California Franchise Tax Board Announces it is Holding Over $16 million in Returned Tax Refunds

On January 13, 2014, the California Franchise Tax Board (FTB) announced that it holds over $16 million in California income tax refunds that were returned to it by the U.S. Postal Service. The refund amounts range from $1 to $54,000, with the majority being $1,000 or less. In 2013, the U.S. Postal Service returned nearly 48,000 refunds to the FTB.

The FTB press release encouraged the use of direct deposits when filing tax returns, and noted that last year more than 6 million taxpayers received tax refunds via direct deposit.

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