From the Sacramento Bee:

IOUs take last ride
The state controller’s office announced this afternoon it sent out its last IOU — at least for now.

Hallye Jordan, spokeswoman for Controller John Chiang, said the lucky (?) recipient of the formally titled “registered warrant” was Yellow Cab of Sacramento. Jordan said the warrant was issued for an account with the cab company by an unidentified state agency.

The good news is that the IOU can be redeemed starting Friday.

California was forced to start paying vendors, counties and others with rubber checks in July, because of a severe cash flow shortage. The issuance marked only the second time since the Great Depression that warrants were used. (The other time was 1991.)

The IOUs totaled 449,241, worth $2,601,894,756.26.

Not including tip.

In case you were on vacation, here is what has been going on in the California Tax space this month.

Registered Warrants Can Pay Your State Income Tax Bill

We accept California registered warrants (IOUs) as payment of current and past due personal and corporate tax obligations. / more+

State’s New Home Tax Credit Gone

We stopped accepting applications for the new home tax credit at midnight, Thursday, July 2, 2009. / more+

FTB Provides Guidance for California Treatment of the Revised Texas Franchise Tax

On July 20, 2009, we responded to the request for taxpayer guidance to determine the general eligibility for the Other State Tax Credit (OSTC) and the deductibility of the Revised Texas Franchise Tax (RTFT). / more+

Did You Know We Are Working Together?

We came together with the Board of Equalization, Employment Development Department, and the IRS in a cooperative partnership called the Joint Tax Agency Communications Committee. / more+

15th Annual Tax Practitioner/IRS Town Hall Meetings

In September, we will be working with the IRS and other state agencies at the 15th Annual Tax Practitioner/IRS Town Hall Meetings. / more+

Are You a Tax Professional Interested in Saving? Learn More About Doing Your Tax Stuff Online!

Register and attend one of our joint statewide workshops* to learn about the latest in e-services. / more+

Striking Gold in California

Striking Gold in California is an educational tool for small business owners that provide basic tax information from the Internal Revenue Service and the three California tax agencies, all in one place. / more+

Small Business

Converting a California LLC to a Corporation

Does your client want to convert their limited liability company (LLC) to an S-Corporation and continue to have the profits and losses flow through to its members? Did you know that you can convert an LLC into an S-corporation by making an election? / more+

Ask the Advocate

Systemic Issue Management System (SIMS) at Work

This month, I share the efforts we are taking by discussing an issue that was submitted to us and our response… / more+

Inside FTB

Tax Practitioner Hotline

Did you know that we have a call center dedicated to serving tax practitioners? / more+

Criminal Corner

Our monthly summary on bringing tax criminals to justice, and closing the tax gap one case at a time. / more+

Big Business

Disclosing Deferred Intercompany Stock Account (DISA) Balances

FTB issued Notice 2009-5 on July 17, 2009, to extend the due date until October 15, 2009, for taxpayers to file a completed FTB Form 3726, Deferred Intercompany Stack Account (DISA) and Capital Gains Information./ more+