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.
The Franchise Tax Board has updated its cost recovery fees, which are assessed against individuals and business entities when they fail to file tax returns upon demand or fail to pay their delinquent taxes. The filing enforcement fee for individuals and most entities will be $84, and the collection fee will be $287. For corporations and LLC's treated as corporations, the filing enforcement fee will be $85 and the collection fee $374.
The Internal Revenue Service (IRS) hopes that the estimated 1 million taxpayers due a refund for the 2013 tax year will file their delinquent returns by April 18, 2017 - the deadline for them to claim their share of more than $1 billion in potential refunds. In California alone, an estimated 97,200 taxpayers may be able to claim over $93 million, with a median expected individual refund of $696.