Withholding on a sale or transfer of a business.
Position | FTB news |
Did you know if you acquire the assets of a business, you also acquire its (the payer s) withholding tax liability? Under California law (RT&C Sec, 186691 the successor of business assets can be held personality liable for the amount of withholding taxes, interest and penalties if not paid by the payer. It does not matter how the assets were acquired--whether purchased, transferred, inherited or distributed in liquidation. The obligation to pay required withholding tax transfers with the assets. The successor's liability is limited to the fair market value of the assets...
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