CALIFORNIA | LOCAL
February 21, 2009 |
Gov. Arnold Schwarzenegger signed a $130-billion budget Friday that raises sales and income taxes across the board for the first time in 17 years and slashes spending by one of the sharpest rates in modern California history. The governor's signature -- and additional line-item vetoes he made to funding for prisons and the offices of other statewide elected officials -- reduces spending from the state's main pool of tax dollars by 11% over the next 16 months.
CALIFORNIA | LOCAL
February 1, 2009 |
Wendy Hansen, a 52-year-old single mom in Monrovia, says she cannot afford a delay in her anticipated state income tax refund of $1,800. Without the check, Hansen said, she will have to put off debt payments, long-needed repairs on her house and treatment for a back problem that she believes has been aggravated by stress over finances. An estimated 2.
January 21, 2009
Re "Controller 'pulls trigger,' suspends state tax refunds," Jan. 17, and "Gov. says budget is No. 1 goal," Jan. 16 Can I charge the state of California penalties for its late payment of my tax refund? My family also has budget problems, so I would like to suspend all state tax payments at this time and offer an IOU that is free of interest and penalties. When my wife and I decide how to solve our budget problem, I would be happy to send what we owe in taxes. Steve Shaevel Woodland Hills -- So California Controller John Chiang has decided to suspend state tax refunds.
CALIFORNIA | LOCAL
January 17, 2009 |
The state will suspend tax refunds, welfare checks, student grants and other payments owed to Californians starting Feb. 1, Controller John Chiang announced Friday. Chiang said he had no choice but to stop making some $3.7 billion in payments in the absence of action by the governor and lawmakers to close the state's nearly $42-billion budget deficit. More than half of those payments are tax refunds.
January 3, 2009 |
California's attorney general has settled a lawsuit against H&R Block Inc. over a widely used loan program that gives the nation's largest tax preparer a chunk of customers' tax refunds. Atty. Gen. Jerry Brown said Friday that the $4.85-million settlement would stop H&R Block from offering high-cost loans it had marketed as early tax refunds. Former Atty. Gen. Bill Lockyer sued H&R Block in 2006, adding California to a long list of others that sued over its "refund anticipation loans."
July 27, 2008 |
The Internal Revenue Service is going after about 5 million retirees and disabled people. But don't worry -- the tax agency is only trying to help. Really. The people in the targeted group may be entitled to economic stimulus payments of $300 or more but haven't yet claimed them, said IRS Commissioner Doug Shulman. If they want a check this year, they have to file a simplified tax form by Oct. 15. The IRS is mailing information packets encouraging these individuals to file.
June 14, 2008 |
A federal appeals court in San Francisco ruled that oil giant Chevron Corp. wasn't entitled to a $101-million tax refund that it claimed it was owed for payments made to the government by Texaco Inc. before the companies merged. The payments were made to resolve claims by the Energy Department in 1988 that Texaco overcharged for petroleum. Texaco claimed that the settlement sums lowered its taxable income, but government lawyers argued that Texaco couldn't deduct them if they related to refunds or repayments required by a government agency or court or "made in settlement of litigation."
April 30, 2008
Income tax rebates started going out this week. Payments will be sent no later than the following dates if you filed by April 15. For joint returns, the first Social Security number listed on the return will be used.
January 25, 2008 |
If the money comes, they will spend it. Most taxpayers in Southern California would be eligible for tax rebates under the economic stimulus plan drafted in Washington on Thursday. Many, it seems, would cash their checks and head to the mall. "I'm not just going to go out and blow it, but it's unexpected, and that's a pretty good amount of money," said Adam Finer, a 36-year-old lighting technician from Burbank.
January 4, 2008 |
The Internal Revenue Service said Thursday that it was considering curbing tax refund loans offered by tax preparers such as H&R Block Inc. and Jackson Hewitt Tax Service Inc. More than 12 million people take out such loans each year to in effect get advances against their refunds, according to a study by consumer groups, which have long criticized the fees on the loans as excessive. The IRS suspects that some preparers may be inflating refunds to increase the size of the loans they make.