Business & Real Estate
- Published on Tuesday, 13 November 2012 23:00
- Written by Los Altos Town Crier
Franchise Tax Board announces new consequences for delinquent taxpayers
Individuals and businesses on the California Franchise Tax Board’s (FTB) Top 500 Delinquent Taxpayers list face a new consequence – the suspension of state-issued licenses – the agency recently announced.
Other new provisions include:
• Publishing the names and titles of corporate officers of listed corporations.
• Publishing professional license information.
• Authorizing the FTB to enter into reciprocal agreements with other states to offset refunds and collect tax debt.
• Prohibiting state agencies from entering into contracts with the Top 500.
In November 2011, the FTB began implementing the Top 500 program. Prior to that, the FTB listed the Top 250 Delinquent Taxpayers.
Nearly $177 million has been collected from the top debtors program since its inception in October 2007. Once the tax is paid or the FTB and taxpayer agree to a compromise, the taxpayer’s name can be removed from the Top 500 list.
Tax liabilities under appeal, in litigation or in bankruptcy proceedings are not included on the list.
For more information, visit www.ftb.ca.gov./aboutftb/delinquent_taxpayers.shtml.