CEA Webinar Recording: FTB Withholding Changes: They are Coming! Are you in the Loop?
Tuesday, January 21, 2020
The CEA webinar on the FTB Withholding Changes was recorded on December 9 and is now available to order.
Beginning 1/1/20, the FTB will now require all title escrow professionals to REPORT ALL SALES, regardless of whether or not CalFIRPTA withholding applies.
- The FTB is now requiring “seeing the work” for every seller, on every sales transaction, including the seller’s computation of any loss.
(NOTE: As in the past, there MAY be an FTB exception for sales under $100k, but the FTB has not specifically stated this to be true and title companies would be wise to proceed with caution.)
This New Requirement May Affect CURRENT Transactions:
- Title company escrow officers that currently have open transactions in the works that are meant to close in December but could roll over into 2020 would be affected.
- Open transactions already scheduled to close after 1/1/20 would be affected.
- Prior versions of FTB forms will NOT work for 2020 closings.
For additional details: Purchase the California Escrow Association's Webinar recording now by clicking here. Further information can also be found on the FTB website here, or by viewing the FTB explanatory video here.