E-Alert
September 17 , 2009
California Withholding and Payment Changes
Taxpayers are able to allocate withholding tax in the same manner as the required estimated tax payments.
For 2009, withholding is deemed to have been paid 30/30/20/20 over the year rather than the normal pro rata allocation. This corrects the adverse impact of the acceleration of estimated tax payments made in 2009 and subsequent years to prevent underpayment penalties from being assessed to taxpayers subject to withholding.
Withholding is now deemed to be made in accordance with the estimated tax schedule for the particular year.
For 2010, the individual and corporate quarterly estimated tax schedule changes again and will be 30/40/0/30.If you have any questions regarding the information in this article, or have any other issues you would like to discuss, please feel free to contact the DZH Phillips tax department at 415.781.2500 or email cpas@dzhphillips.com.
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DZH Phillips LLP is one of the leading public accounting and strategic consulting firms in the San Francisco Bay Area. We provide the long-term relationships, industry expertise, and consistently high-quality service our clients need to make the right decisions today and in the future.
To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained herein (including any enclosures or attachments) was not intended or written to be used, and cannot be used, by the taxpayer for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code or applicable state or local law provisions.
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