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  • Ste. 200
  • Rancho Santa Margarita,
  • CA 92688
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  • info@miprops.com

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Important Information Regarding the Franchise Tax Board

                                                                                           Important Tax Information

                                                                                                 Respond Immediately

Dear Property Management Client

Beginning January 1, 2010, California law requires, with some exceptions, anyone who lives outside of California and who owns rental property in this state to pay a quarterly withholding credit on any rents collected.

As your contracted management company, I am mandated by law to withhold 7 percent of the rents I collect on your behalf and to send those funds to the Franchise Tax Board each quarter

The law may not apply to you, and in that case, I am required to keep on file a Franchise Tax Board form that demonstrates your exemption.  Alternatively, you may be eligible for a reduced withholding or a waiver altogether.   In order to qualify, read and follow these instructions:

 

Step 1 - About Exemptions

 

This law does not apply to you if you are a,

  • California resident;
  • Corporations, Partnerships, LLCÃ??Ã?¢??s qualified with the Secretary of State to do business in California or that have a permanent place of business in California;
  • Estates where the deceased was a California resident at the time of death;
  • Tax-exempt organizations;
  • Insurance Companies, IRA'?s, Qualified Pension and Profit Sharing Plans; or
  • California non-grantor trusts

If you meet any of these requirements above, please complete Form 590, http://www.ftb.ca.gov/forms/2009/09_590.pdf, in order to certify your status as exempt, and return it to MIP.  No need to do anything further.

 

Step 2 - About Waivers

 

If you are not exempt, you may still be eligible to receive a waiver from the tax withholding if,

  • You have California tax returns on file for the past two taxable years in which there was a filing requirement and you are considered current on any outstanding FTB tax obligations; or
  • If you have no tax filing history but are making estimated tax payments for the current year and are current on any outstanding FTB tax obligations.

If you wish to receive a waiver from the withholding requirements, please complete and submit FTB Form 588,  http://www.ftb.ca.gov/forms/2009/09_588.pdf

A Note on Waivers:  They are available to domestic nonresident owners only.  Waivers are generally granted for fixed periods.  The Franchise Tax Board generally responds to a waiver request within 21 working days. 

 

Step 3 About Reduced Withholding

 

If you don't qualify for an exemption or a waiver, you may still be eligible for a reduced withholding.  The reduced withholding credit is based upon the expenses paid out each month related to your property.  If appropriate please complete and submit the FTB Form 589 - Nonresident Reduced Withholding Request, http://www.ftb.ca.gov/forms/2009/09_589.pdf

 

Step 4  Annual Filings

 

I will provide to you an annual written withholding statement FTB Form 592-B Resident and Nonresident Withholding Tax Statement by January 31 (following the end of the calendar year).  It will summarize the rents I have sent to you and the amounts withheld and forwarded to the FTB.

You must file a California tax return to claim your withholding credit at the end of the year.  When you file your return, attach the withholding tax statement (FTB Form 592-B) that I send to you as proof of the credit withheld.

Please view the Fact Sheet, http://www.ftb.ca.gov/forms/2009/09_1076.pdf, from the Franchise Tax Board website about this withholding requirement.  If you have any questions, please do not hesitate to contact me.  Thank you.

Sincerely,

Amber Martin

Martin Investment Properties, Inc

 

FTB Form 590 Witholding Exemption Certificate

http://www.ftb.ca.gov/forms/2009/09_590.pdf

FTB Form 588 Nonresident Withholding Waiver Request http://www.ftb.ca.gov/forms/2009/09_588.pdf

FTB Form 589 Nonresident Reduced Withholding Request

http://www.ftb.ca.gov/forms/2009/09_589.pdf

FTB Fact Sheet

http://www.ftb.ca.gov/forms/2009/09_1076.pdf

California Apartment Association Q & A

www.caanet.org/ftbqa

 

Thanks to YOUR business, Martin Real Estate Group and Martin Investment Properties are proud to offer financial support to a few wonderful organizations.

Here are some of our favorite charities that we sponsor.
 

