Thu04172014

Business & Real Estate

State holds $14 million in undelivered refunds

Town Crier Report

The California Franchise Tax Board (FTB) is holding more than $14 million in state income tax refunds returned by the U.S. Postal Service.

“I want to make sure all taxpayers receive their refunds and as quickly as possible,” said State Controller John Chiang, FTB chairman. “This is an easy way to update your contact information and get the refund before the holiday season.”

This year, the U.S. Postal Service returned nearly 48,000 refunds as undeliverable. Taxpayers who moved and failed to update their addresses are the main reason refunds are returned.

Taxpayers expecting a state refund or who are unsure if they received theirs can access their status on the FTB’s website.Click “Online Services: Where’s my refund?” to bring up the “Check Your Refund Status” screen.

Updating an address is an easy process using the “Access MyFTB Account” feature on the same screen. The FTB reissues the refund automatically as soon as the correct address is received.

The FTB encourages taxpayers to request direct deposit for their refunds when filing. Direct deposit is a fast and secure method to receive a tax refund within days rather than waiting weeks for a paper refund. This year, more than 6 million California taxpayers received more than $6.2 billion deposited directly into their bank accounts through direct deposits.

As of Nov. 29, the FTB had issued more than 10 million refunds worth nearly $10 billion.

For more information, visit www.ftb.ca.gov.

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