Tax Guru – Ker$tetter Letter

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IOUs From the PRC

Posted by taxguru on January 16, 2009

Anyone hoping to spend a California tax refund should give up on that plan, or at least be very patient. According to this news release from Spidell, they are so broke in Sacramento that they will be delaying paying out tax refunds for at least 30 days.

Of course, as always, this is a one way street. Any taxes owed to the PRC must be paid in immediately or you will be faced with serious consequences.


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