 

Acts of Appreciation, Camp Pendleton, http://camppendletonoutreach.wordpress.com/aboutus/


Boys Town, Trabuco Canyon, California, http://boystowncalifornia.org

Angel Tree Prison Fellowship, http://www.angeltree.org/angeltree-home

Samaritan's Purse, http://www.samaritanspurse.org/

Operation Christmas Child, http://www.samaritanspurse.org/index.php/OCC/index/

Saddleback Church, Lake Forest
http://www.saddleback.com/aboutsaddleback/index.html

St. Paul's Greek Orthodox Church, Irvine, http://www.stpaulsirvine.org/index.htm

 

ACTS OF APPRECIATION, Camp Pendleton Outreach has 4 different areas of service down on the base. They are: Children's Mentoring, Celebrate Recovery, Marriage Enrichment and Acts of Appreciation. This blog site is devoted to the Acts of Appreciation division of the Camp Pendleton Outreach. We have currently adopted 600 men from the 511 Battalion and 700 Marines from the CLB5.

The 511 Battallion are all men and are an artillery battalion (they shoot the BIG guns.) We have planned to be involved in their lives through acts of appreciation directed towards these Marines and their families.

We have many things planned for this year including: newborn baby gifts called Baby Moses Baskets; troop send-off events; mailing goody bags to deployed troops; holiday meals; sponsoring 511's Christmas party; and welcome home events. It is our desire that as the Lord continues to increase our team and resources that we will be able to branch out and help other battalions!

Why We Do It:

We have been created by God for a purpose and as such we want to follow in Jesus footsteps. It is our desire to share the love of Christ with the Marines and their families stationed at Camp Pendleton. We will demonstrate our appreciation and support for their service through many and varied acts of appreciation. Essentially, we want to let our light shine before men, so that they may see our good works and glorify our Father which is in heaven.

What You Can Do:

You can help in many different ways. You don't have to be able to help with every opportunity we offer to serve the Marines and their families. For example: some folks use their skills and print things for us, some make items like blankets or quilts, some collect items through their work or small groups, some come and help put baskets and overseas mailings together, some will attend events on base while others will help plan. There are many ways to help this ministry, depending on how much time you have and what your talents are. And, remember there are 3 other ways to serve not detailed on this blog site (Children's Mentoring, Marriage Enrichment and Celebrate Recovery.) Please let us know what areas speak to your heart and how you see yourself serving. We can provide you with more information on any of the opportunities listed here.

 

BOYS TOWN,Trabuco Canyon
The Better Business Bureau Wise Giving Alliance has named Boys Town, a nonprofit organization working to save children and heal families locally and across the country, as a 2009 BBB Wise Giving Alliance Accredited Charity.

Boys Town voluntarily underwent a rigorous evaluation process of their governance, effectiveness, finances and solicitations, and informational materials. Boys Town passed the evaluation and met all of the Alliance's Standards for Charity Accountability. These standards go beyond what government regulators require. 

"National charities that display the BBB Wise Giving Alliance seal can do so with pride," said Art Taylor, President and CEO of the Alliance. "Not only are they attesting to their organization's adherence to sound standards, they are helping to increase donor confidence and strengthen public trust in giving."

With more than 85 percent of the organization's expenses going directly to its life-anging youth care and health care programs across the United States, Boys Town is committed to its children and donors through sound fiscal management and quality programs.

Boys Town California has been saving children and healing families in California for nearly 18 years. Annually, nearly 1,500 children and more than 300 families receive help from Boys Town California's Treatment Family Services, Intervention and Assessment Services, and In-Home Family Services.

Boys Town is a beacon of hope for American's children and families and is now embarking on a new mission to affect change in a puzzling system of youth care by building an Integrated Continuum of Child and Family Services to provide the right services at the right time based on a child's or family's needs. The nonprofit, nonsectarian organization provides children and families with services in their own homes, or, when necessary, family-like out-of-home services to children with special treatment needs. Boys Town works with communities and schools in order to meet the growing and more diverse needs of today's children and families.

