You owe the governement $516,348

[jeffrey]

The government doesn't do it's accounting the same way the IRS expects companies to do it...when it is done properly, the results probably won't make you happy - you owe the government half a million dollars for programs they have promised, but don't have the money for.

Rules 'hiding' trillions in debt - USATODAY.com

[MonkeyMama]

There are so many examples of this. California started doing mandatory withholding (state) on sales of investment real estate. The result was really they collect a bunch of revenue that they are not due, and then have to pay it back the following year in enormous tax refunds to taxpayers. Ridiculous stuff like this all the time. I am just amazed that the state can even do this, they make it inordinately hard to get out of withholding money that most likely is not even due. But it is a revenue generator. It almost balanced the budget for 1 year I guess...

If it was a corporation they would only be allow to record the revenue that they expected to keep. That whole income tax refund due back thing would have to be booked as an expense/liability immediately.

Yup, sounds about right, the government at work. The only word that really comes to mind with these kinds of things is "short-sighted."