L:Calculation of gain or loss on sale.
593-W:Certification of exemption from withholding or waiver from
withholding or reduced withholding request by non-individual
Forms can also be obtained directly from the California Franchise Tax
Board web site http://www.ftb.ca.gov
Service Pack 1 for Release 9.6 of EOCS and TOCS available as of
January 15 2003
This service pack is an update for the software released September
Service Pack 1 incorporates fixes to any issues reported through
December 31 2002. For distribution and installation instructions please
call (909) 954-4105 and select the support option of the menu. Make sure
to include your account number.
You can also email your request to our
support department by clicking on the link.
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