 

What is Angel Tree?
It Starts with a Gift... It Leads to Lives Transformed by Christ.

Right now, an estimated 1.5 million children have a mom or dad in prison. The number is huge but so is the opportunity. Angel Tree is a ministry that reaches out to the children of inmates and their families with the love of Christ. It seeks to transform the lives of these families and to reconcile them to their Heavenly Father and each other. In Matthew 18:5 Jesus said, "Whoever welcomes a little child like this in my name welcomes me." There are children right in your community who are among the most at-risk children in the nation. Angel Tree provides an opportunity to connect with those families and begin ministering to them at Christmas and then continue through a variety of year-round ministry opportunities.

 
Angel Tree Christmas


It Starts with a Gift...

At Christmastime, volunteers from church purchase and deliver gifts to the children of inmates in their parent's name. Each gift delivery also presents an opportunity to share the love and hope of Christ with each family. Through Angel Tree, these children feel a parent's love, despite their absence. 


Going Beyond Christmas
... It Leads to Lives Transformed by Christ

Angel Tree doesn't end with Christmas. That first Christmas connection can be the beginning of a rewarding ongoing relationship with these children and their families. As you continue your ministry to these families throughout the year, God will use you to foster transformation in their lives and reconciliation within their family.
 

Samaritan's Purse

The story of the Good Samaritan (Luke 10:30-37) gives a clear picture of God's desire for us to help those in desperate need wherever we find them. After describing how the Samaritan rescued a hurting man whom others had passed by, Jesus told His hearers, "Go and do likewise."

For over 35 years, Samaritan's Purse has done our utmost to follow Christ's command by going to the aid of the world's poor, sick, and suffering. We are an effective means of reaching hurting people in countries around the world with food, medicine, and other assistance in the Name of Jesus Christ. This, in turn, earns us a hearing for the Gospel, the Good News of eternal life through Jesus Christ.

Our emergency relief programs provide desperately needed assistance to victims of natural disaster, war, disease, and famine. As we offer food, water, and temporary shelter, we meet critical needs and give people a chance to rebuild their lives.

Our community development and vocational programs in impoverished villages and neighborhoods help people break the cycle of poverty and give them hope for a better tomorrow.

We impact the lives of vulnerable children through educational, feeding, clothing, and shelter programs that let them know they are not forgotten.

We provide first-class treatment in the Name of the Great Physician through our medical projects, as well as supplying mission hospitals with much needed equipment and supplies.

As our teams work in crisis areas of the world, people often ask, "Why did you come?" The answer is always the same: "We have come to help you in the Name of the Lord Jesus Christ." Our ministry is all about Jesus-first, last, and always. As the Apostle Paul said, "For we do not preach ourselves, but Jesus Christ as Lord, and ourselves as your servants for Jesus' sake" (2 Corinthians 4:5, NIV).

MISSION STATEMENT
Samaritan's Purse is a nondenominational evangelical Christian organization providing spiritual and physical aid to hurting people around the world. Since 1970, Samaritan's Purse has helped meet needs of people who are victims of war, poverty, natural disasters, disease, and famine with the purpose of sharing God's love through His Son, Jesus Christ.

The organization serves the Church worldwide to promote the Gospel of the Lord Jesus Christ.

 

Operation Christmas Child
Operation Christmas Child brings joy and hope to children in desperate situations around the world through gift-filled shoe boxes and the Good News of God's love. Since 1993, more than 61 million shoe boxes have been packed, shipped, and delivered across the globe. People of all ages can be involved in this simple, hands-on missions project while focusing on the true meaning of Christmas-Jesus Christ.

 

Saddleback Church serves the Southern California community through more than 200 ministries, eight worship venues, a variety of counseling and support programs, Bible studies and seminars, local and global outreach programs, and a broad network of small groups meeting in local homes. Its purpose is to lead people to Jesus and membership in his family, teach them to worship the Lord and magnify his name, develop them to Christlike maturity, and equip them for ministry in the church and a mission in the world