For those Tax Pros that have Tax Clients in Calif, Spidell just sent a "flash email" dated 1014/2010
Sandy
No refunds from the FTB (10-14-2010)
Refunds on individual and corporate tax returns will be delayed until there is sufficient cash in the state treasury to pay the refunds, according to the FTB. The delay applies to both paper checks and direct deposit refunds.
You may still apply an overpayment to 2010 estimated tax, and it will be credited as of April 15, 2010, assuming the return is filed on or before October 15, 2010. If filed after October 15, the overpayment is credited as of the date the return is filed.
If the state’s cash flow doesn’t improve, we could see IOUs.
Refunds on individual and corporate tax returns will be delayed until there is sufficient cash in the state treasury to pay the refunds, according to the FTB. The delay applies to both paper checks and direct deposit refunds.
You may still apply an overpayment to 2010 estimated tax, and it will be credited as of April 15, 2010, assuming the return is filed on or before October 15, 2010. If filed after October 15, the overpayment is credited as of the date the return is filed.
If the state’s cash flow doesn’t improve, we could see IOUs.
Comment