The Franchise Tax Board (FTB) recently published its updated list of California’s top 500 tax debtors, comprising both individuals and businesses that now collectively owe the state more than $505 million in income tax. Since October 2007, this list is updated twice annually. Taxpayers who receive notice of the FTB’s intent to include them on the list and then make arrangements to pay their tax debt are removed from the publication.
According to the FTB, delinquent taxpayers may have their professional, occupational, or driver licenses suspended until the debt is resolved. States agencies may also prevent delinquent taxpayers from entering into certain contracts, among other possible consequences.
To discuss your options to resolve a California tax liability, contact one of our attorneys today.