Question for Californians...

[OuchThatHurts]

I just read an article that if you live in CA and overpaid taxes and are set to get a tax refund you could get an IOU's??? R U KIDDING ME?

Did anyone out west hear about that?

If that's the case and you owe taxes than maybe you should send them an IOU... see how they like it.

Just a thought.

Oh yeah, and that is SERIOUSLY messed up if it's true!

 

[oldfella]

I just read an article that if you live in CA and overpaid taxes and are set to get a tax refund you could get an IOU's??? R U KIDDING ME?

Did anyone out west hear about that?

If that's the case and you owe taxes than maybe you should send them an IOU... see how they like it.

Just a thought.

Oh yeah, and that is SERIOUSLY messed up if it's true!

LOL would not surprise me one bit.
but yea, go ahead and send them your marker, see what happens!! They will bust your balls till you die for their money. Basically the Government is bankrupt. They have no real money so IO must be the new currency. take that Mc D's and see if they will front you a big mac!! LOL

 

[thebrick]

it sux! …kinda like my accountant told me years ago about my self-employment estimated FEDERAL TAX payments.... if I underpay the IRS they charge me interest on the balance due, but if I OVERPAY, they don't pay me a dime in interest. He who writes the rules wins!!!

 

[mooshue]

i can tell ya it's not fun when they come after their cut. They straight up will just garnish wages without even telling you. The only reason i found out is because the payroll person at my company thought i should know. Luckily i called them immediately and set up a payment plan, but they don't fuck around by any means if they don't get their cut.
Who says the mob is dead????

 

[kfrost06]

I live here in Cali and I have been following this. The state is bankrupt and refuses to make any real cuts to the budget so we are going to be all out of money in less then a month. They first threatened to send IOUs as tax refunds but now it seems certian. They are already paying vendors with IOUs and they still will not make any real budget cuts. They think if they close their eyes it will go away, things are going to get real ugly when state employees paychecks start to bounce.

 

[Doomed Messiah]

It has happened before OTH

http://www.msnbc.msn.com/id/28446259/

 

[OuchThatHurts]

Unbelievable. Just remember. That's YOUR money!

Keep that passport current!

 

[pesty4077]

I just read an article that if you live in CA and overpaid taxes and are set to get a tax refund you could get an IOU's??? R U KIDDING ME?

Did anyone out west hear about that?

If that's the case and you owe taxes than maybe you should send them an IOU... see how they like it.

Just a thought.

Oh yeah, and that is SERIOUSLY messed up if it's true!

It is true. This month I sent an IOU to my mortgage, truck payment, credit cards, taxes , well, you get the picture.

 

[eclipse]

Yup, that's what I have heard. California is horrible about taxes. One year, they lost my refund and then charged me 200 bucks in fees to find out what happened to it. I make sure I do not over pay my taxes anymore.


Report: Millions Could Get Tax IOU

Updated 4:20 PM PST, Wed, Jan 14, 2009
Related Topics: Mac Taylor

Millions of taxpayers may not get their tax refunds on time

Millions of taxpayers may not get their tax refunds on time


The Legislature's independent budget analyst is warning that millions of taxpayers may not get their tax refunds on time because of the state's cash shortage.

Legislative Analyst Mac Taylor issued a report Wednesday ahead of the governor's annual state address. It signaled California would fall into a cash abyss unless elected leaders act quickly on the state's $41.6 billion deficit.

Taylor writes that the state controller will need to delay or issue IOUs on tax refunds. He notes that IOUs could bear up to 5 percent in interest costs to the state. The last time the state issued IOUs was in 1992, when many banks cashed the registered warrants for a short time.

A spokeswoman for the California Bankers Association says banks have not made a decision whether they would accept IOUs.

Copyright Associated Press