ed_accountant Posted January 6, 2009 Report Share Posted January 6, 2009 Big story on the news last night, CA will not issue cash refunds.. CA will issue voucher or IOUs... "SACRAMENTO (KABC) -- California has been operating for 61 days without a new budget. State officials say California's financial situation is so serious that taxpayers may receive IOUs instead of refund checks on state taxes. " http://abclocal.go.com/kabc/story?section=...article-6587084 Quote Link to comment Share on other sites More sharing options...
Virtual Managed Solutions Posted January 6, 2009 Report Share Posted January 6, 2009 Out of curiosity - did they mention why they are doing that? Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted January 6, 2009 Report Share Posted January 6, 2009 Actually, this is an old story. The state has passed a budget, but the revenue projections were whacked out. So the state does not have enough cash to operate. They have shut down some construction projects. The State Controller says he does not have enough cash in the bank to make the refund payments. I had a client in my office the other day looking to make a final estimated tax payment. I told him not to make it and to pay the penalty instead. When I ran his preliminary state return, he won't owe a penalty anyway, so he will just mail a check with his return. Wait until they actually start showing "poor" people on the news who can't buy groceries with the IOU's. That is going to be interesting. I am pretty pissed off, I did not get my withholding down low enough when this possibility was first mentioned in November, now I am going to get an IOU from the Governator. I wonder if you can send back the IOU as your first estimated tax payement? Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted January 6, 2009 Report Share Posted January 6, 2009 Well, sure you can use the IOU for your estimated payment, by just having it applied forward instead of refunded. Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted January 6, 2009 Report Share Posted January 6, 2009 I bet sending them an IOU to pay your taxes would work out well, now wouldn't it? :rolleyes: Quote Link to comment Share on other sites More sharing options...
joanmcq Posted January 7, 2009 Report Share Posted January 7, 2009 I've already decided to forego my 4th quarter estimate and will have any refund applied to next year's estimates. With the 30/30/20/20 estimate scheme it'd be better to frontload anyways. Quote Link to comment Share on other sites More sharing options...
Julie Posted January 7, 2009 Report Share Posted January 7, 2009 Wonder how this applies to annualized estimates? I only have a couple people who have to pay estimates, so I'm not too worried. But one of them has been paying annualized, due to the problems in the salmon industry. Should be interesting. Quote Link to comment Share on other sites More sharing options...
bstaxes Posted January 7, 2009 Report Share Posted January 7, 2009 California sure seems like they have a mess of problems, I thought New Jersey was a little strange. Glad I'm on the east coast (I think). Quote Link to comment Share on other sites More sharing options...
zeke Posted January 7, 2009 Report Share Posted January 7, 2009 California sure seems like they have a mess of problems, I thought New Jersey was a little strange. Glad I'm on the east coast (I think). New Jersey is strange & California is a mess. Just be glad you are not in Illinois with Blago!! z Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted January 7, 2009 Report Share Posted January 7, 2009 Just be glad you are not in Illinois with Blago!! I like your governor. Straight up and honest. "I want money for this appointment". It is the same thing every politician does, he just did it in the open. I like a man who tells it like it is. We need more pols like him. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
jainen Posted January 7, 2009 Report Share Posted January 7, 2009 >>I like your governor.<< I like him too, and he has drawn out some fine political theater. The opposition party came up with all these accusations of corruption, causing the Governor's own party to get even more whacked out than they already were. They started impeachment proceedings against their own guy and refused to recognize the authority of this elected representative to exercise his constitutional power of appointment. Meanwhile, the prosecutor went to the indictment hearing and basically told the judge, "We really got nuttin'." Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted January 7, 2009 Report Share Posted January 7, 2009 From MSN earlier today. Sen. Dianne Fienstien (D - CA) wants them to seat Burris. Looks like the Senate is going to be forced to do so. The Illinois Supreme Court is being asked to immediately hear Burris' case. The pressure is mounting and it looks like the Dems will have to take him. Obama says he is willing to accept him too. Score one for the Governor. He is going to thumb his nose at the Dems in Illinois and just do what he wants. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
jainen Posted January 7, 2009 Report Share Posted January 7, 2009 >>Sen. Dianne Fienstien<< Now we're getting close to my cottage by the sea. The California power broker got her plug pulled over that CIA appointment, a local boy from my own district. Looks like our president-elect is a take-no-prisoners sort of fellow. Remember, his power base is that self-same Illinois statehouse that Governor Blago controls. All this in-fighting is just what I said--theater. Quote Link to comment Share on other sites More sharing options...
zeke Posted January 7, 2009 Report Share Posted January 7, 2009 >>Illinois statehouse that Governor Blago controls<< He is supposed to, wants to, tries to. Never believe that Blago is in control. Just wait until the unions figure out that he has already spent the same money three times. there is nothing left to fund their retirement accounts!!! z Quote Link to comment Share on other sites More sharing options...
JohnH Posted January 7, 2009 Report Share Posted January 7, 2009 The Blago situation simply flushed out into public view the sort of shenanigans that regularly take place in politics. Blago simply stripped the veneer off the process with his to-the-point comments and the prosecutor had to go public with what he had because too many people already knew about the recordings. Seems odd to me that they pulled the plug before he actually accepted any money, or at least had made a deal. Usually when law enforcement detects someone planning to commit a non-violent crime they sting them in the act or immediately afterward so they can roll up all the parties involved. Could it be that some important people were on the verge of being caught in the act and some big names needed to be protected? This looks more like high-level political damage control than effective law enforcement. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted January 7, 2009 Report Share Posted January 7, 2009 @JohnH - You might be on to something. @Zeke - No skin off my nose. @ Jainen - I love Panetta. He is a good guy. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.