CSUN University News Clippings

State will accept IOUs for payment of taxes

(July 8, 2009)

The state Franchise Tax Board said Tuesday that it will accept California reg- istered warrants – IOUs – as payment of personal and corporate taxes.

The agency said those paying current and past-due taxes with an IOU should endorse the IOU on its reverse side with a signature and “Pay to the order of Franchise Tax Board,” and mail it with the bill or estimated tax voucher.

By law, the agency cannot deposit the IOU until it is payable, but the FTB said it will credit taxpayer accounts on the date the IOU is received.

If the IOU does not pay off the outstanding balance, taxpayers can send an additional payment. Otherwise, taxpayers will receive bills reflecting the new balance.

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

– Mark Glover

Publication: Sacramento Bee