It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
ABC News has learned that tax refunds are now on hold in California for the first time in state history, according to the state controller's office.
"Unfortunately, we have asked the California Franchise Tax Board not to send over tax refund claims beginning today because we will not be able to process them and have them out the door by Feb. 1 when a 30-day delay in tax refunds goes into effect," Hallye Jordan, spokeswoman to California State Controller John Chiang, tells ABC News.
During the 30-day delay, the controller's office estimates that a combined 2.74 million California individuals and businesses will have their tax refund delayed.
The controller's office estimates that the delay in tax refunds will free up $1.99 billion over the next month to pay for education, debt service, and other payments that legally have first claim to state funds.
Originally posted by Wildbob77
This year, I'm going to get one of those IOUs.
No banks want them.
No business will take them.
What good is an IOU ?
You may be fined $500 if you file, with no reasonable basis, a DE 4 that results in less tax being withheld than is properly allowable. In addition, criminal penalties apply for willfully supplying false or fraudulent information or failing to supply information requiring an increase in withholding. This is provided for by Section 19176 of the California Revenue and Taxation Code.
Originally posted by FredT
I have never understood why people overwithold in the first place. Its like giving the government a interest free load.
Originally posted by Zepherian
I never understood the concept of a tax refund. If I did not owe it in the first place why the hell is the state, who by any reasonable standard should control it's own money supply, collect it from me?